Sukanya Samriddhi Yojana: How To Open SSY Account In SBI

Here’s a look at how one can open an SSY account with SBI

Required Documents

• SSY account opening form
• beneficiary’s birth certificate
• Address proof of the guardian or parents of the beneficiary
• ID proof of the guardian or parents of the beneficiary.

How to open Sukanya Samriddhi Account in SBI?

• Fill the application form for SSY account.
• Documents and photos
• make required deposit payment

Opening SSY Account

An SSY account can be opened by the parents or legal guardians on behalf of the girl child through a minimum deposit amount 250. to the extent of 1.50 lakhs.

Minimum Deposit Limit

minimum deposit 250 per year is required for the account and the maximum deposit 1.5 lakh per annum is allowed. Contribution can be made in multiples of 50 by cash and/or cheque.

Rate of interest

The interest rate for the current quarter of March 2021 has been kept at 7.6%. Interest is calculated on an annual basis and compounded on an annual basis.

tax benefit

As applicable under Section 80C of the IT Act, 1961. In the latest Finance Bill, the scheme has been given triple exemption benefit i.e. the amount invested, the amount earned as interest and the amount withdrawn will not attract any tax.

Properties

• Up to two girls, or in the case of three twin girls, as a second birth or as a result of the first birth has three girls.
• A minimum of Rs.250 of initial deposit with a multiple of fifty rupees with an annual maximum limit of Rs.250 thereafter 150000 in a financial year.
• The period of deposit is 21 years from the date of account opening
• Tenure that can be deposited up to a maximum of 15 years from the date of account opening.

premature withdrawal

Medical assistance in the event of death of the depositor or in cases of extreme compassion such as life-threatening diseases is permitted by an order of the Central Government.