SSY: The Government of India initiated the Sukanya Samriddhi Yojana on 22 January 2015. Its aim is to ensure financial stability for daughters. Parents may put money in their daughters’ names to ensure a safe future.
Who can open the account
As per the guidelines, parents or guardians are allowed to open an account in the name of the girl child under the Sukanya Samriddhi Yojana from the time of her birth until she reaches 10 years of age. If a parent has twin daughters for the second time, an account can be created in the name of up to three daughters. Currently, there is no option to open an account online through this scheme. To accomplish this, you need to visit the bank or the post office. After the account is created, you can handle it over the internet.
Return of approximately Rs 3 lakh
If you deposit Rs 1000 each month into the account created under the Sukanya Samriddhi Yojana, a total of Rs 1,2000 will be deposited annually. Likewise, an amount of Rs 1.8 lakh will be saved over a span of 15 years. With the projected interest, this sum will reach Rs 3.4 lakh in 15 years. When the account reaches maturity, this sum will exceed Rs 5 lakh slightly. This implies that you will receive a return of approximately Rs 3 lakh.
An initial deposit of at least Rs 250 annually. The highest sum that can be deposited in a financial year is Rs 1,50,000. Guardians have the option to deposit funds into the girl child’s account from the account opening date until she reaches the age of 21. The longest duration for a deposit is 15 years starting from the account opening date. If you do not deposit the minimum amount in any given year, you can reactivate the account by paying the minimum amount along with a penalty of Rs 50 for each year.
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