Sukanya Samriddhi Account - SSA

Small Saving Scheme launched on 22-01-2015

Prime Minister Shri Narendra Modi has launched a new small saving scheme for the girl child ‘Sukanya Samriddhi Account - SSA’ as an integral part of the ‘Beti Bachao-Beti Padhao’ campaign.

In this article, I would provide details about Sukanya Samriddhi Yojana Account or Yojana.

What is Sukanya Samriddhi Yojana ?

SSA is a special deposit scheme for girl child. It is launched for the welfare of the girl child. It is to save and educate the girl child.

Who can open and operate it ?

SSA can be opened in the name of girl child from her birth till she attains 10 years of age by her parents or guardian.

On attaining the age of 10 years, the girl child herself can operate the account however, the parents or guardian made deposits.

A depositor may open or operate only one account in the name of same girl child under SSA.

Maturity - Scheme would be matured on completion of 21 years of age or as the girl child gets married, whichever is earlier.

Where to open Sukanya Samriddhi account ?

Currently only post offices are accepting to open SSA. One can open this account at major public sector or commercial banks listed below:

1. Allahabad Bank

2. Andhra Bank (AB)

3. Bank of Baroda (BOB)

4. Bank of India (BoI)

5. Canara Bank

6. Central Bank of India

7. Corporation Bank

8. Dena Bank

9. IDBI Bank

10. Indian Bank

11. Punjab National Bank (PNB)

12. State Bank of India (SBI)

13. UCO Bank

14. United Bank of India (UBI)

Minimum Deposits ?

Rs. 1000 per annum.

What is the process ?

We can download SSA application form online or can get it from the post office.

Documents need to be submitted ?

1. Birth certificate

2. Xerox copies of Aadhaar card

3. Photographs of girl child

4. Photographs of parents or guardians

Account holder would be given passbook to operate the account.

Mode of payment or deposit ?

Cash or DD or Cheque.

Rate of Interest ?

9.2% per annum for the financial year 2015-16, is one of the highest interest rate. It is not fixed.

Eligibility for income tax exemption ?

Deposited amount upto Rs 1.5 Lakh will be eligible for income tax exemption under Section 80C.

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