Sukanya Samriddhi Yojana: Age, minimum-maximum amount, account opening, interest rate, withdrawal, maturity, benefits, etc - All questions answered
Sukanya Samriddhi Yojana (SSY) is one of the most sought-after small savings schemes in India. It is backed by Government of India. The scheme is exclusively meant for the girl child. Sukanya Samriddhi Yojana was launched with an aim to encouraging parents or guardians to build a fund for the future education and marriage expenses of their girl child. Here are top things to know about the Sukanya Samriddhi Yojana.
Sukanya Samriddhi Yojana: Account opening?
Account can be opened in the name of a girl child till she attains the age of 10 years.
Sukanya Samriddhi Yojana: Number of acocunts?
Only one account can be opened in the name of a girl child.
Sukanya Samriddhi Yojana: Where to open account?
Account can be opened in Post office and branches of authorised banks.
Sukanya Samriddhi Yojana: Document required?
Birth certificate of girl child in whose name the account is opened must be submitted.
Sukanya Samriddhi Yojana: Minimum amount?
Account can be opened with a minimum of Rs. 250/- and thereafter any amount in multiple of Rs. 100/- can be deposited. A minimum of Rs. 250/- must be deposited in a Financial year.
Sukanya Samriddhi Yojana: Maximum amount?
Maximum Rs. 1,50,000/- can be deposited in a financial year.
Sukanya Samriddhi Yojana: Interest rate?
Interest rates as may be notified by the government from time to time will be calculated on yearly compounded basis and credited to the account.
As of Jan-Mar 2019 it is 8.5%.
Sukanya Samriddhi Yojana: Withdrawal?
One withdrawal shall be allowed on attaining the age of 18 years of account holder to meet education expenses upto 50 % of the balance at the credit of preceding financial year.
Sukanya Samriddhi Yojana: Transfer of location of account?
The account can be transferred anywhere in India from one post office/bank to another.
Sukanya Samriddhi Yojana: Maturity?
The account shall mature on completion of 21 years from the date of opening of account or on the marriage of Account holder whichever is earlier.