Advertisement

Sukanya Samriddhi Account: 10 key facts you should know

If the financial future of your girl child is a concern for you, Sukanya Samriddhi Scheme would be best suited for you and your girl child.

Sukanya Samriddhi Account: 10 key facts you should know

If the financial future of your girl child is a concern for you, Sukanya Samriddhi Scheme would be best suited for you and your girl child.

     
Here are the key facts about the Sukanya Samriddhi Scheme:

1. Account can be opened in the name of a girl child till she attains the age of 10 years.

2. Only one account can be opened in the name of a girl child.

3. Account can be opened in Post offices and notified branches of commercial banks.

4. Birth certificate of the girl child in whose name the account is opened must be submitted.

5. Account can be opened with a minimum of Rs 1000/- and thereafter any amount in multiple of Rs 100/- can be deposited. A minimum of Rs 1000/- must be deposited in a financial year.

6. Maximum Rs 1,50,000/- can be deposited in fa financial year.

7. One withdrawal shall be allowed on attaining the age of 18 years of account holder to meet education/marriage expenses at the rate of 50 percent of the balance at the credit of preceding financial year.

8. The account can be transferred anywhere in India from one Post office/Bank to another.

9. The account shall mature on completion of 21 years from the date of opening of account.

10. The government has made rate of interest in this scheme lucrative enough for parents and guardians to pour in more and more money for the security of their girl child. The interest rate for SSA for the current year 2014-15 is set to be 9.2 percent for FY 2015-16 to be compounded yearly. This happens to be the best interest rates among other saving schemes including PPF.