Sukanya Samriddhi Yojana - Details, Eligibility, Terms and Conditions etc.
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Sukanya Samriddhi Yojana is a scheme which is introduced by the government of India as a part of ‘Beti Bachao, Beti Padhao Yojana.’ Under this scheme an account shall be opened to create a corpus for a girl child. Parents can open a Sukanya Samriddhi Yojana account for the benefit of their girl child. One girl child can only have one Sukanya Samridhi Yojana account and parents cannot open a third/fourth account in case they have more than two girl children. These accounts have a term of 21 years or until the girl child completes 18 years of age and gets married.
Features of Sukanya Samriddhi Yojana
Below mentioned are some salient features of Sukanya Samriddhi Yojana:
- Offers higher returns
- Authorised by the Ministry of Finance, Government of India
- Start investing with a minimum amount of Rs 250 and maximum Rs 1,50,000
- Lock-in period of 21 years
- Partial withdrawal is allowed after the girl child completes 18 years of age
Benefits of Sukanya Samriddhi Yojana
Below mentioned are some benefits of Sukanya Samriddhi Yojana:
- High Rate of Interest: Sukanya Samriddhi Yojana has a high rate of interest as compared to other investment options. The government declares the rate of interest on a yearly basis. With the help of a high rate of interest you can create a corpus for your girl child and help your girl child achieve her goals. The maturity funds can help you fund your girl child’s future financial requirements.
- Guaranteed Returns on Maturity: At the time of the maturity, the balance of the Sukanya Samriddhi Yojana account plus accrued interest will be provided to the account holder that is the girl child. As a result this Yojana lets your girl child become financially secured and encourages her to make her decisions on her own. Under Sukanya Samriddhi Yojana, the accrued investments shall continue to accrue by compounding interest even after maturity before the account is closed by the account holder.
- Fund your Girl Child’s Future Financial Expenses: With the help of Sukanya Samriddhi Yojana you can create enough corpus for our girl child until she completes 18 years of age. Sukanya Samriddhi Yojana provides benefits to both the parent and the girl child. With the help of Sukanya Samridhi Yojana account you can create a corpus to fund your girl child’s higher education, marital expenses or any other financial expenses.
Eligibility of Sukanya Samriddhi Yojana
Below enlisted is the eligibility criteria of Sukanya Samriddhi Yojana account:
- The girl child must be less than or equal to 10 years of age at the time of opening the Sukanya Samriddhi Yojana
- Only one Sukanya Samriddi Yojana account can be opened for one girl child
- This account has 21 years of tenure
- Only 2 Sukanya Samriddhi Yojana account are permitted under a household
Must Read: Which Are High Return Investments For a Child?
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
