If you are interested in learning more about the Sukanya Samriddhi Yojana investment plan, you should keep in mind that Premature Closure (prior to 21 years being completed) will be allowed in case the girl (beneficiary) wishes to get married. The account can be contributed to till 15 years are completed from the date on which the account was opened. The Sukanya Samriddhi Account will mature in around 21 years.
From the start of the 16th year till the 21st year ends and from the date of opening this account, no further contributions will be there. The balance in the account will keep earning interest till the 21st year ends. This also means that money cannot be deposited from the 16th-21st years but the account balance will keep earning more interest during this period. The interest rates for the Sukanya Samriddhi Yojana scheme has already been declared by the Ministry of Finance and the Indian Government and will be evaluated on a quarterly basis. In case of the present quarter, i.e. January to March, 2018, the interest rate that has been notified is 8.1% per annum. The balance will be earning interest at the fixed rate of interest for a specific quarter.
Assuming that a sum of Rs. 1.5 lakh is invested annually for a period of 15 years in the Sukanya Samriddhi Yojana account in your daughter’s name, your total corpus will be growing to a total of Rs. 72.85 lakhs when 21 years end. This estimate takes into account the assumption that interest rates will be approximately 8.3% for the entire scheme tenor. The interest calculation will be on the lowest balance between the 10th and last day of a month. Hence, you will have to deposit money on the 10th of every month or before this date. This will help you get maximum returns although they will not be affected hugely.
Contributions can be done via cheques, cash or demand drafts and online transfers. The Sukanya Samriddhi Yojana accounts can be easily transferred across banks, post offices and also from post offices to banks without incurring any costs. You will have to provide proof of residences being changed in case of account holders/guardians. In case CBS (Core Banking Solution) is easily accessible for the post offices or banks, there can be hassle free online transfer of the amounts kept in the account.
The account will mature once 21 years have been completed from the date when the account was opened. The account balance will not be earning any interest once this period of 21 years concludes. Your daughter should be withdrawing money from this account once this period is finished. Premature Closure will be allowed in case the girl/beneficiary wishes to get married. This application cannot be made until the girl reaches the age of 18 and age related proof has to be provided as well. This application should be made at least 1 month prior to the marriage date or within a period of 3 months from the marriage date.