Follow These Steps To Open Sukanya Samriddhi Yojana (SSY) Account With HDFC Bank

The Sukanya Samriddhi Yojana (SSY), a Centre Government-backed savings plan for parents of a girl child, offers a significant interest rate as well as various additional incentives. The Yojana is offering an interest rate of 7.6% (w.e.f 01-04-2020). The scheme, as the name implies, is only for a girl child, but it can be opened for two or three in the case of twin girls. Accounts for the same can be created at authorized banks such as HDFC bank and post offices around the country. An SSY account can be started at any time following a girl's birth until she reaches the age of ten, with a minimum deposit of Rs 250.

Key highlights of the scheme

1. The minimum deposit In a financial year is Rs 250 and the maximum deposit is 1.5 lakh.
2. A girl child's account can be opened till she reaches the age of 10 years.
3. Withdrawals will be permitted to pay for the Account holder's higher education.
4. The account can be transferred from one Post office/Bank to another anyplace in India.
5. It will mature once a period of 21 years has passed after being opened.
6. Section -10 of the IT Act exempts interest earned in the account from income tax.
7. Deposits are permitted for a period of up to 15 years from the day the account was started.

Documents Required

Documents Required to Open The SSY account with the HDFC Bank:

1. SSY Account opening form
2. Beneficiary's birth certificate
3. Address proof of the guardian or parents of the beneficiary
4. ID proof of the guardian or parents of the beneficiary.

Steps to Follow

Here's how girls child parents can open a Sukanya Samriddhi Yojna Account with the HDFC Bank in 4 simple steps:

1. Fill out the SSY Account opening form
2. Keep the documents ready along with photographs
3. Pay the deposit amount (any amount between Rs. 250 and Rs. 1.5 lakh will do)
4. You can give a standing instruction at the branch or you can set up automatic credit to SSY Account through NetBanking.

You Should Know

At the moment, neither authorized bank branches nor post offices allow for the creation of an SSY Account online. However, after the account has been created following the submission of all required paperwork, you can set the standing instructions online. Please keep in mind that if a deposit is not made every year, the account will be classified as 'Account in default.' The account can be reopened by paying an Rs.50 fee for each year that you failed to make a deposit. Reactivation is possible up to 15 years after the account was established.

Source -HDFC Bank Official Site