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Financial Planning
How to open Sukanya Samriddhi Account? - Complete guide
Open a Sukanya Samriddhi Yojana account to secure a bright financial future for your daughter with attractive interest rates and tax benefits. Sukanya Samriddhi Yojana is one of the government schemes that were launched under the “Beti Bachao, Beti Padhao” initiative. Let us uncover the details of this scheme.
What is SSY?
Sukanya Samriddhi Yojana (SSY) is a small deposit scheme designed especially for the betterment of female children. This scheme benefits girls and their families through a dedicated savings plan.
This investment plan provides a financial safety net, helping families meet the education and/or marriage expenses of a girl child and empowering the parents to help daughters pursue their dreams.
Returns on SSY account investment
Sukanya Samriddhi Yojana interest rates are subject to change as the Government announces them on a quarterly basis.
| Period | Rate of Return (in %) |
|---|---|
1 January 2024 - 30 September 2024 | 8.2 |
You can calculate the returns on your investment in the SSY scheme by using Sukanya Samriddhi Yojana Calculator.
Documents you need to open Sukanya Samriddhi Yojana Account
- Duly filled account application form SSA-1
- Birth certificate of the girl child
- KYC documents, such as Aadhaar, voter ID, etc.
- A photo and identity proof of the parents or legal guardian
- Any other specific document required by the bank
How to open a Sukanya Samriddhi account?
To open an SSY savings account, gather the required documents and visit the nearest Axis Bank branch with the minimum deposit amount.
The professional team of Axis Bank will assist you in completing the formalities and guide you through the offline process.
Additionally, you can also transfer your existing SSY account from another bank or post office to Axis Bank.
Minimum and maximum investment amount
The minimum investment amount for the SSY account scheme is ₹250 and the maximum investment amount is ₹1.5 lakh in a financial year.
Also Read: How to check Sukanya Samriddhi Yojana (SSY) Account balance
FAQs
Who is eligible to open the account?
The eligibility criteria for an SSY account is that it can be opened by a guardian in the name of a girl child who is aged 10 years or below.
How many SSY accounts can you open?
Only one SSY account can be opened for a girl child.
How much can you deposit in SSY?
You can deposit any amount between ₹250 and ₹1.5 lakh in a financial year.
What is the tenure of the deposit?
The deposits in an SSY account can be made till the completion of 21 years from the date of account opening or until marriage after 18 years (whichever is earlier).
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision
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