Sukanya Samriddhi Yojana is a small savings scheme which is introduced on a part of Beti Bachao Beti Padao Campaign to support Girl Child in her higher education. It is introduced viewing women empowerment and ensure financial support to girl child.
The parents or the official caretaker of a girl under the age of 10 years can open an account either in Post offices or in any Nationalized Bank. A minimum of rupees 250 is to be deposited while opening the account and any multiple of 50 can be deposited in each year which extends from a minimum of rupees 250 to a maximum of 1.5 lakhs. It is not mandatory to deposit amount in a uniform consecutive interval or any specific month. But should deposit a minimum of rupees 250 in a financial year.
The main intention of this scheme, Sukanya Samriddhi Yojana Scheme, is to accumulate a savings amount which can be withdrawn for the higher education of the girl child or for the marriage. The deposit will earn an interest at the rate of 8.4% annually, which is highest rate of return that can be earned as an interest to any bank deposits. The minimum amount or more should be deposited in the account for 15 years from the time the account has started. The investor can withdraw the amount when;
- after completing 21 years from the time of account opening
- Half of the deposited amount with its interest can be withdrawn when the girl completes 18 either for higher education or for the marriage of the girl.
- The whole amount can be withdrawn any time after the marriage of the girl. It is not required to complete the maturity period, that is 21 years in such cases.
Lets check the interest return from this investment
|Annual Investment||Total Investment after 15 years||Maturity Value|
|3750 (or else 250 Monthly)||56250||159129|
|12000(or else 1000 Monthly)||180000||509202|
|1.5 lakhs(or else 12500 monthly)||22,50,000||63,65,155|