Sukanya Samriddhi Yojana by the Indian Government is a blessing for every middle-class family and their daughters out there

Sukanya Samriddhi Yojana (SSY) is a government-sponsored small savings scheme aimed at girls. It’s part of the Beti Bachao, Beti Padhao Yojana, and can only be opened by the guardians of a girl baby below the age of ten.

It can be used to open a bank account or a post office account. Sukanya Samriddhi Accounts are valid for 21 years or until the girl child reaches the age of 18.

This scheme was launched back then in 2015 by prime minister Narendra Modi as part of the Beti Bachao, Beti Padhao campaign.

With such schemes in place, girl children in India would no longer burden their parents and guardians. The account may be created for any girl kid in India under the age of ten.

Following the debut of the promising plan, a large number of internet users have flooded in with questions about Sukanya Samriddhi Account. One of the most commonly asked questions has been about the function of the guardian in different elements of the Sukanya Samriddhi Account. This is a topic we’ll go through in this post.



Sukanya Samriddhi Yojna:


Interest 7.6% per Annum
Maturity Period 21 years, or until the daughter marries after reaching the age of 18.
The minimum amount of deposit Rs. 250
The maximum amount of deposit Rs. 1.5 lakh
Eligibility Parents or legal guardians of a baby girl below the age of 10 are eligible for SSY
Income Tax Rebate The income tax act, 1961 section 80c


Which Bank is the Best to Open an SSY Account?

The state bank of India is the best option to open your SSY account since it is the nationalized authority by the Indian government.

However, you can open your SSY account in some other banks, such as Syndicate Bank, Uco Bank, Indian Bank, IDBI Bank, Canara Bank, Axis Bank, BOB, etc.

You can open an online account from here.
You can make payment by cash, cheque, demand drafts, etc.

The maximum period of time to deposit an amount in your SSY account is 15 Years from the date of opening your SSY account.

Following Section 80C of the Income-tax Act of 1961, The scheme was extended in the most recent Finance Bill. There will be no tax on the invested amount, the revenue received as interest, and the amount withdrawn.

Documentation Needed to Open your Sukanya Samriddhi Yojna account:

1. Sukanya Samriddhi Yojna Account opening form
2. Birth certificate of the girl child (necessary)
3. Identity Proof (as per RBI KYC guidelines)
4. Residence Proof (as per RBI KYC guidelines)

Know this Before you Invest:

– You can earn 7.6 % interest rate with this scheme.
– The locking period of this scheme is up to 21 years from the account opening date.
– The age of the girl child should be below 10 to open an SSY account
– You can deposit the amounts up to 15 years from the opening date of your SSY account
– After the girl child passes the age of 18, they can make partial withdrawals.

The Account Holder Died Unexpectedly:

Suppose the girl child died unexpectedly due to any consequences. In that case, the parents have the authority to withdraw the amount, or if anything happens to them, the amount would be handed over to the nominee of the account.

What happens If the Parents Dies During The Course:

In case of the unexpected loss of the parents due to any consequences during the course of sukanya samriddhi yojna scheme. These conditions would apply:

1. Parents may operate the account with necessary permissions from the authorities if the girl is less than ten years old and her parents still live.
2. The proceeds and authority of the sale may be transferred to the child’s legal Guardian(caretaker) if she is under the age of 10 and her parents are dead. The caretaker must provide the appropriate documentation in this case.
3. If the girl passes the age of 10 and her parents are alive, she has the full authority to access her SSY account.
4. Girls who are older than 10 and whose parents are deceased should decide if they would like to continue their account or not.

Legal Guardian in Sukanya Samriddhi Yojna:

A legal guardian is someone who looks after the girl and her sukanya samriddhi yojna account in case both parents are dead.
The legal Guardian can open or access the sukanya samriddhi yojna account in case both parents are dead and the girl is below the age of 10.

However, the legal Guardian has to give affidavit proof that he/she is the child’s sole guardian if anything happens to the parents.

Documents Required by Legal Guardian:

As stated in the previous paragraph, the legal guardian will be required to submit the necessary documentation to confirm that he/she is the legal guardian if the girl’s parents are dead or cannot contribute to the account.