9 important things you should know about Sukanya Samriddhi Yojana

The minimum deposit amount is Rs 250 per financial year and the maximum amount is Rs 1,50,000 per financial year

Getty Images

The account can be opened by the natural or legal guardian in the name of a girl child from the birth of the girl child till she attains the age of 10 years. A depositor can open and operate only one account in the name of a girl child. Natural or legal guardian of a girl child can be allowed to open the account for two girl children only. The third account in the name of the girl child can be opened in the event of birth of twin girls, as second birth or if the first birth itself results in three girl children.

Getty Images

The following documents are required:SSY Account Opening form
Birth Certificate of the girl child, having the child’s name on it
Photograph of the parent/ legal guardian of the girl child
KYC Documents (Identity & Address Proof) of the parent/ guardian.
What is the minimum and maximum amount that can be invested in SSY account?
The minimum deposit amount is Rs 250 per financial year and the maximum amount is Rs 1,50,000 per financial year

Getty Images

A penalty of Rs 50 will be levied per year of default, if the customer does not deposit the minimum deposit amount of Rs. 250 in a financial year. The account can be regularized post payment of penalty.

Getty Images

No withdrawals are permitted till the account holder (girl child) reaches the age of 18. After the account holder reaches the age of 18, partial withdrawal upto 50% of the account balance is allowed, to meet education expenses or marriage expenses.

Getty Images

The SSY account can be prematurely closed in following circumstances:

• In the event of death of account holder;
• If the Central Government is satisfied that continuation of the account is causing undue hardship to the account holder (such as medical emergencies or death of guardian), it may allow pre-mature closure of the account;
• If the account holder attains NRI/ PIO status any time prior to the maturity of the account

Getty Images

No, loan facility cannot be availed

Getty Images

The tenure of the SSY account lasts until 21 years from the date of opening account; or till the account holder gets married, whichever is earlier.

Getty Images

Fund transfer to SSY account can be done via cash/ cheque/ demand drafts at any Axis Bank branch.
The parent/ guardian can also add the SSY account as a beneficiary on Internet banking (Other Axis Bank accounts> Transfer section) and transfer from his/her own account.

Getty Images