How to open Sukanya Samriddhi Yojana account
Who can open this account?
Documents required to open a Sukanya Samriddhi Yojana account
The documents required to open an account under the Sukanya Samriddhi Yojana include the SSY account opening form, birth certificate of the girl child on whose name the account must be opened, identity proof, and residence proof. The documents submitted as proof of identity and address must satisfy the KYC guideline issued by the RBI.
Attractive features of Sukanya Samriddhi Yojana Account
This scheme provides an attractive interest of 8.4%. However, the interest rate is regulated by the Ministry of Finance from time to time.
In a given financial year, a minimum amount of Rs. 1,000 can be invested.
The maximum amount that can be invested in a financial year is Rs. 1,50,000.
In a given account opened under this scheme, deposits can be made until the girl child attains 14 years of age from the date of opening the account.
The account opened under this scheme will mature once the girl child completes 21 years of age. If the marriage of the girl happens before the account matures, the account cannot be operated beyond the date of the child’s marriage.
The investment made in the Sukanya Samriddhi Yojana account is fully exempted from Income Tax under Section 80C. the tax benefits offered by this scheme comes under the triple E regimen which means the principal amount, interest accumulated and also the outflow are all tax exempted. Once the account holder attains the age of 18, a partial amount can be withdrawn to support the girl’s higher education.
Simple steps to open a Sukanya Samriddhi Yojana Account
You can open a Sukanya Samriddhi Yojana account by visiting any authorized post office or the authorized branches of nationalized banks. For a general understanding, we can say all those banks that provide the facility to open public provident fund (PPF) account provide the facility to open a Sukanya Samriddhi Yojana Account also. The bank branches and post offices will provide the complete assistance to open this account. Once the account is opened, the account holder will be given a passbook.