India Post, the postal system of the country, offers several savings schemes which require modest contribution but offer attractive investment return. Sukanya Samriddhi account, one such savings scheme offered by India Post, fetches an interest rate of 8.5 per cent per annum. It is calculated and compounded on a yearly basis. It is a government-run account for the girl child and requires a minimum and maximum investment of Rs 1,000 and Rs 1,50,000 in a financial year respectively, as stated by India Post on its official website- indiapost.gov.in.
Here are 10 things to know about Post office Sukanya Samriddhi account:
1. A legal or natural guardian can open Sukanya Samriddhi account in the name of girl child.
2. A guardian can open only one account in the name of one girl child and maximum two accounts in the name of two different girl children, noted India Post.
3. This account can be opened up to age of 10 years only from the date of birth.
4. The subsequent deposits in a Sukanya Samriddhi account should be made in multiple of Rs 100.
5. Deposits can be made in lump-sum amount.
6. There is no limit on the number of deposits either in a month or in a financial year in a Sukanya Samriddhi account, according to India Post website.
7. If minimum of Rs 1,000 is not deposited in a financial year, account will become discontinued and can be revived with a penalty of Rs 50 per year with minimum amount required for deposit for that year, said India Post.
8. Partial withdrawal, maximum up to 50 per cent of balance standing at the end of the preceding financial year can be taken after account holder attains the age of 18 years.
9. Account can be closed after completion of 21 years.
10. Normal premature closure is allowed after completion of 18 years, provided that girl is married.