How to Deposit Money in Sukanya Samriddhi Account Online?

9 min read • Published 30 October 2022
Written by Piyush Mohta
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 8.2%, 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.

Sukanya Samriddhi Account Highlights

  • Invest regularly for up to 15 years from the account’s inception date.
  • The account reaches maturity after 21 years or can be closed when the girl child marries after turning 18.
  • Start with a minimal initial deposit of Rs. 250, ensuring the scheme’s accessibility to various income levels.
  • Make the most of the annual ceiling of Rs. 1.5 lakh for deposits to build a significant corpus.
  • Parents or legal guardians of girls below 10 years can open an account, securing their daughter’s future early on.
  • Benefit from a tax rebate on deposits under Section 80C of the Income Tax Act, with a maximum cap of Rs. 1.5 lakh annually.

How to Open An SSY Account

Online Method: 

Online methods are a lot easier to open owing to developments in banking technologies. Here’s how you can open an SSY account online: 

  • Select a Bank: Visit the official website of your preferred bank, which offers the SSY scheme.
  • Complete the Application Form: Accurately fill in the digital application form with the necessary details of the girl child for whom the account is being opened, as well as the parent or guardian.
  • Upload Documents: Prepare and upload scanned copies of the required documents. This typically includes the birth certificate of the child and the identity and address verification documents of the parent or guardian.
  • Submit the Application: Review the entered details for accuracy, then submit the form online through the bank’s portal.
  • Initial Deposit: Once the application is submitted, you’ll need to make the initial deposit for the account as per the SSY guidelines.

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.

What is IPPB?

India Post Payments Bank (IPPB) is a state-owned entity operating under the Department of Post, Ministry of Communication, and is dedicated to providing accessible banking services to individuals across India. By leveraging the extensive postal network, IPPB aims to ensure that efficient banking and financial services are within the reach of every citizen, thus promoting financial inclusion and empowerment.

IPPB offers an array of financial services that are straightforward and user-friendly. Customers can open Savings and Current Accounts tailored for ease of use. The bank also provides a secure and instantaneous money transfer service that operates 24/7, linking people nationwide. Direct benefits transfers, including government subsidies and supports, are streamlined to ensure swift and direct payment into the beneficiaries’ accounts. Complementing these are additional services such as bill payments, and mobile recharges that integrate seamlessly with the daily lives of the customers.

With respect to how IPPB plays a role in the Sukanya Samriddhi Yojana, here’s as follows: 

  • With reference to SSY, IPPB acts as a critical bridge connecting the government’s vision for girl children’s future security to the population.
  • IPPB simplifies financial transactions through a variety of services.
  • Offers Savings and Current Accounts that are easy to use.
  • Provides secure and instant 24/7 money transfer services nationwide.
  • Ensures efficient processing of direct benefits transfers like government subsidies.
  • Facilitates convenient bill payments and mobile recharges.
  • Services integrate into the daily financial activities of customers seamlessly.


DakPay is an easy-to-use digital payment app launched by the Department of Posts in partnership with India Post Payments Bank (IPPB). It’s designed to help customers manage their money and make payments in one place. With DakPay, people can quickly send money, pay their bills, and buy goods by scanning a QR code. 

It taps into the vast postal network to make digital transactions simple and safe for everyone. For those who have invested in the Sukanya Samriddhi Yojana (SSY), DakPay adds extra convenience, allowing them to easily handle contributions and payments related to the scheme from their smartphones, merging modern payment tech with the trusted backbone of traditional postal services.

Top Child Investment Plans 2023

Sukanya Samriddhi Yojana is one of the most popular child investment plans launched in India. That being said, there are other child investment plans that the government of India has also launched. Let’s take a look at how SSY compares to other child investment plans in 2023: 

FeatureSukanya Samriddhi YojanaPublic Provident Fund (PPF)Unit Linked Insurance Plans (ULIP)Child Mutual FundsChild Fixed Deposits
EligibilityGirl child below 10 years of ageIndian citizens residing in IndiaIndian citizens between 18 and 65 years of ageIndian citizens above 18 years of ageIndian citizens above 18 years of age
Minimum InvestmentRs. 250Rs. 500Varies depending on the planRs. 500Rs. 500
Maximum InvestmentRs. 1.5 lakh per yearRs. 1.5 lakh per yearVaries depending on the planNo limitNo limit
Tenure21 years from the date of account opening15 years, extendable by 5 yearsDepends on the policy term selectedVaries depending on the planTypically, up to 10 years
Interest Rate8.2% per annum7.1% per annum, subject to quarterly revisionsReturns are market-linked and varyReturns are market-linked and varyVaries depending on the bank or financial institution
Tax BenefitsDeposits, interest, and maturity amounts exempt from taxDeposits and interest are exempt from tax, and the maturity amount is tax-freePremiums paid are eligible for tax deduction under Section 80CInvestments can qualify for tax deduction under Section 80CInterest earned is typically taxable, TDS may apply

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. 


Which bank is best for an SSY account?

The Indian Government has given many banks the authority to open Sukanya Samriddhi Yojana accounts (SSY accounts). Syndicate Bank, Indian Bank, Canara Bank, State Bank of India, Punjab National Bank, IDBI Bank, ICICI Bank, Axis Bank, etc., are some of the empanelled banks. You can go with any of these banks to get an SSY account opened and use the simple process of transferring money from IPPB to the Sukanya Samriddhi Account.

Is there a tax exemption on SSY?

The Sukanya Samriddhi account falls under the exempt-exempt-exempt category as per the Income Tax Act. This means, you not only get a tax deduction of up to Rs. 1.5 lakhs under Section 80C, the interest earned and the maturity amount are also tax-free.

Can I open the account in the name of my NRI child?

SSA is meant to cover only those children whose parents are resident Indians at the time of account opening and stay as such till maturity or the closure. If you change your residential status, your account will be considered closed. In addition, you will be given no interest as soon as you turn NRI.

Why is SSY a good investment option for a girl child?

Sukanya Samriddhi Yojana offers high and stable interest rates set by the government. It is an excellent investment choice when saving a corpus for your daughter is your priority. You can start with as low as Rs. 250 and invest a maximum of Rs. 1.5 lakhs.

How many years should I keep depositing in the Sukanya Samriddhi Yojana Scheme?

To keep the account active, you need to continue making deposits for a period of 15 years. From there onwards till the time the account turns 21, you don’t have to make any contributions.

Are partial withdrawals allowed under the SSY scheme?

Partial withdrawals are allowed only when the girl child turns 18 or on certain humanitarian grounds.

Can both parents open an SSY account each for their daughter?

No, only one parent or legal guardian of the child can open an account in the child’s name before she turns 10. Hence, dual accounts are not allowed.

Is DakPay necessary to operate the Sukanya Samriddhi Account?

No, DakPay is not necessary to operate a Sukanya Samriddhi Yojana (SSY) account. The SSY account can be operated through participating banks and post offices where the account was opened.

Do we need to have an IPPB account to transfer funds to the Sukanya Samriddhi Account?

An IPPB account is not required to transfer funds to the Sukanya Samriddhi Account; transfers can be made from any bank account.

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Piyush Mohta

Credit Principal
CA with 10+ years of experience in Banking in SME and wholesale/start-up lending. Previously worked with UC inclusive, TATA capital, Kotak Bank. Underwritten/Managed loan book of 2500 Cr+

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