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- Sukanya Samriddhi Yojana
Minimum deposit of ₹250/- per year
Tax exemptions available for parent/ guardian
Competitive interest rates decided by Govt of India
Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana (SSY) is a savings scheme supported by the government of India, specifically designed to aid female children. Offering assured returns through interest rates and qualifying for tax deductions, this plan is an excellent option for parents or legal guardians of a girl child. It aims to support her educational pursuits or marriage expenses, ensuring her financial stability. The account can be opened in the name of a girl child under the age of 10 years, by her parent/ legal guardian. This account can be opened at any Axis Bank branch
Features & Benefits
Tax benefit
- Income tax rebate under Section 80C of the Income tax Act, 1961 shall apply for all deposits made under this scheme.
Interest Rate
- Interest at rates notified by the government on quarterly basis and compounded yearly, shall be credited to
Account Operation
- Account has to be operated by natural / legal guardian of girl child, till she reaches the age of 18 years.
Withdrawal from account
- No withdrawals are permitted till the account holder reaches the age of 18.
Eligibility for Sukanya Samriddhi Yojana
- The Sukanya Samriddhi Yojana account can be initiated in the name of a girl child by her parents or legal guardians, provided it's done before she reaches the age of 10 years.
- Each girl child is entitled to only one account under her name. A maximum of two accounts are permissible for two different girl children, opened by their natural or legal guardian. An exception for a third account is made in cases of twins being born in the second instance or if the first birth results in three girl children upon presenting a medical certificate from a qualified medical authority. The account beneficiary must be an Indian citizen and resident in India at the time of account opening and must continue to be so until the account reaches maturity or is closed.
Required Documents:
- Sukanya Samriddhi Yojana Account opening form.
- Birth certificate of the girl child.
- A photograph of the parent or legal guardian of the girl child.
- KYC Documents (Identity and Address Proof) of the parent or guardian.
- Please refer to the provided link for a comprehensive list of acceptable KYC documents.
Transfer SSY Account to Axis Bank
You can transfer an existing Sukanya Samriddhi Yojana account from other bank or post office, to Axis Bank, as per the process below:
- 01
You need to submit SSY Transfer Request Form at existing bank/post office mentioning address of Axis Bank branch.
- 02
The existing bank/ post office shall arrange to provide original documents such as a certified copy of the account opening application, specimen signature, certified copy of account statement or original updated passbook to Axis Bank branch address, along with the cheque / DD for outstanding balance in SSY account.
- 03
Once the transfer documents are received at Axis Bank branch, you will be required to submit a new SSY Account opening form alongwith a fresh set of KYC documents for the account holder and parent/ guardian
Product Features
- Deposit amount
- Initial Deposit amount: ₹250/-
- Minimum contribution amount is ₹250/- and maximum amount is ₹1.5 lakhs/- in a financial year.
- Deposit can be made any number of times , in multiples of ₹50/- only.
- Passbook/Statement facility available.
- Deposit into the account has to be made at least once every year, till completion of 15 years from date of account opening.
- Mode of deposit
- Cash
- Cheques/ Demand drafts
- Internet banking*
*Transfer is permitted to Sukanya Samriddhi account, only from Axis Bank Internet Banking.
Tax benefit
- Income tax rebate under Section 80C of the Income tax Act, 1961 shall apply for all deposits made under this scheme.
- Interest earned and maturity proceeds are also tax free, as per Finance Bill 2015-16.
Interest Rate
- Interest at rates notified by the government on quarterly basis and compounded yearly, shall be credited to the account.
- Interest shall be calculated for a calendar month on the lowest balance in the account on the deposits made between the close of the fifth day and the end of the month.
- The current rate of interest is 8.2%.
Account Operation
- Account has to be operated by natural / legal guardian of girl child, till she reaches the age of 18 years.
- The girl child herself can operate her account after the age of 18 years.
- Passbook facility is available for this account.
- Withdrawal from account
- No withdrawals are permitted till the account holder reaches the age of 18.
- After the account holder reaches the age of 18, partial withdrawal up to 50% of the account balance is allowed, to meet education expenses only.
- Premature Closure
- In the event of death of account holder, the account shall be closed immediately on production of death certificate. The balance alongwith interest will be paid to guardian.
- In Certain instances, if the Accounts officer is satisfied that operation or continuation of the account is causing undue hardship to the account holder (such as medical emergencies or death), it may allow pre-mature closure of the account.
- If the account holder attains NRI/ PIO status any time prior to the maturity of the account, the account will be closed.
- Closure on Maturity of account
- The account will mature on completion of 21 years after account opening, post which it will be closed.
- If the account holder gets married prior to the maturity date of the account, then also the account would be closed. The account holder will have to give an affidavit to the effect that she is not less than 18 years of age as on the date of closure of account.
Other benefits
- The account is transferable anywhere in India.
- Passbook facility is free.
- No transaction charges are applicable.
Sukanya Samriddhi Yojana FAQs
Please check our list of FAQs for any queries pertaining to SSY. If you have any further queries, do visit our nearest branch and our representatives will be happy to help you.
The parent/ guardian needs to fill up the SSY account opening form on behalf of the minor girl child and submit all other required documents to Axis Bank branch. The documents include birth certificate of the girl child having her name on it, passport size photo of parent/ guardian, and the KYC (identity & address proof) documents of the parent/ guardian.
The account can be opened by the natural or legal guardian in the name of a girl child from the birth of the girl child till she attains the age of 10 years. A depositor can open and operate only one account in the name of a girl child. Natural or legal guardian of a girl child can be allowed to open the account for two girl children only. The third account in the name of the girl child can be opened in the event of birth of twin girls, as second birth or if the first birth itself results into three girl children.
The following documents are required:
- SSY Account Opening form.
- Birth certificate of the girl child, having the child’s name on it.
- Photograph of the parent/ legal guardian of the girl child.
- KYC Documents (Identity & Address Proof) of the parent/ guardian.
- For the list of KYC documents Click here.
The minimum deposit amount is ₹250 per financial year and the maximum amount is ₹1.5 lakhs per financial year.
A penalty of ₹50/- will be levied per year of default, if the customer does not deposit the minimum deposit amount of ₹250 in a financial year. The account can be regularized post payment of penalty.
No, loan facility cannot be availed.
No withdrawals are permitted till the account holder (girl child) reaches the age of 18. After the account holder reaches the age of 18, partial withdrawal up to 50% of the account balance is allowed, to meet education expenses only.
The SSY account can be prematurely closed in following circumstances:
- In the event of death of account holder.
- If the accounts officer is satisfied that continuation of the account is causing undue hardship to the account holder (such as medical emergencies or death of guardian), it may allow pre-mature closure of the account.
- If the account holder attains NRI/ PIO status any time prior to the maturity of the account.
The tenure of the SSY account lasts until 21 years from the date of opening account; or till the account holder gets married, whichever is earlier.
- Fund transfer to SSY account can be done via cash/ cheque/ demand drafts at any Axis Bank branch.
- The parent/ guardian can also add the SSY account as a beneficiary on Internet banking (Other Axis Bank accounts> Transfer section) and transfer from his/her own account.
- The balance can be viewed by updating the Sukanya Samriddhi account passbook at any Axis Bank branch. This is issued free of charge.
