Sukanya Samriddhi Account Benefits

Benefits of Sukanya Samriddhi Yojana (SSY):

Though Sukanya Samriddhi Yojana is a government-sponsored scheme, it has positive obstacles in terms of the funding terms, interest price, ease of investing, and more. Also, if there are extra than two women youngsters in a family, then an alternative like an excessive-paying employer FD is a lot needed.

Benefits Are As Follows:

• High-Interest Rate: It gives 7.85% on the Sukanya Samriddhi account. Also, offers an extra 0.10% interest upon renewal of your FD. Interest Rate Fluctuations: The rate of interest is a concern to periodic changes inside the case of Sukanya Samriddhi. The lock-in period for the Sukanya account is at least 21 years or at the time of marriage of the account holder, whichever is earlier.
• Laddering: It gives flexibility to choose tenor ranging from one year to 36 months. This enables you ladder your investments such which you have multiple FDs with successive maturity timelines, with at least one FD dedicated closer to each financial intention of your girl child.
• Periodic Interest Payouts: You can avail periodic Interest payouts with FD. The frequency of payouts may be set as monthly, quarterly, or half-yearly, you could withdraw 50% of the amount accumulated simplest after the female reaches the age of 18. Premature withdrawals of the whole amount can be possible inside, without any restrictions on the lock-in period.
• Online Interest Rate Calculator: Offers an online FD calculator so that you can know the exact adulthood amount. It additionally lets making a decision the proper principal amount to attain a favored maturity quantity.

Eligibility for Sukanya Samriddhi Yojana Account

The following are the key eligibility criteria for beginning a Sukanya Samriddhi Yojana Account:

• Only parents or guardians of the girl infant can open a Sukanya Samriddhi Account in the call of the female.
• The girl toddler must be much less than 10 years on the time of account opening.
• The account can be operational till the lady reaches the age of 21 years.
• The initial funding can begin from Rs. 250 and a maximum of Rs. 1,50,000 annually with further deposits in the multiples of Rs.100.
• A single lady infant cannot have multiple Sukanya Samridhhi debts.
• You can advantage from better interest charges presented by corporation fixed deposit
• Only Sukanya Samriddhi Yojana accounts are allowed per circle of relatives i.e., one for each female child.