State Bank of India is a multinational public-sector banking institution, headquartered in Mumbai. The bank carries a heritage and legacy of 200 years which makes it within the list of the world’s leading corporations. Intending to capitalise on its global footprint, SBI offers various financial schemes to cater to the diverse needs of its customers. One such scheme is the SBI Sukanya Samriddhi Yojana, introduced to help individuals in securing their girl child’s future.
In this blog, we will provide you insights into the SBI Sukanya Samriddhi Yojana while highlighting all the associated details that you need to know.
What Is SBI Sukanya Samriddhi Yojana?
On 22nd January 2015, the Indian government specially designed the SBI Sukanya Samriddhi Yojana scheme for the betterment of a girl child. Under this scheme, the parents of the girl child can save a lump sum amount and will get an attractive rate of interest. You can easily open an SSY account with the State Bank of India. Keep reading to find out more information about this scheme.
Features of SBI Sukanya Samriddhi Account
Here are the salient features of the SBI Sukanya Samriddhi Yojana that you need to know.
- SBI Sukanya Samriddhi accounts can be opened by a legal guardian or biological parents.
- The initial deposit amount for opening an account under this scheme is ₹250.
- Under this scheme, individuals can make deposits via cash, demand draft (DD) or cheque.
- SSY accounts can be opened for 2 girl children only. In the case of twins or triplets as first or second birth, parents can open an account for three children.
- The total deposit tenure is 21 years or till the girl gets married.
- The maximum contribution period for SSY accounts is 15 years from the date the account opened.
- Investors have the flexibility to make monthly contributions to the scheme.
Benefits of Sukanya Samriddhi Account with State Bank of India
By opening a Sukanya Samriddhi Yojana SBI, you can avail the below-mentioned benefits:
- You will get up to an 8% interest rate per year which is much higher than other savings schemes.
- As a SBI SSY account holder, you will continue to receive compounded returns on your account if you do not opt for premature withdrawal.
- The minimum deposit amount is ₹250, which is feasible for all people of varied financial backgrounds.
- Opening a Sukanya Samriddhi account in SBI requires minimal documentation, simplifying the account opening process.
- You will get various tax advantages by opening an SBI Sukanya Samriddhi Yojana account.
- In the case of relocation, SSY account holders can seamlessly transfer their accounts from their current branch to another.
Eligibility Criteria to Open SBI SSY Account
Look into the eligibility criteria for the State Bank of India Sukanya Yojana scheme:
- The girl must be an Indian resident.
- The Sukanya Samriddhi Yojana SBI age limit starts from a child’s birth to 10 years of age.
- The SSY SBI account can be opened on behalf of a girl child only.
- The maximum number of accounts an individual can open in the name of his/her daughter is two.
- In the case of twin girls, an individual can open three accounts with SBI Sukanya Samriddhi Yojana.
Who Can Open an SSY Account With The SBI Bank?
An SBI Sukanya Samriddhi Yojana account can be opened by a legal guardian or biological parents in the name of a girl child. Other than these people, no one is eligible to open an SSY account with the SBI bank.
Documents Required to Open A Sukanya Samriddhi Yojana SBI
Here is a list of documents required for Sukanya Samriddhi Yojana in SBI.
- Identity Proof (Aadhaar card)
- Address Proof (PAN card)
- Age Proof (DOB certificate)
- Passport-size photographs of the child
- Passport-size photographs of the parent
- Medical certificate (In case of twins or triplets)
- Certificate of relationship (In case of an adopted child)
Note: Identity proof of both the girl and the depositor is necessary.
How to Open a Sukanya Samriddhi Yojana Online Account in SBI?
Currently, there is no online application process available for opening a SBI Sukanya Samriddhi Yojana account. The account can be opened by visiting the nearest SBI branch and completing the necessary documentation in person.
Stepwise Process to Open An SSY Account
Go through the below-mentioned steps to learn how to open a SBI Sukanya Samriddhi account.
- Step 1: Go to your nearest branch of SBI Bank.
- Step 2: Collect the SSY application form.
- Step 3: Carefully fill up all the necessary details.
- Step 4: Submit all the required documents to the bank along with the duly filled form.
- Step 5: Make your initial deposit. The initial deposit can range from ₹250 up to ₹1.5 lakhs.
That’s it! State Bank of India will process your application and open your SBI Sukanya Samriddhi Yojana account.
SBI Sukanya Samriddhi Yojana Formula and Calculation
An SBI Sukanya Samriddhi account holder can easily calculate and analyse the total amount he/she will receive after the end of the maturity period. For this, you can either use the standard SSY calculating formula or the automatic SBI Sukanya Samriddhi calculator. Keep reading to know more about both ways briefly.
1. SBI Sukanya Samriddhi Yojana Formula
Below is the standard SSY calculating formula:
A = P(1+r/n)^nt
Here,
- P= Initial Deposit
- R= Interest Rate
- n= Total number of years interest compounds annually
- t= Number of years
- A= Total amount after maturity
Let us now try to understand the formula with the help of an example. Suppose you want to deposit an amount of ₹1.5 lakhs annually for straight 15 years in your daughter’s SBI Sukanya Samriddhi Yojana account. As per the 8% interest/year, you can easily calculate the maturity amount after 21 years.
By putting the values into the formula, you will get ₹44,84,534 as interest after 15 years. In case you choose to keep the money till the maturity period, you will get ₹67,34,534 as the maturity value of your investment.
2. SBI Sukanya Samriddhi Yojana Calculator
Doing manual calculations with the formula leaves a scope for human error. Henceforth, to avoid such mistakes, use an online Sukanya Samriddhi Yojana calculator. For this, you need to know the annual investment amount, the girl’s age, and the investment starting year.
How to Use an SBI SSY Calculator?
Take a look into the following steps to learn how to use the SBI Sukanya Samriddhi Yojana calculator online:
- Step 1: Navigate to an online SSY calculator tool.
- Step 2: Enter the yearly investment amount.
- Step 3: Enter the girl’s age followed by the investment starting period.
That’s it! By following these 3 easy steps, you will get to know the maturity year, total interest amount and maturity value of your investment.
Tax Benefits on SBI SSY
As an SSY account holder of the State Bank of India, you will get assured tax benefits under Section 80C of the Income Tax Act, 1961. According to the latest Finance Bill, the SBI Sukanya Samriddhi Yojana scheme will extend triple-exempt benefits. This implies that your invested amount, amount withdrawn and amount earned as interest will not be subject to taxation.
SBI Sukanya Samriddhi Yojana Withdrawal Rules
Go through the below-listed withdrawal rules of Sukanya Samriddhi Yojana in SBI:
- Once the child reaches the age of 18, the girl child can withdraw the amount.
- Partial withdrawals are only allowed up to 50% of the accumulated amount.
- Withdrawals from the Sukanya Samriddhi Yojana account can only be made for academic or marriage purposes.
How to Withdraw Sukanya Samriddhi Yojana from the State Bank of India?
The girl child can easily claim her entire accumulated amount under the SBI Sukanya Samriddhi Yojana by the time the investment reaches maturity period. Keep reading to know more about the SBI SSY withdrawal process.
- The corpus withdrawn can be used for higher education of the girl.
- It is offered after she passes her 10th standard or reaches 18 years of age.
- The withdrawn amount can be solely used for giving admission fees. As proof, you have to submit the essential receipts and documents to the SBI bank.
- You can also use the money for marriage purposes.
- The girl needs to submit an affidavit stating that she is a major (above 18 years).
How Many Accounts Can be Opened in Sukanya Samriddhi Yojana?
A family can open one account in the name of each girl (maximum two accounts per family). In the case of twin or triplet girls at first or second birth, SBI bank will allow you to open three accounts.
Difference Between SBI PPF and SSY
Most people are unaware of the basic differences between PPF and SSY. If you are confused about which scheme to invest in, keep reading.
| Parameters | SBI Public Provident Fund | SBI Sukanya Samriddhi Yojana |
| Interest Rates | 7.10% | 8.00% |
| Minimum Deposit | ₹500 | ₹250 |
| Maturity Period | 15 Years | 21 Years |
| Eligibility Age | No age limit | From birth to 10 years |
| Premature Withdrawal | After 5 financial years of opening the account. | After they reach 18 years |
| Nomination Facility | Available | Not available |
| Loan Facility | Available | Not available |
| Tax Benefits | Available under Section 88 of the Income Tax Act | Available under Section 80C of the Income Tax Act |
How to Check Sukanya Samriddhi Yojana Account Balance in SBI?
Here is a step-by-step on how to check your SBI Sukanya Samriddhi account balance online.
- Step 1: Visit the official SBI net banking portal.
- Step 2: Login by using your user ID and password to your SBI SSY account.
- Step 3: Surf through the dashboard of the homepage and view your SBI SSY account balance.
SBI Sukanya Samriddhi Yojana Form
You can easily open a Sukanya Samriddhi Yojana SBI by downloading the SBI SSY form from the bank’s official website. State Bank of India allows you to open a SSY account even if you do not have a savings account with them. In such cases, the other eligibility criteria must be met mandatorily.
What is the Minimum Amount Required to Open an Account Under Sukanya Samriddhi Yojana?
Opening an SBI Sukanya Samriddhi Yojana account is feasible for families of every financial need. The bank asks a nominal amount of ₹250 annually to open a SBI Sukanya Samriddhi account in the name of a girl child. Investment in the Sukanya Samriddhi Yojana scheme will not only mitigate financial stress for a family but also provide assured tax advantages.
What is the Duration of the SBI Sukanya Samriddhi Yojana Account?
The total maturity period of a SBI SSY account is 21 years or till the girl child gets married after 18 years of age. Up to 21 years from the date the account opened, you can keep the account active. Remember, once this maturity period is over, the accumulated amount will not earn any more interest.
Final Words
SBI Sukanya Samriddhi Yojana is one of the best investment schemes for a girl child. Beyond serving as a saving-cum-investing tool, it has the potential to accumulate a significant financial corpus for her future. Moreover, SBI Bank facilitates the convenience of opening an SSY account through both online and offline modes, ensuring flexibility for guardians in choosing their preferred method.
FAQs
No, the SBI Sukanya Samriddhi scheme is available for Indian residents only. No NRI family can open this type of account in the name of their NRI girl child.
No, SBI bank allows their SSY depositors to make deposits as many times as they want in a year.
Yes, there is a penalty for SBI SSY account holders in case of a payment default. The defaulter has to pay a nominal penalty amount of ₹50 along with a minimum specific amount per year.
Yes, you can opt for premature closure of the SSY account due to severe medical illness or death of the primary account holder.
No, the State Bank of India does not provide a loan against the Sukanya Samriddhi Yojana account facility.
Yes, you can get the automatic credit facility for your SBI Sukanya Samriddhi account by either visiting your authorised SBI branch or through the net banking portal.
Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
