In the next 15 days, the central government is going to pronounce the decision on the interest rates of small savings schemes. On every quarterly basis, the government reviews the interest rates of small savings schemes and the new interest rates for the April-June quarter may be announced soon.
It also includes Sukanya Samriddhi Yojana (SSY), which is considered a great investment scheme for the safe future of daughters. If you want financial security for your daughter’s education and marriage, then this scheme can be beneficial for you.
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The specialty of Sukanya Samriddhi Yojana
Under this scheme, parents can open an account in his name immediately after their daughter was born or till the age of 10 years.
Rules of Plan:
Only one account can be opened for each girl.
Parents can open a maximum of two accounts (twin or exemption in special cases of three children).
From opening of account to maturity, it is mandatory for the girl to be a resident of India.
Documents required to open Sukanya Samriddhi Account
If you want to open an account under Sukanya Samriddhi Yojana, then you have to submit these documents:
Account opening form
Birth certificate of girl child
Identification proof (Aadhaar, PAN, Voter ID etc.)
Residence proof (ration card, electricity bill, bank statement etc.)
You can open this account in any post office or commercial bank branch.
Start with ₹ 250, you will get interest up to 8.2%!
Minimum investment amount: ₹ 250 per year
Maximum investment limit: ₹ 1,50,000 per year
Investment period: The amount can be deposited up to 15 years after opening the account.
Interest Rate: The government pays 8.2% per year interest on this scheme.
When can the amount be withdrawn?
for education:
- If the account holder turns 18 or complete the 10th grade, whatever is earlier, then 50% can be withdrawn.
Full amount:
- The entire amount can be withdrawn after the completion of 21 years period or the daughter is married.
Will the interest rates of Sukanya Samriddhi Yojana change?
The government is soon to announce the interest rates of small savings schemes for the next quarter. In such a situation, it will be interesting to see whether any change is made in the interest rates of Sukanya Samriddhi Yojana.
