SBI Sukanya Samriddhi Yojana - Features, Eligibility, How to open and FAQs

Securing a girl child’s future through planned savings is now easier with the government-backed Sukanya Samriddhi Account (SSA) and one of the prominent providers being State Bank of India (SBI).

What is the Sukanya Samriddhi Yojana at SBI?

The Sukanya Samriddhi Yojana is a dedicated savings scheme for the benefit of a girl child. Under SBI’s version, the scheme is implemented exactly as per the government rules,  you open the account in the name of the girl child (through a guardian), deposit money annually, and the account accumulates interest until maturity. SBC simply acts as the bank through which deposits are made and maintained. At SBI you’ll find dedicated application forms, documents required, and guidance at branch level to open the account even if you don’t have an existing savings account with SBI.

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Key Features of SBI SSY

Here are the important features you should know:

• Minimum & Maximum Deposits: You can open the account with a minimum deposit of ₹ 250 in the initial year. Further deposits in a financial year must be at least ₹ 250 and in multiples of ₹ 50. The annual maximum you can deposit is ₹ 1,50,000.
• Who can open: The account may be opened by a biological parent or legal guardian in the name of a girl child resident of India, who has not yet attained 10 years of age on the date of account opening.
• Number of accounts per family: Maximum of two girl-child accounts per family are allowed. Exception: if twins/triplets are born as the first or second order of birth, more accounts may be opened.
• Deposit period & maturity period: Deposits can be made for up to 15 years from the date of opening of the account (i.e., for the first 15 years you can keep depositing). The account matures in 21 years from date of opening, or earlier in certain cases like marriage after age 18.
• Interest rate: The interest rate is subject to change every quarter as per GOI notification. For example: SBI’s page lists the current scheme rate at 7.50 % p.a. (for a certain quarter) and earlier 8.20 %.
• Tax benefits: Deposits qualify for deduction under Section 80C (up to ₹1.5 lakh per annum). The interest earned and maturity amount are also tax-free under current rules.
• Partial withdrawal: After the girl child attains age 18 years or passes Class X, up to 50% of the fund can be withdrawn for her higher education or marriage (conditions apply).
• Transferability: Accounts can be transferred between branches/banks/post offices if the family moves residence within India.
• Non‐loanable: There is no facility to avail a loan against an SSY account.

Eligibility – Who Can Open the Account at SBI?

To open an SSY account at SBI, the following conditions must be satisfied:

• The account must be opened in the name of a girl child who is resident in India and below 10 years of age on the date of account opening.
• The account must be opened by a guardian (parent or legal guardian) on behalf of the girl child.
• Only one account per girl child. The guardian/family can open accounts for at most two girl children (with the twins/triplets exception).
• The guardian must provide the required KYC (Aadhaar, PAN, identity & residence proof). Non‐residents (NRIs) are generally not eligible for new account opening.

How to Open an SSY Account at SBI – Step by Step

Here’s a simple procedure for opening the account at SBI:

1. Visit your nearest SBI branch. It's not necessary to have an existing savings account with SBI.

2. Obtain the SSY account opening form (Form-1 as per scheme). Fill in details like the name of the girl child, guardian’s name, deposit amount, etc.

3. Submit required documents:

   1. Birth certificate of the girl child (issued by municipal authority or Registrar of Births & Deaths).
   2. Identity proof and address proof of the guardian (e.g., Aadhaar card, Driving Licence, Voter ID).
   3. Guardian’s PAN or Form 60 (especially if deposit crosses a certain threshold).

4. Make the initial deposit (minimum ₹ 250). Thereafter you can deposit any amount up to ₹ 1.5 lakh in that financial year in multiples of ₹ 50.

5. After verification, the branch opens the account and you receive a passbook/statement of account.

6. You can continue annual deposits for up to 15 years; after that no further deposits but the amount continues to accrue interest until maturity at 21 years.

Many branches also offer Standing Instructions (SIP) so automatic deposit can be set up each month/quarter.

Summary

Opening a Sukanya Samriddhi Yojana account at SBI is a smart step for parents/guardians who want to secure their girl child’s future—whether for education, marriage or simply as a long-term corpus. With features such as a low minimum deposit, high interest rate, tax benefits, and government backing, this scheme offers both safety and growth. Just ensure the girl is under age 10 when you open the account, make your annual deposits, and keep track of key milestones (like when she turns 18) for partial withdrawal. With proper planning, this scheme can form a valuable part of your financial planning for your daughter.