How to Open an SSY Account
Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme as part of the “Beti Bachao, Beti Padhao Yojana” for the benefit of the girl child. Parents can open up to two such accounts for girls (they cannot open a third/fourth account, etc. if they have more than two girls). These accounts have a tenure of 21 years or until the girl child marries after the age of 18. ICICI Bank is authorized by the Ministry of Finance for offering SSY Accounts. Customers can open the account by submitting the account opening documents at any ICICI Bank branch.
Things To Know Before
- Returns: The interest rate of 7.6% per annum
- Lock-in period: 21 years from the date of account opening.
- The girl child has to be below the age of 10 at the time of account opening
- Deposits to be made till completion of 15 years, from the date of opening of the account
- A partial withdrawal facility is available after the account holder attains 18 years of age
Required Documents
The Sukanya Samriddhi Account Form (SSA-1) is available both at the post office or any designated bank. The guardian is required to fill up details like the name of the child and the guardian, address, birth certificate details of the child, along with KYC information of the guardian. The following documents are needed to be enclosed with the application.
- Address proof of guardian – passport, driving license, utility bill, and ration card
- Identity proof of the guardian – passport, Aadhaar, or PAN
- Birth certificate of the child
- Bank Passbook
- Payment contribution
The account is opened once the documents are verified by the bank/post office and then a passbook is issued to the account holder.
The main intention of this scheme, Sukanya Samriddhi Yojana Scheme, is to accumulate a savings amount which can be withdrawn for the higher education of the girl child or for the marriage. The deposit will earn interest at the rate of 8.4% annually, which is the highest rate of return that can be earned as an interest to any bank deposits. The minimum amount or more should be deposited in the account for 15 years from the time the account has started.
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