Last Updated:July 05, 2025, 10:00 IST
Punjab National Bank has introduced a new facility, allowing the opening of a Sukanya Samriddhi Yojana account on its PNB ONE app.
Customers don’t need to visit banks to open SSY accounts.(Representational image/Getty)
An initiative by the central government, the Sukanya Samriddhi Yojana (SSY) has been launched to support parents in building savings for their daughters’ education or marriage. Guaranteeing returns and tax benefits, it is a smart way to plan and secure your daughter’s future. The scheme was introduced under the Beti Bachao, Beti Padhao campaign. Those willing to invest in the scheme can open bank accounts in the girl’s name at any bank or post office. Doing so has become easier with Punjab National Bank introducing a new facility on its mobile banking app, PNB ONE.
By using the app, existing customers can open SSY accounts online without even visiting the branch. The move not only simplifies access to the savings scheme but also promotes financial inclusion and women empowerment. On the other hand, the online account opening reflects PNB’s commitment to bringing technology’s power for social good and making such government-backed schemes more accessible for families.
Read along to know the details for opening an SSY account through the PNB ONE App:
1. Open the PNB ONE application on your mobile device.
2. Go to the Services option in the main menu and click on it.
3. Choose ‘Govt Initiative’ from the list.
4. Next, select ‘Sukanya Samriddhi Account Opening.’
5. For the rest, you have to follow the instructions provided on the screen to complete the account opening process.
While the process of opening an SSY account has been digitised, other operations like partial withdrawal, account closure or premature closure will be processed at the base branch level in line with the existing offline process.
Key Features Of SSY
- One can open an SSY account with as little as Rs 250 and can deposit up to Rs 1.5 lakh every year.
- Parents can open an account for a girl child under 10 years of age. After she turns 18, partial withdrawal will be permitted for education purposes.
- While the scheme offers tax deductions on deposits up to Rs 1.5 lakh under section 80C, the maturity amount and earned interest are completely tax-free.
- Parents need to make investments for the first 15 years; however, the account matures after 21 years. During the gap, the savings keep earning interest without having to put any money.
In case of special cases like an unfortunate death of a parent or a medical emergency, SSY allows partial withdrawals after five years of opening the account.
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al…Read More
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al… Read More
- Location :
Delhi, India, India
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