How to Open an SSY Account with State Bank of India?

How to Open an SSY Account with State Bank of India?

Amongst the many initiatives taken by the Government of India, the SSY or Sukanya Samriddhi Yojna is one. It is a small savings scheme which has been designed especially for the girl child. As per the SSY scheme, parents or legal guardian of a girl child cab open the SSY account in the bank and keep on depositing the money till the girl turns 1- years. It is a part of the “Beti Bachao – Beti Padhao” initiative of the Government of India. In this blog, we will be highlighting the Sukanya Samriddhi in SBI. Besides, people can open the SSY account in post offices and some designated banks. This scheme also offers tax benefits by ensuring deductions under Section 80C for up to Rs 1.5 lakh along with a higher interest rate.

Who can open the SBI Sukanya Samriddhi Yojana Account?

We have mentioned this point above, a parent or legal guardian of a girl child can open the SSY account. The account will be opened in the name of the girl child from the DOB till the time she attains the age of 10 years. Natural or legal guardians can open two accounts for two girls. One can also open a third account in case of the birth of twin girls.

What are the key features of the Sukanya Samriddhi Yojana of SBI?

SBI is one of the listed 28 banks by RBI, which has the provision of the opening of the SSY account. Some of the notable features of Sukanya Samriddhi Yojana in SBI Bank are:

1. The interest rate offered on Sukanya Samriddhi Yojana in SBI is 8.1% yearly.
2. One can start saving from Rs. 1000.
3. The maximum amount that can be deposited in the account is Rs. 1.5 lakh (per Sukanya Yojana in SBI)
4. One can deposit the amount online or offline as suitable.
5. If the annual deposit is of Rs. 1.5 lakhs, then you will be eligible for tax benefits under Section 80C.
6. If one wants, then they can keep on depositing the amount in the SSY account till the completion of 14 years starting from the date of opening of the account.
7. After the maturing of an account, which is of 21 years, the girl child will get the amount and the interest. To get this amount, one needs to submit ID proof, address proof, and citizenship documents.

How to open a Sukanya Samriddhi Yojana in SBI?

With SBI, you can easily open the SSY account. The following steps will help you with the same :

1. You need to have all the documents like
2. Birth certificate of the girl child
3. Photo ID of the parent or legal guardian of the girl child
4. Address Proof
5. Photograph of parent and child
6. Address proof of the parent or legal guardian

1. Once you have all the documents, you need to fill the SSY form
2. Submit all the documents mentioned above along with a photograph
3. Deposit Rs. 1000 cash ( minimum amount, it can be more)
4. Once the account is open, you can make a cash deposit via cash, DD or cheque.

Advantages of Sukanya Samriddhi Account :

This special scheme was launched with an aim to initiate the savings and security of the girl child. It will give financial aid to the girl and her parents or local guardian. There are other benefits of Sukanya Yojana SBI which are enumerated below:

1. Safety and security of the girl- One of the first benefits of the SSY scheme is that it gives a substantial amount to the girl (under whose name the account is open).
2. Good interest rate- The interest rate offered by SBI is 8.6% per annum. After the maturity of the scheme, the girl child will get the amount and interest.
3. Start with low depot- You can start the Sukanya Samriddhi Yojana with a deposit of only Rs.1000.
4. Easy to transfer- In case the depositor or the account holder changes the location, then the account can be transferred to the authorized bank in the desired location with ease.
5. Tax benefit- One of the major benefits of this scheme is that the funds are tax exempted as per Section 80C. For the account holder, the maturity proceeds are tax-free.
6. Online opening of account- The best part of this scheme is that Sukanya Samriddhi Yojana SBI online facility makes account opening hassle-free.

Conclusion- Sukanya Samriddhi Yojana is a great initiative and a way to start saving for the girl child.