How to open Sukanya Samriddhi Account

Sukanya Samriddhi Yojana (SSY) is a government savings scheme that is designed to create a separate corpus for the girl child. It allows the parents/guardians of the girl child to save for meeting expenses at the time of her education or marriage.

Who can open?
The SSY account can be opened by the legal or natural guardian in the name of the girl child. The account can be opened only up to the age of 10 years from the date of birth of the girl child.


Where to open?
SSY accounts can be opened at the post office or a bank that offers the facility of the scheme.

Form
A Sukanya Samriddhi account opening form must be fi lled by the guardian to open the account.

Documentation
The following documents need to be provided:

• Birth certificate of the child in whose name the account is being opened.
• Proof of guardian's address.
• Proof of guardian's identity.

Contributions
Initial investment can be made in cash or cheque for a minimum Rs 1,000. A minimum of Rs 1,000 and a maximum investment of Rs 1,50,000 can be made annually in the SSY account up to the end of the 15th year of opening of the account.

Account operations
Until the age of 10 years, only the guardian is allowed to operate the account. After completion of 10 years, the girl can operate the account herself. However, deposits can be made only by the guardian.

Withdrawals
Up to 50% of the accumulated corpus can be withdrawn after the girl has completed 18 years of age to meet her education or marriage expenses. The SSY account will mature and close when the girl completes 21 years of age or till her marriage date, whichever is earlier.

(The content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.)