How to open SSY (Sukanya Samriddhi Account)?

SSY is a government scheme launched to promote the education of girls and to provide financial support to the parents or guardians who are having a girl child. Sukanya Samriddhi Account (SSA) can be opened in any authorized branch of the bank or a post office. A Parent or Guardian is eligible to open a maximum of two accounts on behalf of their two different girl children, but they can also open three accounts in the case of twins or triplets. Presently, neither post offices nor authorized bank branches are allowed to open a Sukanya Samriddhi Account (SSA) online. But once the account is opened, you can set the standing instruction for the automatic credit to Sukanya Samriddhi Account (SSA) either through internet banking or at the bank branch. SSY is currently providing a marginal interest rate of 6.9% per annum, and also tax benefits under Section 80C of the Income Tax Act, up to Rs. 1.5 lakhs. Following is the information regarding the opening of SSA:

1. You need to fill the SSA opening form, which can be availed from any authorized bank branch or a post office.

2. The Girl Child's Birth certificate is also needed while opening the Sukanya Samriddhi Account (SSA).

3. Id Proof & Address Proof of the guardians or parents of the girl child are required. 

4. After collecting all the above mentioned documents, keep them ready along with the photographs. 

5. Finally, you need to pay the deposit of minimum Rs. 250 & maximum Rs. 1.5 lakhs in an account.

When the SSA is opened, a passbook will be issued to the account holder. Do bear in mind you need to pay the minimum amount of Rs. 250 every year. If you forget to deposit the minimum amount, then the account will be considered as "account by default". For continuing this account, you would have to pay the penalty of Rs. 50 then after your account will be revived. SSA has the tenure of 21 years from the opening of the account, and deposits need to be done only up to the age of 15 years. After it, you would not have to invest a single penny in this scheme. SSA is transferable to anywhere city in India, but only one condition. The account holder or her parent/guardian has to show proof of her shift. If no evidence of this kind is shown, then the parents or the guardians would have to pay a fee of Rs. 100 to the post office or bank for the SSA transfer where the account has been opened. Transfers don't charge any fees. 


Banks that offer SSA are mentioned below :

● Allahabad Bank

● Andhra Bank

● Axis Bank

● Bank of Baroda

● Bank of India

● Bank of Maharashtra

● Canara Bank

● Central Bank of India

● Corporation Bank

● Dena Bank

● ICICI Bank

● IDBI Bank

● Indian Bank

● Indian Overseas Bank

● Oriental Bank of Commerce

● Punjab & Sind Bank

● Punjab National Bank

● State Bank of India

● Syndicate Bank

● UCO Bank

● United Bank of India

● Union Bank of India

● Vijaya Bank

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