The Sukanya Samriddhi Yojana is a central government's scheme aimed at securing the financial future of the girl child
Guardians of a new-born girl child can now open a Post Office Sukanya Samriddhi account to avail several savings schemes, which will help extend financial security to individuals.
The Sukanya Samriddhi Yojana is a central government's scheme aimed at securing the financial future of the girl child.
All you need to know
The India Post website states that any legal guardian can an account in the name of a girl child, who is below 10 years of age.
However, only one account can be opened for one girl and maximum of two accounts in the name of two different girl children.
In the Post Office Sukanya Samriddhi Yojana account, one can invest a minimum of Rs 1000 and a maximum Rs 1,50,000 in a financial year.
Once opened, the subsequent deposit can be made in lump-sum, but just has to be multiple of Rs 100. There is also no limit on the number of deposits either in a month or in a Financial year.
Currently, the Post Office Sukanya Samriddhi Yojana account interest rate is 8.1% per annum. The interest is calculated on yearly basis, yearly compounded.
Though the account needs to be made only for 14 years, it will be disconnected if one fails to deposit a minimum Rs 1000 in a financial year.
However, it can be revived with a penalty of Rs 50 per year with minimum amount required for deposit for that year.
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Last Updated Sep 21, 2018, 12:33 PM IST