To open a Sukanya Samriddhi Yojana (SSY) account, you need to follow the below procedure:
- Visit the bank or Post Office branch where you would like to open the account.
- Fill up the application form with relevant details and provide supporting documents.
- Pay the first deposit in the form of cash, cheque, or demand draft.
- The bank or Post Office will process your application and payment.
- Upon processing, your SSY account will be opened.
You can also open an SSY account online with some banks such as SBI or HDFC Bank. You need to have an existing savings account with the bank and access to internet banking. You can then log in to your internet banking account and select the option to open an SSY account. You need to fill up the online form and upload the scanned copies of the required documents. You can also make the first deposit online through net banking or debit card.
The documents required to open an SSY account are:
- Birth certificate of the girl child
- Photo ID of parents or legal guardian
- Address proof of parents or legal guardian
- Photograph of the child and parent
The minimum amount required to open an SSY account is Rs 250. The maximum amount that can be deposited in a year is Rs 1.5 lakh per SSY account. The interest rate offered on an SSY account is 8% p.a. (w.e.f 1 April 2023 until 30 June 2023) on a yearly basis. The deposits and the Interest earned on it are exempt from tax under section 80C and section 10(11A) respectively.