The Sukanya Samriddhi Yojana (SSY) is a dedicated savings cum investment scheme launched by the Government of India in 2015 to support girl children. The scheme is a part of the broader “Beti Bachao-Beti Padhao” initiative which aims at ensuring the financial protection of gild children across the country.
Designed specifically for the welfare of girls, the “Sukanya Samriddhi Yojana” allows parents to open an account in their daughter’s name (she should be 10 years old or younger). Furthermore, the account offers a higher interest rate than other accounts and comes with attractive tax benefits.
When it comes to building a corpus, parents can build a substantial fund over time. Once the scheme matures, parents can use the accumulated funds to support their daughter’s education and other important events in her life, including marriage, as well. It could be an incredible way for parents to plan and secure a bright future for their daughters.
Why Should You Make Online Payments for SSY Accounts?
Let’s take a look at the salient benefits of making payments to the SSY account online.
- Convenience
One of the biggest benefits of making online payments for an SSY account is that it enables you to make payments from anywhere and anytime. All you need to have an internet connection and a smartphone. When you do so, you don’t need to visit a bank or a post office.
- Efficiency
Another major benefit of making online payments to your SSY account is that online transfers are processed relatively faster than traditional methods like cash deposits or cheques. With such a quick and error-free process, you can save valuable time and effort and make the process smoother and more efficient.
- Transparency
One of the major highlights of making online payments is that you will receive instant confirmation and a detailed transaction record through the IPPB (India Post Payment Bank) app. With such a record, you can easily get a quick track of your SSY deposits and the dates on which you made the payment.
- Automate Your Payments
Last but not least, parents can easily set up standing instructions (SI) through the IPPB app to automate their regular deposits to avoid running into the hassles of making payments regularly. With automation, you can ensure that your contributions are made consistently without needing to manually initiate the payment.
Steps for Sukanya Samriddhi Yojana Online Payment
If you are interested in making online payments to your SSY account, here are the steps that you may need to follow.
- First, if you don’t have an IPBB account yet, visit your nearest post office to open one. For those who don’t know, an IPBB account is a basic savings account that may help you make online transactions.
- Then, you will need to transfer money to your IBPP account from your existing bank account using internet banking, mobile banking, or by simply depositing the cash at the post office.
- In the next step, simply search for “IPPB Mobile Banking” in the App Store or Google Play and then download the app.
- Then, log into the app and go to the section for “Department of Post (DOP) products. After that, you will need to choose “Sukanya Samriddhi” from the list of products.
- After that, you will need to enter your SSY account number and the DOP customer ID you received when you opened the account.
- To make the payment, simply enter the amount and confirm the transaction.
- Once done, you will receive a notification from the IFBB app when you successfully transfer the amount to the SSY account.
On the other hand, if you don’t like the online method or face any difficulties making an online payment to your SSY account, you can consider these alternative steps.
Cash Deposits:
It is one of the easiest ways to deposit money into the SSY account. You will need to visit the post office or bank branch and deposit the cash directly at the counter.
Cheque Deposits:
Another alternative is to submit a cheque made payable to your daughter’s name at the post office or bank branch to fund the SSY account.
Frequently Asked Questions
Listed below are the frequently asked questions related to the Sukanya Samriddhi Yojana online payment.
You can invest up to Rs. 1.5 lakh per financial year into the Sukanya Samriddhi Yojana. It is the upper limit that every parent should take care of.
You can easily make deposits into the SSY accounts for 15 years and the account will mature after at least 21 years.
Yes, there are multiple tax benefits of depositing money into an SSY account. These are as follows:
- The invested amount is eligible for a deduction under Section 80C.
- The interest earned on your deposits is tax-free.
- The maturity proceeds are also tax-free.
You can easily withdraw the funds for your daughter’s higher education or marriage.
You can deposit money once a year or in smaller, regular installments. However, to keep the account active, you must deposit at least Rs. 250 per year for 15 years.
