HDFC Sukanya Samriddhi Yojana Account

The Sukanya Samriddhi Yojana is geared towards motivating parents or guardians to financially prepare for their female child's future, covering education and marriage expenses. 

The Government of India has introduced this commendable initiative to transform societal perceptions regarding girls. The Sukanya Samriddhi Yojana accounts can be opened at post offices and specific banks. Notable advantages of Sukanya Samriddhi Yojana accounts include income tax benefits and a higher interest rate compared to other minor savings schemes. 

Features and Benefits

1. Attractive Interest Rate: Enjoy an enticing interest rate of 8.2%, completely exempt from tax under section 80C. 
2. Flexible Investment: Begin with a minimum investment of Rs. 250 per financial year. 
3. Maximum Investment Limit: Benefit from a maximum investment cap of Rs. 1,50,000 per financial year. 
4. Penalty for Non-deposit: In case the minimum amount of Rs. 250 is not deposited in any financial year, a nominal penalty of Rs. 50 will be levied. 
5. Extended Deposit Period: Deposit funds into the account until the completion of 14 years from the opening date. 
6. Account Maturity: Witness the account's maturity on completion of 21 years from the opening date. However, if the account holder gets married before this period, the account will cease operation after the marriage date. 
7. Passbook Issuance: Receive a passbook for convenient account management. 
8. Withdrawal Facility: Access the flexibility of partial withdrawals to fulfil financial needs for higher education and marriage after reaching 18 years of age. 
9. Closure upon Marriage: If the beneficiary gets married before the account matures, the account must be closed. 

Eligibility Criteria

1. The account may be established by either the natural or legal guardian for a girl child aged under ten years. 
2. A depositor is permitted to open and manage solely one account in the name of a girl child according to the scheme regulations. 

1. The natural or legal guardian of a girl child is permitted to inaugurate accounts for a maximum of two girl children. 

Steps to Open a Sukanya Samriddhi Yojana Account

1. Choose Your Preferred Venue: Decide whether you want to open a Sukanya Samriddhi Yojana account with a participating bank or a Post Office branch. 
2. Visit the Bank or Post Office: Head to the selected bank or Post Office branch where you wish to open the account. 
3. Complete Application Form: Fill out the application form provided by the bank or Post Office with accurate details and ensure you have all the necessary supporting documents. 
4. Make Initial Deposit: Make the first deposit to initiate the account. You can deposit funds using cash, cheque, or demand draft. The minimum initial deposit required is Rs. 250, and the maximum limit is Rs. 1.5 lakh. 
5. Application Processing: Submit your completed application form along with the initial deposit. The Post Office or bank will process your application and payment. 
6. Account Opening: Upon successful processing, your Sukanya Samriddhi Yojana account will be opened. You will be provided with a passbook, signifying the commencement of the account. 

Opening an Sukanya Samriddhi Yojana Account with HDFC Bank 

Opening a Sukanya Samriddhi Yojana account with HDFC Bank is a straightforward process that ensures convenience for account holders. If you don't have an existing HDFC account, you can initiate the Sukanya Samriddhi Yojana account opening procedure by providing certain essential documents. 

Required Documents for Sukanya Samriddhi Yojana Account Opening with HDFC Bank: 

1. Birth certificate of the girl child 
2. Photo ID of parents or legal guardian 
3. Address proof of parents or legal guardian 
4. Photographs of both the child and parent 

Step-by-step Process: 

Step 1: Complete the designated form.

Step 2: Submit the documents that are required along with the photographs.

Step 3: Make the initial deposit, with a minimum deposit of Rs. 250.

Step 4: Once the account is established, deposits can be made via Demand Draft, cash, or cheque. 

Withdrawal Facility: Upon reaching 18 years of age, the Sukanya Samriddhi Yojana account holder can avail of partial withdrawals to cover expenses related to education and marriage. 

Closure: If the beneficiary gets married before the account matures, it must be closed as per the scheme regulations. 

Maximum Number of Accounts: Up to two accounts are permitted for two girl children, or three accounts are allowed in the case of twin girls. 

Minimum and Maximum Amount of Deposit:The minimum deposit required to open an Sukanya Samriddhi Yojana account is Rs. 250. The annual deposit limit is set at Rs. 1,50,000 in a financial year. 

Tenure of the Deposit:The account duration extends to 21 years from the date of opening. 

Interest Rate: Earn a fixed interest rate of 8.2% p.a. 

Tax Rebate: Avail of the tax benefits under Section 80C of the Income Tax Act, 1961. 

How to Complete the Sukanya Samriddhi Yojana Form for the Post Office

1. Provide Post Office Branch Details: Begin by entering the name of the Post Office branch. 
2. Existing Savings Account Information: If you already hold a savings account with the Post Office, indicate the corresponding account number. 
3. Address Details: Under 'To The Postmaster', specify the Post Office branch details, including its postal address. 
4. Applicant's Photograph: Affix the applicant(s)' photograph(s) to the designated area on the form. 
5. Personal Information: Fill in the applicant's name and mention 'Sukanya Samriddhi Yojana' in the space provided next to 'I/We'. 
6. Account Type Selection: Choose the appropriate 'Account Holder Type' and 'Account Type' with the assistance of Post Office personnel. 
7. Deposit Details: Specify the amount you intend to deposit into the Sukanya Samriddhi Yojana account, both in figures and words. 
8. Payment Mode: Select the mode of payment - cash, cheque, or Demand Draft. If paying by cheque or DD, provide the respective number and date. 
9. Personal Details: Complete the table with the applicant's details, including name, gender, Aadhaar number, PAN, address, etc. 
10. Signature Authorisation: The applicant(s) should sign at the end of Page 1 to authorise the provided information. 
11. Standing Instructions: If desired, indicate in Section 5 of Page 2 whether you wish to set up standing instructions for payments. 
12. Account Verification: Confirm that no other Sukanya Samriddhi Yojana accounts have been opened under the depositor's name by checking the appropriate box. 

1. Nomination Details: Fill in the nomination details as required. 
2. Witness Signature: If the applicant is illiterate, obtain the signatures of two witnesses. 
3. Finalisation: Add the date, place, and signature at the end of the nomination section to complete the form. 

Transferring Sukanya Samriddhi Yojana Account to a Bank

To initiate the transfer of a Sukanya Samriddhi Yojana account from a Post Office (PO) to a bank, adhere to these steps: 

Step 1: Visit the Post Office branch where the Sukanya Samriddhi Yojana account is currently held. It's not necessary for the girl child to be present; the guardian can complete the process.

Step 2: Inform the Post Office executive of your intention to transfer the Sukanya Samriddhi Yojana account.

Step 3: Submit the completed account transfer form, along with the passbook and KYC documents. Upon your request, the executive will discontinue the account.

Step 4: Next, visit the bank branch where you wish to maintain the SSY account.

Step 5: Submit the self-attested KYC documents and any additional paperwork provided by the Post Office executive while requesting to maintain the account with the bank.

Step 6: Upon processing your request, the bank will issue a new passbook for the transferred Sukanya Samriddhi Yojana account.

Claim or Withdrawal Process for Sukanya Samriddhi Yojana

To initiate a claim or withdrawal from the Sukanya Samriddhi Yojana, follow these steps: 

1. Complete the withdrawal form provided and present it, along with the Sukanya Samriddhi Yojana account passbook, to the Post Office branch or the bank branch where the account is maintained. 
2. Premature withdrawals are subject to certain conditions, such as for financing marriage expenses or funding the higher education of the girl child. 
3. Upon maturity of the account, the accumulated amount will be disbursed to the girl child named as the account holder. 
4. Alternatively, premature closure of the account and withdrawal of the deposit amount are permitted after a minimum of five years from the date of opening under the following circumstances: 

1. In the event of the account holder's demise. 
2. In the unfortunate event of the guardian who operated the account passing away. 
3. Upon diagnosis of a life-threatening illness affecting the account holder. 

Sukanya Samriddhi Yojana Interest Calculation

To determine the interest earned on a Sukanya Samriddhi Yojana account, follow these guidelines: 

Interest on the Sukanya Samriddhi Yojana account is computed based on the lowest balance maintained during the calendar month, from the fifth day to the month's end. The interest is credited annually at the end of each financial year. 

Typically, you can employ the following formula to calculate the interest earned on a Sukanya Samriddhi Yojana account: 

A = P(1+r/n)^nt 

Here, 

1. P = Initial Deposit 
2. r = Rate of Interest 
3. n = Number of times the interest is compounded per year 
4. t = Number of years 
5. A = Maturity amount 

Since the interest on a Sukanya Samriddhi Yojana account compounds annually, the manual calculation may be complex. Instead, utilise our Sukanya Samriddhi Yojana Calculator, which simplifies the process. By entering details like the annual investment amount, the girl child's age, and the account commencement year, you can determine the maturity amount effortlessly.