How to Check Post Office Sukanya Samriddhi Yojana (SSY) Account Balance?

The key purpose of the investment scheme is to support parents of a girl child in the country to accumulate a fund for the child for her education and other expenses. Let us understand the Sukanya Samriddhi Yojana by its features and benefits of the Scheme to know the policy better.

Features of Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana or SSY is a government of India initiative designed for parents to create a corpus for their daughters. Below are its features:

• The scheme is available for parents/guardians with daughters below 10 years of age
• The account tenure is of 21 years of the girl child or until she is married after 18 years of age
• 8.2% is the current sukanya samriddhi yojana interest rate, which is compounded annually
• The plan offers tax benefits under Section 80C of the Income Tax Act
• Parents can deposit any amount starting from INR 250 to INR 1.5 lakh under the scheme per year
• The SSY account is opened in the name of the girl child for whom the account is opened and not the guardian
• Only 2 girls per family is allowed to have SSY accounts

Sukanya Samriddhi Yojana Benefits

Here are benefits of the SSY account:

• It offers high interest rate
• The scheme offers the option of tax benefit
• The plan comes with a lock-in period
• It allows partial withdrawals in case of urgent requirement
• The plan offers guaranteed benefits at maturity
• It also offers the facility of earning interest under the plan even after maturity

Sukanya Samriddhi Yojana Scheme Key Highlights

Below are some key highlights of the SSY scheme:

Attributes	Benefits
Rate of Interest	8.2 % per year
Min. amount while opening account	INR 250/person per year
Max. amount while opening account	INR 1.5 lakh
People who can open the SSY account	Parents and guardians of girl child
Age criteria	The account holder (girl child) should be 10 years and below
Max. accounts possible	2 per family
Scheme tenure	21 years or unless the girl is married at 18 years and above
Name on account	The girl child’s name
Tax Deductions	Available under section 80C
Withdrawals	Partial withdrawal possible

To understand how to check the sukanya samriddhi account online and the process to deposit money under the scheme online, you have to first understand IPPB.

What is IPPB?

The postal department of India has played a pivotal role in India’s communication system for a long time now. To stay abreast with the digital services offered by various Indian banks and other financial institutions, the Indian Postal department has initiated its new banking section called the Indian Post Payment Bank (IPPB).

With IPPB, now the online post office transactions can be done easily like in the case of banks. You just have to once visit the post office to get the registration process done to conduct all your transactions related to the post office online including viewing balance as well as to transfer money under various schemes.

How to check Sukanya Samriddhi Account Balance Online & Offline?

Sukanya Samriddhi Yojana balance check can be done by account holders via both online and offline means that is by means of electronic medium as well as physical passbook checking.

Below are the details of both the process:

1. Offline Process
              At present, there are over 28 banks that are providing the SSY scheme. If an account                  holder wants to check the account balance via an offline method, they can visit the                      nearest branch of the bank with their passbook and update it.

2. Online Process
             For Sukanya samriddhi yojana check balance online, you need to follow the below                     steps. But first the account holder has to register to the account online and follow the                 steps below:

• The applicant can ask for login credentials from their respective bank for the SSY account. Once you get the details, you can use them to operate the SSY account online
• Log in to the SSY account with your credentials like user name and password to access the account online.
• Once you login, you will see the home screen of the account in front of you. The balance of the account can be seen online in the dashboard column
• However, this portal only enables you to view the SSY account balance but you cannot make any transactions via this portal

Process to Deposit Money Online into Post Office SSY Account 

Here are the steps to follow:

The first step is to add cash from your regular savings bank account to the savings account of IPPB
Visit the Department of Post (DOP) section and select SSY Account
Now, submit your SSY account details such as the account number and customer ID offered by DOP
After you login successfully using credentials, you can easily transfer money from the IPPB account to the SSY account or any other post office account
The successful payment will be notified by the IPPB on successful transaction via a message on your registered mobile phone.

How to Open a New SSY Account?

1. Offline Process
            A SSY account can be opened with a bank or at the post office offline by visiting the                    particular branch of the bank or post office. You just have to fill in the application for                    opening an SSY account and submit your daughter’s details. Do not forget to carry the                copy of her birth certificate along with copies of Aadhaar card, Pan card etc. as per                    requirement. Once the application is submitted along with the documents, they will be                verified by the concerned authority. Once done, the account will be opened and a                        passbook will be offered to the parents of the child.

2. Online Process 
            The online process is much easier as you can do it from the comfort of your home.                       Here are the steps to follow:

• Visit the official portal of the bank where you want to open the account
• Submit information of the girl child as well as the parents in the form
• Now, attach the documents (scanned copies) such as birth certificate and address proof etc.
• Once done, click on the submit button and it is almost done