Where to Open Sukanya Samriddhi Account In India? Bank vs Post Office and List of authorized banks

You can open Sukanya Samriddhi account with both post office and banks. Initially when the scheme was launched it was only available to Post office but Reserve bank of India has instructed a list of authorized banks to open SSY account, which includes popular banks like SBI, Axis Bank, and ICICI bank. Actually, the list includes many banks from both private and public sector. Unfortunately, you cannot open Sukanya Samriddhi Yojna account online, you must visit banks if you pass the eligibility criterion discussed in my last post. Anyway, here is the updated list of authorized banks which are allowed to open SSY account

List of Authorized bank to open Sukanya Samriddhi Account

Here is list of both public sector and private sector banks, which are authorized by RBI to open Sukanya Samriddhi Yojna Account with eligible parents and legal guardian :

State Bank of India (SBI)
ICICI Bank
Axis Bank
State Bank of Patiala (SBP)
State Bank of Bikaner & Jaipur (SBBJ)
State Bank of Travancore (SBT)
State Bank of Hyderabad (SBH)
State Bank of Mysore (SBM)
Allahabad Bank
Andhra Bank
Bank of Baroda (BoB)
Bank of India (BoI)
Bank of Maharashtra (BoM)
Canara Bank
Central Bank of India (CBI)
Corporation Bank
Dena Bank
IDBI Bank
Indian Bank
Indian Overseas Bank (IOB)
Oriental Bank of Commerce (OBC)
Punjab National Bank (PNB) – Website Link; Contact – 011-25744370
Punjab & Sind Bank (PSB)
Syndicate Bank
UCO Bank
Union Bank of India
United Bank of India
Vijaya Bank

Reference : https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=9594&Mode=0

Why you should open SSY account with banks?

Even though you can open SSY accounts with post offices, I strongly suggest you open Sukanya Samriddhi account with banks because of following reasons :

1) Post offices are 20 years behind banks. You cannot deposit money online, may be you can check your balance online but not as good as banks and they have short working hours.

2) Absolutely no customer service

3) Without online banking, if you transferred to another location, you will be stuck because post office accounts are not linked and you cannot deposit money to other branches.

4) Banks provides better customer service and more convenience. You also have a choice between public and private sector, where later is great for working parents.

That's my 2 cents on why you open Sukanya Samriddhi Yojna account in India with banks. Even though you can open it on the post office, I strongly suggest you to only open this account on a bank. You have already seen the list of authorized banks open account. If your daughter is turning 10 years in near future then you don't have choice, go to a bank if it's operational otherwise, go to post office, you can always transfer your account from post office to bank.

List of Banks to Open Sukanya Samriddhi Account

That's all about the list of authorized banks to open Sukanya Samriddhi account. You can see that almost all major banks are in the list including State bank of India (SBI), ICICI bank, Axis bank and others. I expect this list to grow in future to include more prominent private sector banks which are left out e.g. HDFC bank, Kotak Mahindra bank, and YES Bank.

My only advice is to open SSY account in banks and not with the post office, its too much pain, and hassle to manage any account with Post officer be it Sukanya Samriddhi Yojna account. Given its a longer term commitment, you at-least need convenience in terms of depositing money and checking account balance.

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