The parents or legal guardians of a girl child can open an SSY account either in Post Office or in a commercial bank till the child becomes 10 years old by producing her birth certificate along with other documents.
The government launched Sukanya Samriddhi Yojana (SSY), a small deposit scheme for the girl child, in 2015 as a part of its ‘Beti Bachao Beti Padhao’ campaign. The interest on SSY has been increased to 8.5 per cent from the earlier rate of 8.1 per cent, making the scheme becomes more attractive. Assuming that the new rate would remain stable throughout the investment period, Rs 74,96,802 would be accumulated SSY account at the end of 21 years, if Rs 1,50,000 is invested at the beginning of every year for 15 years.
The parents or legal guardians of a girl child can open an SSY account either in Post Office or in a commercial bank till the child becomes 10 years old by producing her birth certificate along with other documents. Normally, a natural guardian can open maximum two accounts in the name of two separate girl children. An unsatisfied account holder may transfer the SSY account from one bank to another bank or Post Office and vice versa.
Post Office: To open an account in Post Office, you have to visit the nearest post office, where account opening facilities are there with the self attested copies of Birth Certificate of the child, PAN Card and address proof along with the originals for verification purpose. Legal guardians have to carry the proof of guardianship along with other documents. Passport size photographs of parents or legal guardians will also be needed.
SBI: If you prefer to open an SSY account in the state Bank of India (SBI) over Post Office, you may visit the nearest branch of the bank along with the required documents and fill the form. You may pay the amount to be deposited in the account through cash or cheque.
HDFC Bank: To open an SSY account in HDFC Bank also, you have to visit a branch to fill up the form and submit the required documents. You may open an account with cash or cheque and for subsequent deposits, you may issue a standing instruction for regular payments apart from paying through cash, cheque or net banking. You may find the nearest branch of HDFC Bank through the link hdfcbank.com/branch-atm-locator to schedule a visit.
Online: As scrutiny of documents are needed to find the eligibility conditions, there are still no facility to open an SSY account online and you have to visit the designated branch of the Post Office or bank in person along with the required documents.