Sukanya Samriddhi Accounts


The Sukanya Samriddhi Yojana Account is an initiative started by the Government of India with the view of helping the girl child. According to the scheme parents of a girl child can deposit up to 1.5 lakhs in the name of the girl in this account every year. Once the deposit is made it accrues interest at the rate of 9.2% per annum and is set to mature when the girl turns 21 years old or get married, whichever comes first. The account can be opened with a minimum deposit of Rs. 1,000 and subsequent deposits can be multiples of Rs. 100. The account even allows for a partial withdrawal to be made when the girl turns 18 years old to support payments towards expenses for her education or even her marriage. Another advantage of this scheme is that investments in it need to be made only for 14 years after which none are required and the amount at credit at the end of 14 years will continue to gather interest till the scheme matures.

How to Open the Sukanya Samriddhi Account?
1. Guardian to open the account: The account can be opened only by parents or legal guardians for up to two girl children. In case of twins or triplets, an exemption will be made on production of a certificate from authorized medical institutions.

2. Age Eligibility: A Sukanya Samriddhi account can be opened for a girl child till she attains the age of 10. The scheme started from 2 December, 2014. An initial grace period of one year has been announced for convenience. A girl child, who is born between 2 December, 2003 and 1 December, 2004, can open account by 1 December, 2015.

3. Residence: The girl child should be an Indian resident throughout the term of the scheme.

4. Account in the name of the beneficiary: Sukanya Samriddhi Scheme can only be opened in the name of the girl child. The depositor (guardian) will be an individual, who deposits amount in the account on behalf of the minor girl child.

5. One Girl One Account: Only one account can be opened per girl child. Account can be opened for Maximum of two girl children in one family.


Advantages of Sukanya Samriddhi Account calculator

·         It allows you to know exactly what you will get as the maturity value when the account matures.
·         If you have set it up in an excel sheet then you can put in what you intend to invest in the current and see how it will affect the maturity value.
·         You can even set up the calculator to calculate the maturity value based on monthly or yearly investments.
·         If configured correctly, the Sukanya Samriddhi Yojana calculator can be extremely accurate.
·         It can eliminate the mistakes that can creep in if you calculate the maturity value manually.
·         You can change the amount you plan on investing at any time and still get the maturity value in seconds.





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