This post is written by Shiv Kukreja, who is a Certified Financial Planner and runs a financial planning firm, Ojas Capital in Delhi/NCR. He can be reached at skukreja@investitude.co.in
RBI on March 11 issued a Circular to the authorised commercial banks to start observing the rules and regulations of Sukanya Samriddhi Yojana as per the Government of India Notification dated December 2, 2014. This circular has been marked to the Chairman & Managing Directors (CMDs) and Managing Directors (MDs) of some of the commercial banks operating in India.
These banks include most of the public sector banks, including State Bank of India (SBI), Bank of Baroda (BoB) and Punjab National Bank (PNB) and a few private sector banks also, including Axis Bank and ICICI Bank.
RBI has instructed these banks to approach Central Account Section, Reserve Bank of India, Nagpur for necessary arrangements to report Sukanya Samriddhi Account transactions with immediate effect. I think it means the RBI wants these banks to start opening accounts under this scheme without any further delays and the subscribers will not have to wait more to open their accounts. They can now approach these authorised banks to open an account.
Though it is still not clear if only these banks would act as the agency banks to open accounts under this scheme or some other banks would also join in, but it seems the following 28 banks would definitely be among all those banks authorised to open Sukanya Samriddhi Accounts (SSA).
Updated List of Banks to Open Sukanya Samriddhi Yojana Accounts
- State Bank of India (SBI)
- State Bank of Patiala (SBP)
- State Bank of Bikaner & Jaipur (SBBJ)
- State Bank of Travancore (SBT)
- State Bank of Hyderabad (SBH)
- State Bank of Mysore (SBM)
- Allahabad Bank
- Andhra Bank
- Axis Bank
- Bank of Baroda (BoB)
- Bank of India (BoI) – Branches; Contact – 022-40919191 / 1800 220 229
- Bank of Maharashtra (BoM)
- Canara Bank
- Central Bank of India (CBI)
- Corporation Bank
- Dena Bank
- ICICI Bank
- IDBI Bank
- Indian Bank
- Indian Overseas Bank (IOB)
- Oriental Bank of Commerce (OBC)
- Punjab National Bank (PNB) – Website Link; Contact – 011-25744370
- Punjab & Sind Bank (PSB)
- Syndicate Bank
- UCO Bank
- Union Bank of India
- United Bank of India
- Vijaya Bank
RBI also issued a specimen of application form and the passbook for opening an account under this scheme. Unlike the post office application form, this application form would be applicable just for this scheme only.
Here you have the specimen of the application form which the authorised banks/post offices will be using for opening Sukanya Samriddhi Accounts – Application Form
Also, here you have the specimen of the passbook which the authorised banks/post offices will be issuing to the parents/legal guardian of the girl child – Passbook
You can also refer to the following posts for the complete details about this scheme:
Sukanya Samriddhi Yojana – Tax-Free Small Savings Scheme for a Girl Child
Sukanya Samriddhi Yojana – Application Form & List of Banks to Open an Account
Sukanya Samriddhi Yojana – Calculating Maturity Value after 21 Years
Sukanya Samriddhi Yojana – Sample Filled Application Form
If any of you have anything to share or ask about this scheme, please let us know.
I open sss ac for my daughter in pnb … but I am unable to transfer money in this ac thorough net banking.
Can I transfer my ac from pnb to SBI?
or the problem will exist in SBI?
Yes Narendra, you can transfer your SSY account from PNB to SBI. But, even SBI has not been able to introduce online transfer as yet.
I have openend a PPF account for my daughter 2 years ago. She is presently 5 yrs old. Can i open a SSA account also in her name?
Yes Amit, you can do so.
Hello Shivji,
I have opened SSY a/c in SBI.I am user of their online banking.my saving A/C and PPF a/c are shown there but SSY a/c not shows.
SBI is yet to operationalize this scheme on its website. I think they will take some more time before making it available for online access.
Hello Shivji,
I want to know that how I can see my SSY a/c details online?
Hi Sachin,
Post offices do not provide online facilities. Bank do, but I don’t know which banks have started such access.
is it possible to transfer the SSY account from Post office to Bank?
if so when onwards it started?
i want to transfer the account from post office to bank.
1. Yes Ravi, you can transfer this account from a post office to a bank branch.
2. I am not sure from when it has started or has it started or not as yet.
3. You need to contact the bank branch where you want to transfer this account and check whether they have started opening these accounts or not.
Hi when Say will start in Sbh pimple saudagar branch? So many time I called n check but still they don’t have authority
Hi Sushma,
I have no idea when these bank branches will start opening these accounts. You need to check it with the branch itself.
I approached Sbi for ssy they provided me form but informed me that this account can not be opened jointly by parents. Only one can open. My query is if father has opened the account whether mother can deposit the money in the same account and can take tax benefits if yes what would be the procedure.
Only the depositor can claim exemption u/s 80C. So, if the bank is refusing to open the account with joint depositors, then only the single depositor would be able to claim the exemption.
Thanks for all your useful information.
You are welcome Murali!
Hello Author,
I am keeping me eyes on your post and I sincerely thank you all for sharing the info. I am a proud father of 2 years old princess and will be opening this account shortly.
Thanks again.
Regards,
Hiren
Thanks Hiren, glad to know that you liked the info provided here.
Hi Shiv,
I am in Ahmedabad.My S,B.I. Branch has started distribuing S.S.A.form
from Today.Just Wanted all to know.
Hi Tarlika,
Thanks a lot for sharing this info, it would be quite helpful to the readers here!
Dear Sir,
I would like to open a Sukanya Samriddhi account both for my daughter and my sister’s daughter.Can I be the guardian just by a declaration? Can I claim tax benefit under both the accounts as I am paying for both? My sister’s daughter is now 10 years old.If I continue remitting for 14 years she will be 24 years old then.If her marriage comes prior to this will she be able to get the amount with interest before 14 years?
Hi Kannan,
Yes, you can contribute for your daughter as well as your sister’s daughter. You can also claim tax benefit against your contributions. Your niece will be able to withdraw the balance amount as & when she gets married after 18 years of age.
To ALL the readers of this community,
I have a Question. My Mother wants to open this account on her grand daughter in order to save tax. Is it possible to open?
Appreciate all your comments on this question.
Hi Damodar,
Your mother can do so by becoming legal guardian of your daughter.
Thank you Shiv Kukreja. I just opened SSY account for my little daughter and my mother as guardian.
That’s great!
Sir,
Still IDBI Bank ( Talcher, Odisha) refusing to open SSA.
Please guide us when & where I can open.
Hi Prashant,
Either you should wait some more time or check it with some other bank or post office.
Hello Everyone,
Today dated 22/5/2015 I have open SSA a/c in SBI branch-Nannaj,Solapur,Maharashtra. A/c no.34947769035
Thanks again Mr. Sachin for providing this info!
dear sir,
I want to open ssy account of my daughter.she is 9yrs old. .Tell me sir,which bank are currently available to open account for ssy .I want to open account in fatehpur,U.P(212601).also clear that 14yrs plan of account opening. If my daughter is 9yrs old after 14yrs is will be 23yrs,or from 9yrs to 21st yrs to date of opening.
Hi Mr. Shailendra,
SBI, PNB and IDBI Bank have started opening these accounts, please approach any of these banks. Also, you need to deposit amount in this account for 14 years i.e. till your daughter turns 23 years of age or till the time she gets married, whichever is earlier.
Dear all,
I have approached to ICICI bank Bhainder west branch & Alahabad bank Miraroad East branch to open the SSY on 22.05.2015 but they refuse to open the account.
Regards
Sanjay Singh
Hi Mr. Sanjay,
Please try SBI, PNB or IDBI Bank. They have started opening these accounts.
Dear All,
is anybody open ssy account in SBI at Gurgaon?
in last two days i have visited 5 branches in Gurgaon of SBI but all have same reply that they dont have any notification about same from RBI.
REGARDS
SATENDRA
Hi Satendra,
SBI branches are taking their own sweet time to open these accounts despite senior officials stating that they have started opening these accounts w.e.f. May 16, 2015.
In manesar near gurgaon SBI IMT Manesar Branch reject to open the SSA Account due to non receive intruction from RBI to oprn the said Account. Help us to locate the nearest bank & branch address where the said account will open. waiting ur reply in this regard vikash singh 8826676435
Dear Sir,
In Manesar SBI refuse to open the account of Sukanya Samridhi Account. They told us the instruction will not received from RBI to open the said account. Help us to locate the bank & branch where the said account will open. waiting your early reply in this regard. yours truly vikash singh 8826676435
As per the discussion with RBI manager in Hyderabad, Alwal branch
All the SBI branches started opening the SSY across india. Dont know what is the problem in Manesar, let see they will get proper information soon, information is clear – only the process is late in swayome branches. Anyway its clear that all the SBI Branches in HYD are offering SSY.
Hi Shivji,
Reply from SBI to me as follows Dear Sir,
We are pleased to inform you that our branches will start opening Sukanya Samriddhi Account (SSA) wef 16th May, 2015. Please note all branches handling PPF accounts are authorised to open Sukanya Samriddhi Accounts too.
Yours faithfully,
AGM (Customer Service)
From: “PSTOCGM”
To: , ,
Cc:
Date: 05/13/2015 07:04 PM
Subject: FW: Sukanya Samriddhi Account
Again, thanks a lot Mr. Sachin for providing this highly important information!
Wowww… its a good news for many….
Thanks Shiv.. And i will convey the same message for people around me and i will check with Hyderabad SBI branches and i will let you know the updates.
Hi Eshwar,
I think you and we all should thank Sachin for this! 🙂
Hyderabad SBI branches started opening SSY account