List of Banks offering Sukanya Samriddhi Yojana (SSY) Savings Account

A Sukanya Samriddhi Yojana (SSY) account can be opened at many authorized banks and also at post offices making it widely accessible for parents or guardians wishing to save for their girl child’s future.

What is Sukanya Samriddhi Yojana (SSY) in Banks

• SSY is a government‑backed savings scheme aimed at providing secure long‑term savings for a girl child’s education or marriage.
• Although its roots are with small‑savings and post‑office schemes, the government authorizes many scheduled commercial banks (private and public) to accept SSY accounts.
• That means parents/guardians have flexibility to open SSY at a bank branch which may be more convenient than going to a post‑office, depending on their location.

Open Demat account -  Start your investment journey now!

Major Banks Offering SSY (Complete List)

As on date, many of the major public and private sector banks in India are authorised to open SSY accounts.

Here are some of the prominent ones:

Bank Name

Sector / Type

State Bank of India (SBI)

Public sector

HDFC Bank

Private sector

Axis Bank

Private sector

ICICI Bank

Private sector

Punjab National Bank (PNB)

Public sector

Bank of Baroda

Public sector

Canara Bank

Public sector

Union Bank of India

Public sector

IDBI Bank

Public sector / scheduled bank

UCO Bank

Public sector

Indian Bank

Public sector

Indian Overseas Bank

Public sector

Bank of India

Public sector

Bank of Maharashtra

Public sector

Punjab & Sind Bank

Public sector

Centrally‑sponsored others (as per authorized list) and more

—

This list is not exhaustive; many banks across states are authorised. Also SSY can be opened at designated post‑offices.

Why Banks Offering SSY Matters

• Banks generally provide easier access, more branch‑network and familiar services compared to post offices, easier deposits, transfers, account maintenance.
• Some private banks allow convenient online or net‑banking access to SSY account management (though features vary).
• Having SSY in a bank account can make transfers (if family moves), KYC updates, and linking with other banking services simpler.

What You Should Know Before Opening SSY in a Bank

• An SSY account must be in the name of a girl child opened by her parents or legal guardian. Girls should be below 10 years when the account is opened.
• Minimum deposit per financial year is ₹ 250 and deposits must be in multiple of ₹ 50.
• Maximum deposit per year is ₹ 1.5 lakh.
• Only one SSY account per girl allowed; in a family, accounts for a maximum of two girls subject to exceptions for twins/triplets.
• An account can be transferred from post office to bank or bank to bank anywhere in India.
• Interest and maturity proceeds are tax‑free and deposits are eligible for tax deduction under Section 80C.

How to Open SSY Account in a Bank

1. Choose a bank branch authorized for SSY (see list above).
2. Submit required documents (birth certificate of girl child, parent/guardian identity and address proof, photos, etc.)  same as post‑office SSY.
3. Make the first deposit (at least ₹ 250) could be cash, cheque or demand draft depending on bank’s procedures.
4. Get the SSY passbook issued by the bank this will be your official record of deposits, interest accrual, and maturity details.
5. For subsequent deposits, you can visit the branch or use the bank's deposit mechanisms (standing instructions, cheques, cash) depending on bank policy.

Benefits of Having SSY in a Bank

• Branch network and ease of service make regular deposits and maintenance less cumbersome than post‑office visits.
• Possibility of online or mobile banking access at some private banks (depending on bank)  easier tracking of balance and transactions.
• Better convenience for fund transfers if family relocates.
• Bank passbooks more widely accepted and easily manageable physical record.
• Access to other banking facilities (debit/credit, savings account, loans) under one roof.

Things to Confirm When You Open SSY in a Bank

Before opening SSY in any bank, check:

• That the bank branch is authorized to open SSY  ask at branch if not sure.
• Required documents for SSY as per bank (birth certificate, guardian ID/address proof, photos).
• Minimum deposit rules and mode of deposit accepted (cash, cheque, DD) by that bank.
• Passbook issuance and whether the bank allows passbook to account transfer if needed.
• What is the process for account transfer if you need to move branch/post‑office later.
• Applicable interest rate (standard SSY interest rate is declared by Government; banks pass it on) and tax benefit compliance.

Common Myths / Misunderstandings

• Myth: SSY is only available at post offices.
  Truth: Many commercial banks, public and private, are authorized to offer SSY.
• Myth: Private bank SSY has different interest rates.
  Truth: The interest rate for SSY is fixed by the government. All authorised banks (private or public) must follow that rate.
• Myth: It’s hard to open an SSY in a bank better to go to the post office.
  Truth: Many banks make SSY opening as easy as any savings account, often with simpler KYC/documentation than older post‑office processes.