The Sukanya Samriddhi Yojana (SSY) is an Indian government-backed savings scheme aimed at securing the financial future of a girl child. Introduced as part of the 'Beti Bachao, Beti Padhao' campaign, the scheme encourages parents to save for their daughter’s education and marriage. Post investing in the scheme, there are various ways to keep track of your SSY account balance. This is crucial for tracking your savings and planning for the future.
How to check the SSY balance?
Offline
- Visit the nearest bank branch or post office where your SSY account is maintained.
- Carry your SSY passbook and request the staff to update it. The updated passbook will show the current balance and transaction history.
- You can also inquire directly at the branch by providing your account details. The staff will assist you in checking your account balance.
Regularly updating your passbook is essential to keep track of your contributions and accrued interest.
Things to know about the Sukanya Samriddhi Account
- SSA interest rate: The SSA interest rate is determined by the government and revised quarterly. It is crucial to stay updated on the current SSA interest rate to estimate your returns.
- SSA maturity: The SSA maturity age is 21 years from the date of opening, or upon the marriage of the account holder after she turns 18.
- SSY deposit rules: You can deposit a minimum of ₹250 and a maximum of ₹1.5 lakh annually and make contributions for 15 years from the date of opening the account.
- SSY passbook update: Regularly updating your SSY passbook helps in keeping track of your deposits and interest accrued.
Tax benefits on Sukanya Samriddhi Yojana
- Exemption under section 80C: Contributions to the SSY account are eligible for deduction under Section 80C of the Income Tax Act, up to a limit of ₹1.5 lakh per annum.
- Tax-free interest: The interest earned on the deposits is exempt from tax.
- Tax-free maturity amount: The maturity proceeds, including the accumulated interest, are tax free, making it a highly efficient savings instrument.
- Submit a transfer request: Visit the branch where your SSY account is held and submit a transfer request form.
- Provide documentation: You may need to provide identity proof, address proof and the updated passbook, along with the transfer form.
- Processing: The current branch will process the transfer and send the required documents to the new branch.
- Confirmation: Once the transfer is complete, you will receive confirmation from the new
branch. Ensure that your passbook is updated with the new details.
Conclusion
Checking your Sukanya Samriddhi Yojana account balance is crucial as it can help you set a realistic path when planning for your daughter’s future. Visit your nearby Axis Bank branch to check the balance in your SSY account or if you wish to transfer your SSY account to Axis Bank. Once you submit the necessary documents, Bank will facilitate the transfer and update your account details accordingly.
Also Read: Secure your daughter's future with Sukanya Samriddhi Yojana
FAQs
Can individuals transfer their SSY account?
Yes, you can transfer your SSY account from one bank or post office to another by submitting a transfer request form and the necessary documents.
Is partial withdrawal in an SSY account available?
Partial withdrawal is allowed only after the accountholder turns 18. Up to 50% of the accumulated balance can be withdrawn for higher education or marriage purposes.
What are the modes of deposit in an SSY account?
Deposits can be made through cash, cheque, demand draft or electronic transfer. It is important to ensure that the deposits comply with the SSY deposit rules.
After how many years does an SSY account mature?
An SSY account matures 21 years from the date of opening. However, premature closure is allowed for the marriage of the accountholder, provided she is over 18 years on the date of account closure.
Are there any penalties for failing to deposit money in a financial year?
If the minimum annual deposit of ₹250 is not made, a penalty of ₹50 per year will be levied.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.
