How to Deposit Money in Sukanya Samriddhi Account Online?

The Government of India launched the Sukanya Samriddhi Yojana (SSY) in 2015 under the Beti Bachao, Beti Padhao scheme to help families build a corpus to secure the future of their girl child.

However, the plan allows the opening of only one account per girl child by the parents or legal guardians of the child. You can register the account anytime between the child’s birth and before she turns 10.

The tenure of a Sukanya Samriddhi account is 21 years, with the government deciding the interest rate quarterly. The interest is calculated on the lowest balance between the 5th of every month and the month’s end. The current interest rate is 8%, compounded annually.

While you can open the Sukanya Samriddhi account only by physically visiting a bank or post office branch, you can avail of other facilities online; for example, you can deposit money in your SSY account online.

How to Deposit Money in Sukanya Samriddhi Account?

You can deposit money in your Sukanya Samriddhi Account online with an India Post Payments Bank (IPPB) account. To deposit money in your SSY account through your IPPB account, you need to follow the steps mentioned below:

Step 1: Transfer funds from your regular savings account to your India Post Payment Bank (IPPB) savings account (in case you need more funds in your IPPB account already).

Step 2: Browse the ‘Department of Post Products’ page and choose the ‘Sukanya Samriddhi Account’ option.

Step 3: Mention your Sukanya Samriddhi plan details, including the account information and customer ID provided by the Department of Post (DOP).

Step 4: Select the investment period and installment amount.

Step 5: India Post Payments Bank will notify you about the successful payment transfer on your registered cellphone number.

Furthermore, before proceeding with the steps of depositing money in the Sukanya Samriddhi Account online, ensure that:

• Your SSY account is active and under proper maintenance.
• You enter your correct SSY account number and DOP customer ID.

The transfer of funds from the savings account to the SSY account can be automated for all future instalments through standing instructions to IPPB.

Another digital product launched by the Department of Posts, DakPay, facilitates money transfer by scanning QR codes, similar to apps like Paytm or Google Pay.

How to Open an SSY Account?

Opening an SSY account is a simple procedure. You can open a Sukanya Samriddhi Yojana Account with a registered bank or post office by following the steps below:

• Go to the nearest bank or post office.
• Fill up the Sukanya Samriddhi Yojana registration form with your daughter’s information.
• Submit a copy of her Aadhaar card, birth certificate, other required documentation, and the initial deposit amount.
• Your account will get activated after authentication, and you will receive the passbook.

Final Thoughts

Sukanya Samriddhi Account is easy to open and maintain, and you must deposit a minimum of Rs. 250 annually for 15 years to keep the account active. It offers tax deductions under section 80C on the funds. You can partially withdraw funds once your daughter turns 18. You can invest in this lucrative scheme to build a substantial corpus for your daughter. 

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