Online transfer for SSY

Can I pay from my bank account using online transfer directly for my daughters Sukanya samridhi scheme account?


The revised regulations of the Sukanya Samridhi Yojana (SSY) allow e-transfer. You can transfer money to the SSY account by linking your bank accounts with the SSY scheme. The linking of accounts allows you to transfer your annual contribution under the scheme online without having to physically visit the bank or the post office.

However, note that t he minimum annual contribution under the SSY scheme per year is fixed at Rs. 1,000. Failure to pay the annual contribution attracted a penalty of Rs. 50 previously. The new regulations have not increased the penalty amount. But according to the new rules, if the minimum amount is not paid, the account will be considered as an ‘Account in Default’. If such an account is not regularised within fifteen years of opening the account , the entire deposit including deposits made before the default date will accumulate interest at post office savings scheme rate (which is fixed at 4%) instead of the 8.6% that is offered for the SSY account.

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BB Expert