Sukanya Samriddhi Account: Fund your new-born daughter's higher education, marriage with just Rs 300 per day!

Sukanya Samriddhi Account: By saving just Rs 300 per day (Rs 9000 per month), you can fund your new-born daughter's higher education and marriage. Thanks to Sukanya Samriddhi Yojana (SSY), it is now possible to accumulate a big lump sum in the name of the girl child by investing a small amount every month. The SSY account can be opened in the name of the girl child aged 1-10 years. A legal guardian of the girl child can open the SSY account in a post office or at branches of some of the authorised banks. 

Sukanya Samriddhi Account Minimum and Maximum Deposit, Maturity

The SSY account can be opened with minimum Rs 250 and deposits can be made thereafter in multiples of Rs 100. The legal guardian of the girl child needs to deposit a minimum of Rs 250 in the SSY account in a year. The maximum deposit that can be made in the SSY account in the financial year is Rs 1.5 lakh. The annual investment needs to be made for fifteen years from the date of opening the account. The SSY account matures on the completion of 21 years from the date of opening of the account, or on the marriage of the account holder, whichever is earlier. 

The SSY interest rate is notified from time to time and it is calculated on a yearly compounded basis before getting credited to the account. The current rate of interest offered by the government on SSY account is 8.5%.

One withdrawal is allowed when the girl child attains the age of 18. The withdrawal up to 50% of the balance at the credit of the previous financial year is allowed for meeting the education expenses. So, suppose you open the SSY account in the name of your girl child when she attains the age of 1, you will be able to withdraw half of the accumulated amount at the end of the 17th year from the date of opening the account to fund your daughter's higher education. 

Online SSY calculators show that when your daughter turns 18, you will be able to withdraw around 18 lakh if the rate of interest remains the same till then. The remaining amount will continue to earn interest till the completion of 21 years of account opening, or the marriage of your daughter, whichever is earlier. Even by saving Rs 1000 per month, you can accumulate over Rs 5 lakh in the name of your girl child till she becomes 21 years old. 

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The SSY account can be transferred anywhere in India.