A welfare program for girls aimed at their betterment, Sukanya Samriddhi Yojana, or SSY, entails investing by parents or legal guardians of such girls to provide financial protection to a girl child aged 10 years or less. With consistent deposits you can build up a sizable corpus. You can use this corpus to help your girl achieve her aspirations for marriage, education, etc.
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Interest rates
You can earn 7.6 per cent interest rate per annum on the Sukanya Samriddhi Yojana account. The Centre determines and review’s the scheme’s interest rate on a quarterly basis.
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How is the interest rate calculated?
At the end of every quarter, the interest rate on the scheme is announced by the government. The interest on the deposits made by you will be calculated on the lowest balance in the Sukanya Samriddhi Account between fifth and end of the month. Thus, to get a higher interest amount, the depositor should ensure that deposit in the account is credited before 5th of every month. The interest shall be credited to the account at the end of the financial year.
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Premature closure
In the event of the account holder’s death, the account will be immediately closed and the remaining amount will be paid to the account holder’s guardian along with any outstanding interest.The interest rate for the amounts held in Sukanya Samriddhi Account from the date of death to the date the account is closed will be the same as the interest rate for post office savings accounts.
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Other exigencies
Accounts may be prematurely closed on extremely humanitarian grounds, such as when a girl child needs medical assistance for a life-threatening illness or when a guardian passes away and the account holder would suffer undue hardship if the account was kept open. The account must have been open for five years to avail of this facility. After all the necessary paperwork has been submitted, an early account closure will be permitted. Unpaid amounts with interest due in accordance with the plan will be paid to the account holder or the account guardian, as appropriate.
