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How to Check Sukanya Samriddhi Account Balance?

ssy account balance
(Source: businessleague)

The Central and State governments have come up with several beneficial plans and campaigns to make women’s welfare a priority.

The Sukanya Samriddhi Yojana (SSY) is one of such schemes offering financial aid to a girl child in India. The government introduced it in 2015 under the Beti Bachao Beti Padhao campaign.

Want to know more about this scheme and how to check Sukanya Samriddhi account balance online?

Keep reading!

What Is Sukanya Samriddhi Yojana (SSY) Account?

SSY is a government-backed savings scheme to encourage the parents of a girl child to create a corpus for her future education and other expenses. A parent or legal guardian of a girl child can open this account until 10 years from her birth. 

More than 25 banks in India are accessible to open SSY accounts and update passbooks. Plus, the government offers interest at 7.6% on investments.

Here are more details regarding this scheme.

You can deposit the following amount in a financial year -

  • Minimum: ₹250
  • Maximum: ₹1.5 lakh

The account remains operative for a maximum of 21 years from its date of initiation, and you can withdraw the amount after she attains 18 years of age on 2 occasions -

  • Full withdrawal for marriage.
  • 50% withdrawal for education.

Individuals can perform a Sukanya Samriddhi account online check via post office or through a bank with just their account number. It also gets tax exemption under Section 80C of the income tax act.

The legal guardian or parents can close the SSY account -

  • After completion of 21 years from the date of account opening.
  • Minimum after 15 years with 5 years of continuous deposit.

Here are all the details of this beneficial plan in a nutshell -

Details of the Sukanya Samriddhi Yojana (SSY) Scheme

Plan Components

Specifications

Account Type

Small Saving Scheme

Only for

Girl Child

Age Bar

Within 10 years

Duration

21 Years from the date of opening account

Lock-in Period

8 years from the date of opening account

Minimum Deposit Per Year

Rs. 250

Maximum Deposit Per Year

Rs. 1.5 lakh

Premature Withdrawal

18 years of the girl's age

Available Centres

25 banks & post offices

How to Check Sukanya Samriddhi Yojana Account Balance?

Individuals can check their SSY account balance both online and offline.

How to Check the Balance of SSY Account Online

While opening an SSY account, you will get an account number and online login credentials. With that, you will get a user manual on how to check Sukanya Samriddhi account balance online. 

Then follow these steps -

  1. Open the internet banking portal of the bank approved for opening an SSY account.
  2. Enter your login credentials.
  3. On the homepage, you can check the Sukanya Samriddhi account balance, which will be visible on the dashboard.

Please note that you can only check the balance and not execute any transaction from this account.

However, all banks do not provide online login credentials. In that case, individuals can know Sukanya Samriddhi account balance offline.

How to Check the Balance of SSY Account Offline

For SSY balance check in offline mode, you have to visit the bank or post office where you have opened the account and know your balance by -

  • Updating the passbook
  • Collecting current bank statement

You can shift your account to a nearby post office under RBI regulation for the convenience of your Sukanya Samriddhi account online check from the post office.

You can also perform this offline check at your applicable bank. If the distance is an issue, you can shift it to another bank, which is under RBI and approved for this scheme.

The government tries to cover your daughter's future expenses in an easy and effective way through this beneficial scheme. They maintain transparency of interest rate deposition and the total amount in the account. This is why you can easily check Sukanya Samriddhi account balance online and offline.

Frequently Asked Questions

✓ Is the interest rate of Sukanya Samriddhi Yojana higher than other savings schemes?

Yes, the interest rate of SSY is higher than other saving schemes. Here the interest rate is 7.6% compared to 7.1% in PPF and 4-6% in savings or fixed deposit accounts.

Yes, the interest rate of SSY is higher than other saving schemes. Here the interest rate is 7.6% compared to 7.1% in PPF and 4-6% in savings or fixed deposit accounts.

✓ Does SSY come under triple E status?

Yes, under Section 80C of the Income Tax act, SSY is the only eligibility criteria for EEE exemption.

Yes, under Section 80C of the Income Tax act, SSY is the only eligibility criteria for EEE exemption.

✓ Can I transfer the SSY account from the post office to the bank?

Yes, you can transfer the SSY account from the post office to the bank under RBI regulation.

Yes, you can transfer the SSY account from the post office to the bank under RBI regulation.

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  3. Sukanya Samriddhi Yojana Account
  4. How to Check Sukanya Samriddhi Account Balance

Last updated: 2021-12-16

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