Sukanya Samriddhi Account Opening in Post Office

A single account can be opened per girl child. Parents are allowed to open this account for a maximum of two children, but it is totally worth it for the child. However, in the case of twins or triplets, the facility may be extended to the third child, based on the situation. The account can be opened in post offices as well as authorized bank branches.

Sukanya Samriddhi Account Features

Sukanya Samriddhi Account features are given below: 

1. The minimum deposit amount is ₹ 250, while the maximum deposit allowed is Rs.1.5 lakh in a single financial year. 
2. An account can be initiated in the name of a girl child until she reaches the age of 10 years. 
3. Only one account can be established in the name of a girl child. 
4. Accounts can be opened either in Post offices or authorized banks. 
5. Withdrawals are permitted to fund the account holder's higher education expenses. 
6. The account may be prematurely closed if the girl child marries after she turns 18. 
7. Transferring the account from one Post office/Bank to another within India is feasible. 
8. The account matures upon completion of 21 years from the date of its opening. 
9. Deposits are eligible for deduction under Section 80-C of the Income Tax Act. 
10. Interest earned in the account is exempt from Income Tax under Section 10 of the Income Tax Act. 

Sukanya Samriddhi Account Interest Rate 

The interest rate for Sukanya Samriddhi Account is 8.2%. 

Benefits of Sukanya Samriddhi Account

The benefits of Sukanya Samriddhi Account are: 

1. High-interest rate: The Post Office Sukanya Samriddhi Yojana currently boasts an attractive interest rate of 8.2% p.a. (as of Q3 FY 2023-24), ranking among the highest among small savings schemes in India. 
2. Tax benefits: Investments made in the Sukanya Samriddhi Yojana qualify for deductions under Section 80C of the Income Tax Act, with a maximum limit of Rs 1.5 lakh. Moreover, both the interest earned and the maturity amount are tax-free. 
3. Long-term financial security: The Sukanya Samriddhi Yojana Post Office Scheme is tailored to assist parents and guardians in saving for their girl child's future education and marriage expenses, ensuring long-term financial security. 

1. Flexible investment: With the Post Office Sukanya Samriddhi Yojana, deposits can be made as low as Rs. 250 per year and as high as Rs. 1.5 lakh per year, accommodating individuals from diverse income brackets. 
2. Partial withdrawal: The scheme allows for partial withdrawals to cover the girl child's higher education and marriage expenses after she reaches 18 years of age. 
3. Guaranteed returns: As a government-backed initiative, the Sukanya Samriddhi Yojana Post Office scheme provides guaranteed returns on investments, offering peace of mind to investors. 
4. Long tenure: The maturity period extends until the girl child turns 21 years old or until her marriage after reaching 18 years of age. Although contributions are required for 15 years, the account continues to accrue interest even if no further deposits are made. 

How To Open a Sukanya Samriddhi Account in a Post Office?

The government's initiative to encourage a girl child’s education and being able to save funds for them has received a tremendous response through the Sukanya Samriddhi and is indeed commendable.

A lot of institutions are yet not aware of the Sukanya Samriddhi Yojana. But the post offices around the corner of your home perhaps is the most convenient place to open up an account.

Here is how one can do it:

• You need to first download the form from the respective government portal.
• Fill in the necessary details in the form
• Carry all documents necessary that includes:
  a) Photographs of the girl child and parent/guardian together
  b) ID proof
  c) Address proof
  d) Aadhaar card is very useful for the same.
  e) Birth certificate of the girl child
• Submit all of the above and the application form at the post office.

It might be possible that some post offices may still not be aware of the scheme. So, have patience and wait for them.

The minimum deposit that can be made towards this account is Rs 250 and the maximum being Rs.1.5 lakh. The interest rates earned on this account is 8.2%, at the time of withdrawal. Partial withdrawal can be made when the girl turns 18. The full amount is withdrawable at the age of 21. This scheme falls under the Sec 80C (Rs 1.5 lakh per year) tax free benefit. The number of deposits in a year can be as many times as they want. Note that if one misses a deposit for a particular year, a penalty of Rs.50 each year is payable.

Sukanya Samriddhi Account Eligibility Criteria 

The eligibility criteria required to open a Sukanya Samriddhi Account are given below: 

1. The Sukanya Samriddhi Yojana account holder must be a girl child under 10 years. 
2. Only biological parents/legal guardians are eligible to open the account. 
3. The girl child must be an Indian citizen and resident in India until the maturity of the account. 
4. Only one account can be opened in the name of one girl child. 
5. A maximum of two girl children per family can avail of the benefits offered under the Scheme. 
6. In the case of twins/triplets, a family can open a maximum of three Sukanya Samriddhi Yojana Post Office Accounts. 

Documents to be submitted to open a Sukanya Samriddhi Account 

Documents required to be submitted to open a Sukanya Samriddhi Account are given below: 

1. SSY Post Office Form 
2. Birth Certificate/ Proof of age of the Girl Child 
3. Passport-Size Photographs 
4. Proof of identity and Proof of address (e.g. Aadhaar Card, Voter ID, Passport, etc.) 
5. Relationship proof of the Sukanya Samriddhi Yojana Account Holder with the Girl Child (Birth Certificate/Court Order/Adoption Certificate) 
6. Account holder’s proof of address (Bank Statement/Rent Agreement/Utility Bill, etc.)