Sukanya Samriddhi was introduced by the Indian Government with the concept of supporting the girl child, which has an existing interest rate of 7.6%. Using the account passbook that is accessible both online and offline and has a summary of your transaction records, you can check your SSY account balance according to your convenience. Over 25 banks currently provide the service to open a Sukanya Samriddhi Yojana account and after a successful account opening procedure is completed one can get a passbook by the respective bank/post office instantly. To know the balance of the Sukanya Samriddhi Yojana account, the passbook can be modified on a regular basis. Through the emergence of digital transformation, it is now possible to verify the SSY balance digitally as well as through account statements. And here we are going to discuss the same.
Key takeaways of Sukanya Samriddhi Account
- A Sukanya Samriddhi Account can be started by making a minimum Rs. 250 deposit up to a limit of Rs 1.5 lakh.
- Under this scheme, the interest earned is completely tax-free.
- By parents or legal guardians on behalf of their girl child, an SCSS account can be opened.
- To open an account the maximum age limit of a girl child should be 10 years.
- By downloading the application form available at the website of respective banks or post office or by obtaining the same physically from the nearest branch one can actively open an SCSS account.
- Your KYC documents, date of birth proof of the girl child, photo ID and two passport size photographs of the girl child must be attached with the application form with duly signed.
- SCSS scheme comes with a maturity period of 15 years and only 5 years of continuous deposit, the account can be closed prematurely.
- Up to 50 per cent of the balance available at the end of the preceding F.Y. withdrawal can be made from the account but only after the girl child reaches the age of 18 or passed the 10th standard whichever is earlier.
- After 21 years from the date of account opening, one can close the SCSS account permanently.
Loan against SSY account
As far as taking loans against the Sukanya Samriddhi Account is concerned, as is the case with other savings schemes, such as the PPF, and so on, obtaining a loan against the SSY is not an alternative as of now. However, after the girl has reached the age of 18, a guardian can make partial withdrawals from the SSY account. Withdrawals must only be made for the girl child's betterment. This withdrawal option which is up to 50% of the total accumulated contribution can be used for marriage, higher education of the eligible girl child.
How to transfer an SSY account?
Sukanya Samriddhi Account holders can transfer their accounts from a post office to a bank or from one bank to another. Your account can be transferred from the post office to any post office or to any bank across the country within the reach of RBI. For the transfer of a current Sukanya Samriddhi account, below are the steps you need to take:
- First, with your updated passbook and KYC documents, you need to visit the post office that maintains your account. The girl child is not required to be present during the transfer.
- Submit and deposit your Sukanya Samriddhi account passbook with your KYC documents at the bank or post office. Inform your bank or post office about closing your account and to which post office or bank you are willing to transfer your account.
- The manager will then close your account and give you a transfer request to be submitted to the bank. And also he or she also asks you about the necessary documents to submit.
- Visit the bank to which you wish to transfer your account and submit the transfer request submitted by the post office to you.
- Submit your KYC documents for proof of identification and address.
- You will then be handed a new passbook by the bank employee, which will indicate the remaining balance of your previous account.
- In due time, the bank will then trigger/enable your account. You can proceed with the process of making investments to your girl's welfare and future from that account.
Taxation on SSY
The only saving scheme under section 80C that enjoys the triple exempt exempt exempt status is Sukanya Samriddhi Yojana. This ensures that deposits, proceeds, the amount of the accrual interest rate and the amount of maturity under this scheme are exempted from tax. The only downside to the scheme is that one can only open an account up to a limit of Rs 1.5 lakh.
How to check your SSY account balance?
- First request your respective bank and receive your SSY account's login credentials. Remember that this service has not started to be provided by all banks, and only a few banks allow their account holders to check the SSY account balance via online.
- Sign in to the bank's internet banking portal using your login credentials.
- Go to the homepage once you are logged in, and there you can confirm the balance. You can check your balance on the dashboard respectively.
- Remember that you will only be allowed to access the balance in your account through this method. Through means of this portal, you will not be allowed to make transactions.