Sukanya Samriddhi Yojana Banks List: Sukanya Samriddhi Yojana is a government-backed savings scheme in India aimed at promoting the welfare of the girl child. It offers attractive interest rates and tax benefits to encourage parents and guardians to save for the future education and marriage expenses of their daughters. To open an account under this scheme, individuals can approach designated banks and post offices across the country.
The Sukanya Samriddhi Yojana is a government initiative that aims to empower parents with young daughters by providing a savings scheme for their future needs. The scheme encourages parents to save for their daughters’ education, marriage, and other important milestones.
Launched in 2015 as part of the Beti Bachao, Beti Padhao campaign, this program seeks to promote the welfare and development of the girl child. By participating in the Sukanya Samriddhi Yojana, parents can secure a brighter future for their daughters and ensure that they have the necessary financial support to achieve their goals and aspirations
Sukanya Samriddhi Yojana Banks List
Here is the list of banks offering Sukanya Samriddhi Account under the SSY Scheme.
| S.No. | Bank |
|---|---|
| 1. | State Bank of India (SBI) |
| 2. | State Bank of Mysore (SBM) |
| 3. | State Bank of Hyderabad (SBH) |
| 4. | State Bank of Travancore (SBT) |
| 5. | State Bank of Bikaner & Jaipur (SBBJ) |
| 6. | State Bank of Patiala (SBP) |
| 7. | Vijaya Bank |
| 8. | United Bank of India |
| 9. | Union Bank of India |
| 10. | UCO Bank |
| 11. | Syndicate Bank |
| 12. | Punjab National Bank (PNB) |
| 13. | Punjab & Sind Bank (PSB) |
| 14. | Oriental Bank of Commerce (OBC) |
| 15. | Indian Overseas Bank (IOB) |
| 16. | Indian Bank |
| 17. | IDBI Bank |
| 18. | ICICI Bank |
| 19. | Dena Bank |
| 20. | Corporation Bank |
| 21. | Central Bank of India (CBI) |
| 22. | Canara Bank |
| 23. | Bank of Maharashtra (BOM) |
| 24. | Bank of India (BOI) |
| 25. | Bank of Baroda (BOB) |
| 26. | Axis Bank |
| 27. | Andhra Bank |
| 28. | Allahabad Bank |
Eligibility Criteria to Open Sukanya Samriddhi Yojana Account
To open a Sukanya Samriddhi Yojana (SSY) account, you need to fulfill the following eligibility criteria, regardless of the bank you choose:
- The account can be opened by the natural or legal guardian of a girl child below the age of 10 years.
- The girl child for whom the account is being opened must be a resident Indian citizen.
- Only one SSY account can be opened for a girl child.
- The account can be opened with a minimum initial deposit specified by the respective bank.
- Regular contributions to the account must be made, with a minimum and maximum annual deposit limit set by the government.
- The account will mature after 21 years from the date of opening or upon the marriage of the girl child after she turns 18.
List of Documents Required to Open SSY Account
To open a Sukanya Samriddhi Yojana account, you will need the following documents:
- The duly filled application form
- The certificate of birth of the beneficiary (girl child)
- An address proof and identity proof for the parent/guardian
- The passport size photographs
List of Importamt Aspects of the Sukanya Samriddhi Yojana
Prior to opening an account with any of the authorized banks, it is essential to familiarize yourself with the following key aspects of the scheme:
- The scheme has a tenure of 21 years or until the girl child gets married after turning 18 years of age, whichever comes earlier.
- Deposits should be made into the SSY Account every financial year for 15 years from the date of opening the account.
- The minimum deposit amount to keep the account active is Rs. 250, and the maximum deposit allowed in one financial year is Rs. 1.5 lakhs.
- Deposits made towards the SSY account are eligible for deduction under Section 80C of the Income Tax Act, 1961, up to a limit of Rs. 1.5 lakhs.
- Interest earned and maturity proceeds are tax-free.
- In the unfortunate event of the girl child’s demise during the scheme’s tenure, the SSY Account will be closed, and the balance will be paid to the parent or guardian.
- Partial withdrawals are allowed at 50% of the accumulated balance only for higher education or medical reasons after the child attains 18 years of age.
- The SSY Account can be transferred from one bank branch to another.
- The SSY Account can also be opened through a post office.
- The interest rate on the scheme is fixed by the government and reviewed quarterly. As of 2023, the interest rate is 8% per annum compounded annually, which is consistent across all banks.
Sukanya Samriddhi Yojana Interest Rates List
| Time Period | SSY Interest Rate (% annually) |
|---|---|
| April to June 2023 (Q1 FY 2023-24) | 8 |
| January to March 2023 (Q4 FY 2022-23) | 7.6 |
| October to December 2022 (Q3 FY 2022-23) | 7.6 |
| July to September 2022 (Q2 FY 2022-23) | 7.6 |
| April to June 2022 (Q1 FY 2022-23) | 7.6 |
| January to March 2022 (Q4 FY 2021-22) | 7.6 |
| October to December 2021 (Q3 FY 2021-22) | 7.6 |
| July to September 2021 (Q2 FY 2021-22) | 7.6 |
| April to June 2021 (Q1 FY 2021-22) | 7.6 |
| January to March 2021 (Q4 FY 2020-21) | 7.6 |
| October to December 2020 (Q3 FY 2020-21) | 7.6 |
| July to September 2020 (Q2 FY 2020-21) | 7.6 |
| April to June 2020 (Q1 FY 2020-21) | 7.6 |
| January to March 2019 (Q4 FY 2019-20) | 8.4 |
| October to December 2019 (Q3 FY 2019-20) | 8.4 |
| July to September 2019 (Q2 FY 2019-20) | 8.4 |
| April to June 2019 (Q1 FY 2019-20) | 8.5 |
| January to March 2019 (Q4 FY 2018-19) | 8.5 |
| October to December 2018 (Q3 FY 2018-19) | 8.5 |
| July to September 2018 (Q2 FY 2018-19) | 8.1 |
| April to June 2018 (Q1 FY 2018-19) | 8.1 |
| January to March 2018 (Q4 FY 2017-18) | 8.1 |
| October to December 2017 (Q3 FY 2017-18) | 8.3 |
| July to September 2017 (Q2 FY 2017-18) | 8.3 |
| April to June 2017 (Q1 FY 2017-18) | 8.4 |
Check out more details of Sukanya Samriddhi Yojana at https://transformingindia.mygov.in/scheme/sukanya-samriddhi-yojana/
Read :
All Bank FD Interest Rates List