If You Have a Girl Child, and you want to secure the future of the child than you can do it with the Official Government Scheme which is Known by the Name of Sukanya Samriddhi Yojana. If you are thinking to invest in PPF or Fixed deposits to make sure the money saved for your daughter’s future and you can get that money for either her marriage or Higher Education, In this Situation Sukanya Samriddhi Yojana is the best for your Daughter.
What Is Sukanaya Samriddhi Yojana
Sukanya Samriddhi Yojana/Scheme is one of the most popular Scheme for the girl child and secures the Future of Girl Child by the Government. This Scheme has been launched by the Prime minister Shri Narendra Modi. This Scheme is for betterment and improvement the life of Girls in Country. Money can be used for the Marriage Expenses or the Higher education Expenses of the Girl.
One of the most commendable steps taken with respect to Sukanya Samriddhi scheme is the choice of banks and post offices as promoters and facilitators. If you Want to Deposit Money in this Scheme than You have to Know the benefits and advantage of this scheme.
Advantage and benefits of Sukanya Samriddhi Yojana.
A great social initiative to secure the future of girl child in India
SSA offers the highest rate of interest Amongst small saving schemes. No other small saving schemes could match Sukanya Samriddhi scheme.
Maturity proceeds would only be paid to the girl child and no one else
With this scheme, you can save taxes completely along with securing a good future for the girl child
Investment with a lock-in period
Even after maturity of the account, if the account holder wishes to continue the account, the same ROI would apply to the account
Very easy processes to operate Sukanya Samriddhi Account is one of the key benefits.
Eligibility criteria to open Sukanya Samriddhi Yojana Account
Like any other deposit account, availing Sukanya Samriddhi Account too requires a certain set of eligibility criteria to be met. The most basic being the age of the girl child under whose name the scheme is being availed.
Sukanya Samriddhi Scheme can be availed by parents or legal guardians of a girl child on behalf of the girl child. The Account is opened in the name of the child and is operated by parents or legal guardians. Following is the eligibility requirements for SSY.
SThe scheme can be availed any time before girl child reaches the age of 10 years
As a grace period, any girl child born between 2nd February 2003 and 1st December 2015 is also eligible to obtain the account under this scheme
Interest Rate in Sukanya Samriddhi Yojana
The Government has made interest rate in this scheme which encourages the parents of the girl child to invest in this scheme for the future of their girl child. The interest rate for Sukanya Yojana for the current year 2018-19 is set to be 8.5% compounded yearly. Government is making changes in the sukanya Samriddhi Yojana Interest rate as per the financial Year So You Can Understand the interest rate by this Chart.
SSA Interest Rate change Chart
|Sno||FY||AY||Interest Rate||Min Amount Rs Limit||Max Amount Rs Limit|
|1||2018-19 (Q3)||2019-20 (Q1)||8.5||Rs 1000||Rs 1.5 Lakhs|
|2||2018-19 (Q2)||2019-20 (Q1)||8.1||Rs 1000||Rs 1.5 Lakhs|
|3||2018-19 (Q1)||2019-20 (Q1)||8.1||Rs 1000||Rs 1.5 Lakhs|
|4||2017-18 (Q4)||2018-19 (Q4)||8.1||Rs 1000||Rs 1.5 Lakhs|
|5||2017-18 (Q3)||2018-19 (Q3)||8.3||Rs 1000||Rs 1.5 Lakhs|
|6||2017-18 (Q2)||2018-19 (Q2)||8.3||Rs 1000||Rs 1.5 Lakhs|
|7||2017-18 (Q1)||2018-18 (Q1)||8.4||Rs 1000||Rs 1.5 Lakhs|
|8||2016-17 (Q4)||2017-18 (Q4)||8.5||Rs 1000||Rs 1.5 Lakhs|
|9||2016-17 (Q2)||2017-18 (Q2)||8.6||Rs 1000||Rs 1.5 Lakhs|
|10||2016-17 (Q1)||2017-18 (Q1)||8.6||Rs 1000||Rs 1.5 Lakhs|
|11||2015-16||2016-17||9.2||Rs 1000||Rs 1.5 Lakhs|
|12||2014-15||2015-16||9.1||Rs 1000||Rs 1.5 Lakhs|
Chart no. 2
|Investment amount each year for 14 years, starting from 2015 till 2028 (Rs.)||Maturity amount received after 21 years (Rs.)|