SSY Investment - How to invest in Sukanya Samriddhi Yojana Online

The Sukanya Samriddhi Yojana (SSY) is a popular savings scheme introduced under Prime Minister Narendra Modi's Beti Bachao Beti Padhao campaign. Launched in January 2015, this initiative aims to secure the financial future of the girl child through attractive interest rates and significant tax benefits. If you're considering investing in this scheme, here's a comprehensive guide to help you understand the process, benefits, and requirements.

The Sukanya Samriddhi Yojana is designed to promote savings for the future education and marriage expenses of a girl child. With an interest rate of 8.1% (as of the last revision), this scheme offers a secure and tax-efficient way to grow your savings.

• An SSY account can be opened by the parents or a legal guardian of a girl child under 10 years of age.
• You can open one account per girl child, up to a maximum of two accounts. In the case of twins, you can open a third account.

Required Documents

• Obtain and fill out the official form from authorised banks or post offices.
• Submit the beneficiary's birth certificate to verify the age of the girl child. This can be obtained from the hospital, government agencies, or the child's school.

• Valid address proof of guardian/parents, such as like a passport, ration card, or electricity bill.

• Identity proof of guardian/parents must be a valid government-issued ID.

Step-by-Step Guide to Opening a Sukanya Samriddhi Account

• Step 1: Fill out the SSY account opening form with accurate details.

• Step 2: Ensure you have all the required documents and recent photographs.

• Step 3: Make the deposit

• Step 4: You can establish standing instructions at your branch or set up automatic credit through net banking for future deposits.

Tax Benefits

• Deposits up to ₹1.5 lakh are eligible for tax deductions under Section 80C of the Income Tax Act.

• Interest earned and maturity proceeds are tax-free. Interest is compounded annually.

Deposit Limits and Tenure of SSY

• You can deposit a minimum of ₹250 and a maximum of ₹1.5 lakh per financial year. The minimum deposit amount was reduced from ₹1,000 in July 2018.

• Deposits must be made for 15 years from the account opening date, and the account matures after 21 years.

Interest Rate

• Interest rates are revised quarterly. At present, it is 8.2%.

Online Investment Process

• Currently, you cannot open a Sukanya Samriddhi Yojana account online. However, once the account is opened, you can manage it online by setting up standing instructions for automatic deposits. Premature withdrawals are allowed under specific circumstances:

• Marriage: The account can be closed if the beneficiary is getting married after turning 18. Notification must be given a month before or up to three months after the marriage.

• Education: If the beneficiary secures admission to an academic institution after age 18, valid proof of admission is required.

• Change of Citizenship: The account can be closed if the beneficiary changes citizenship or country of residence.

• Financial Hardship: If maintaining the account causes undue financial burden due to medical reasons or the death of a guardian, premature closure is permitted. In such cases, the account will earn interest at the rate applicable to post office savings accounts.

Investing in the Sukanya Samriddhi Yojana is a valuable step towards securing your daughter's future. To open HDFC Bank Sukanya Samriddhi Yojana Account, contact your closest HDFC Bank Branch now.