Post Office Sukanya Samriddhi Yojana: Invest Rs 14 lakh, gift your daughter Rs 46 lakh! Here's how

Post Office Sukanya Samriddhi Yojana: If you are the guardian of a new-born girl child, the best gift you can give her is financial security for life. And one of the best ways to do that is opening a Post Office Sukanya Samriddhi account in her tome. Post Office offers several savings schemes to help individuals become financially secure. One such is the Sukanya Samriddhi account for the girl child. It is a central government's scheme aimed at securing the financial future of the girl child. 

Any legal or natural can open the Sukanya Samriddhi account in the name of the girl child. According to the official India Post website, a legal guardian can open only one account in the name of one girl child and maximum of two accounts in the name of two different girl children. 

One can invest a minimum of Rs 1000 and a maximum Rs 1,50,000 in a financial year in the Post Office Sukanya Samriddhi Yojana account. Subsequent deposit in the account can be made in multiple of Rs 100. The deposits can be made in lump-sum. There is no limit on the number of deposits either in a month or in a Financial year. 

The Post Office Sukanya Samriddhi Yojana account can be opened in the name of the girl child below 10 years of age. 

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Post Office Sukanya Samriddhi Yojana account interest rate: At present, the Post Office is offering  8.5% per annum interest rate (with effect from 1-01 -2018 ), calculated on yearly basis, yearly compounded.

Deposits in the Sukanya Samriddhi account needs to be made only for 14 years. At the current rate of interest, a yearly investment of Rs 1 lakh per year (Total= Rs 14 lakh), would return around Rs 46 lakh after 21 years. A yearly investment of just Rs 50,000 for 14 years, would return over Rs 23 lakh after maturity.  

Penalty: The account will be discontinued if one fails to deposit minimum Rs 1000 in a financial. It can be revived with a penalty of Rs 50 per year with minimum amount required for deposit for that year.

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Partial withdrawal: Partial withdrawal, maximum up to 50% of the balance standing at the end of the preceding financial year, is allowed after the account holder becomes 18 years old.

Premature closure: Premature closure is allowed when the account holder becomes 18 years old or gets married.