Sukanya Samriddhi Yojana (SSY) is a savings plan to support a girl child as part of the 'Beti Bachao, Beti Padhao Yojana which is backed by the government of India. An account can be opened by a parent or guardian on behalf of one daughter and one can open a maximum of two accounts under the SSY scheme. Currently, one can fetch an interest rate of 7.6% per annum for the contributions made under SSY.
A parent or guardian can open an SSY account by visiting any authorized bank branch or branch of a post office. One can open an account in this scheme till the completion of a term of fifteen years from the date of issuance of the account. Currently, both authorised bank branches and post offices are not permitting to open an SSY account online. However, you can set the standing instructions online once your documents are verified and your account is activated.
In order to open an account under Sukanya Samriddhi Yojana via offline, you need to fill out the Sukanya Samriddhi Account opening form and submit the form with attached documents of your girl child such as date of birth certificate, address proof and identity proof of the parents or guardian at your nearest authorised bank branch or a post office. Along with this you also have to deposit an account opening amount ranging from a minimum of Rs.250 up to Rs.1.5 lakh in order to activate the account.
A passbook will be issued to the account holder once the account is activated by the respective bank or post office where the account has been opened. As an active account holder, you can also set the standing instructions for automatic credit to Sukanya Samriddhi Account either at the bank branch or via net banking. But before making a decision to open an account under Sukanya Samriddhi Yojana it is important to keep in mind that if the minimum amount of Rs.250 is not deposited in the account by the account holder every year, then the account will be deactivated and a penalty of Rs.50 will be charged per year by the respective bank or post office where the account has been opened.