Sukanya Samriddhi Savings Scheme: India Post currently offers interest at the rate of 8.4 per cent on investment in the Sukanya Samriddhi Account at designated post office branches. The interest rates applicable to small savings schemes such as Sukanya Samriddhi are currently reviewed by the Ministry of Finance on a quarterly basis. For the quarter ending March 31 - the fourth quarter of the current financial year, the finance ministry has retained the interest rates at existing levels. The Sukanya Samriddhi scheme is part of the nine government-run small savings schemes.
Here are key things to know about the Post Office Sukanya Samriddhi scheme:
Who can open account
A Sukanya Samriddhi account can be opened in favour of a girl child by the guardian. Only one account can be opened by a guardian in favour of a girl child (maximum two accounts in favour of two children), according to the India Post website - indiapost.gov.in.
Rate Of Return
For the fourth quarter of current financial year, investment in the Sukanya Samriddhi account fetches interest at the rate of 8.4 per cent.
Minimum Investment For Opening Account
For opening an account under the Sukanya Samriddhi scheme, one needs to invest a minimum of Rs 250, according to the India Post website.
A maximum investment of Rs 1.5 lakh is allowed in the Sukanya Samriddhi scheme per financial year. There is however no limit on the number of deposits in a month or financial year.
The account is discontinued if the criteria for minimum investment is not met in a financial year. In such cases, the account can be revived against payment of a penalty of Rs 50 along with the minimum amount required per financial year.
Maturity Period (Lock-In)
A Sukanya Samriddhi account comes with a maturity period of 21 years.
A facility to withdraw from the savings scheme prematurely is available under certain conditions. A maximum of 50 per cent of the balance at the end of the preceding financial year can be withdrawn from the account after the account holder attains the age of 18 years.