The bank or post office branches where the account was opened allow you to view the balance of your account. After obtaining the internet login credentials from the bank where the account was opened, the balance can be viewed online on the bank's website. The rules for opening and maintaining post office accounts—including those about deposits, interest rates, early closures, and withdrawals—are outlined in the Sukanya Samridhi Yojana. This article goes into great length on how to open an SSY account and verify the amount in your account if you haven't already.
What is Sukanya Smariddhi Yojna?
This programme, which offers an appealing interest rate together with tax benefits, income, and Section 80C tax exemption, encourages many families to plan and save for the female child's future education and marriage. As a government project to encourage financial savings for Indian girls' futures, SSY was established in 2015 in accordance with RBI guidelines. With the help of this plan, parents and guardians may safeguard their daughters' financial future over the long term. The Government Savings Promotion Act of 1873 serves as its legal basis. Let's examine some of its most notable characteristics:
Account Opening
Guardians can open an account for a girl below the age of ten. Only two SSA accounts, except twins or triplets, are permitted per family.
Fund Deposition
The opening amount can be a minimum of Rs250, and the subsequent deposits should be in multiple Rs.50. Also, the amount deposited in one year should be Rs.1,50,000.
Interest laid out
For 2024, the interest, as laid out, is 8.2% per annum (Q4 FY 2023-24). This is in contrast to 9.1% when this scheme started. The interest is calculated monthly on the lowest balance in the account and credited annually.
Operation of Account
For a minor girl, guardians are permitted to operate the account until the girl reaches the age of 18.
Premature Closing
With proper documentation, premature closure can be done immediately in case of the holder's death. However, no closure is permitted five years from the account opening date.
Withdrawal Process
We can withdraw up to 50% of the amount at the end of the previous financial year. This can only be done once the account holder turns eighteen or passes tenth class, whichever is earlier. The withdrawal can be done in one lump sum or in installments.
Closure of Account
The maturity period is when the SSA holder reaches twenty-one years of age. Premature closure is also permitted on the account holder's request for intended marriage under certain conditions.
How to apply for Sukanya Yojna?
Offline way-
- First of all, visit the closest post office or the bank of your choice.
- Fill out the Sukanya Samriddhi Yojana application form, and include your daughter's relevant information.
- Bring the child's birth certificate, Aadhaar card, PAN card, and other necessary documentation.
- Your information will be checked once the application has been submitted. After verification, the account will be opened, and the girl child's parents or legal guardians will receive a passbook.
Online way-
- Do explore the bank's official website where you want to open the account.
- Complete the required information about the child and parents in the online form.
- Attach scanned copies of all the mentioned certificates and address proofs.
- Click the submit button, and your Sukanya Samriddhi Yojana account is ready.
Steps to check Post Office Sukanya Samriddhi Yojana Account Balance
Through post office Internet banking, you can narrow down your SSA account balance details online; one must activate the post office Internet banking service. Now, follow the steps to check your SSA in the post office:
Step 1: Go to the official post office e-banking website first.
Step 2: Access the DOP e-banking platform by using your User ID.
Step 3: A dashboard will appear after you log in to the portal, and you must select the "Account" menu item.
Step 4: Select the "SSA Account" menu item.
Step 5: The "My SSA Account" Page will appear on the screen. Details about your Sukanya Samridhi Account Balance will appear here.
Sukanya Samridhi Yojana (SSY) - The Best Investment and Saving Plan for Girls
In 2015, the Indian government launched the SSY plan under the "Beti Bachao Beti Padhao" campaign. The Sukanya Samriddhi Yojana, or SSY, is the ideal investment strategy for girls. This savings scheme was explicitly created for young Indian girls. Through the creation of an account at a post office or commercial bank, this programme assists parents of girls in securing their daughter's financial futures. With many advantages, SSY is the most significant investment and savings plan for parents and girls alike. Following are some of its benefits-
Minimum Deposit
Sukanya Samriddhi accounts only require a ₹250 minimum deposit each fiscal year. If, within a financial year, you do not make the minimum deposit, you will be assessed a minimal penalty of ₹50. You are only allowed to deposit ₹1.5 lakh in total throughout any fiscal year.
Allow Premature Withdrawal Facility
With the premature withdrawal feature of the Sukanya Samriddhi Yojana, you can take up to 50% of the amount from the previous fiscal year to cover your girlchild's school fees. Having stated that to use this service, you must present evidence of admission.
Guaranteed Safety and Returns
The Indian government backs the Sukanya Samriddhi Yojana; therefore, there is no default risk, and profits are assured.
Account Transfer Facility
One can move a Sukanya Samriddhi Yojana account from a post office to a Scheduled Commercial Bank and vice versa.
Tax Exemptions
The government of India has granted the Sukanya Samriddhi Yojana multiple tax exemptions. Under section 80C of the Income Tax Act of 1961, that is a deduction. According to Section 10 of the Income Tax Act, any interest accrued on the monies in the Sukanya Samriddhi account is fully tax-exempt. Additionally, the money taken out of the account, whether at maturity or not, is entirely tax-free.
To Sum Up
Now, We have witnessed how the Sukanya Samriddhi Yojana stands as a beacon of financial security for Indian girls, and monitoring the account balance is crucial for effective planning. The scheme, initiated in 2015, not only facilitates minimum deposits with penalties for lapses but also allows for premature withdrawals for educational purposes. The assurance of government backing ensures safety and guaranteed returns. With the added advantages of tax exemptions and the flexibility of account transfer, the SSY emerges as a powerful tool. Parents can actively check and monitor their Sukanya Samriddhi Yojana account balance by navigating through the online or offline account opening processes.