Sukanya Samriddhi Yojana Interest Rate, Benefits 2023
Sukanya Samriddhi Yojana is a Kind of Initiative which has been Launched by the Government in the year 2015 in order to give Girl Children a Better Future.
It has been Introduced for the Girl Children ranging from the range of Age 1 to Age 10. For people whose girl Child has been from Age of 1 to 10, they can Open their Sukanya Samriddhi Account.
While one person having two Daughters can open their Sukanya Samriddhi Yojana account. It is the maximum limit for opening the Sukanya Samriddhi Account.
While one can’t open the Sukanya Samriddhi Yojna online, one can open an Account In the Post Office and also in the Bank. Anyone can open an account in Private Bank, Government Bank, or any Post Office.
The Documents which are required for the Sukanya Samriddhi Yojana are the Birth Certificate of the Girl Child, the Aadhar Card of the Parent as well as the Aadhar Card of the Girl Child.
Sukanya Samriddhi Yojana Interest Rate 2023
While the government gives about 7.60% of the Interest Rate on the Sukanya Samriddhi Account Yojna. In consideration of the bank account if one is having a Savings Account in the bank then the interest offered is about 2.50% to 3% while If the money is kept in a Fixed Deposit then the Interest Rate Offered is about 5% to 5.50%. But in the case of Sukanya Samriddhi Yojna The Interest Rate offered is about 7.60%.
Sukanya Samriddhi Yojana Calculator
If the person Deposits the amount of 1,50000 per year in this Yojna then the total Investment of 15 years will be 22 Lakhs 50 Thousand and as per the Interest Rate of 6.70% the total interest obtained will be 41,15,155 while when the Girl Child will be of 21 Years then the total Maturity Value will be 63,65,155 Rs.
Sukanya Samriddhi Yojana Benefits
For the Sukanya Samriddhi Yojana account one has to deposit the Money from the age of 0 to 15 years of the Girl Child and then when the Girl Child becomes the age of 21 Years old then one has to only Add the money until the age of 15 Years of age. And thus up to the age of 21 years, there is no need to add any Money.
Thus after the age of 21, the account gets matured and, one has to deposit a minimum of up to 250 Rs per year in the account. While the maximum amount one can deposit per year is about 1 Lakh 50 Thousand. Thus one has to add the money for 15 years and the money remains in the account for about 6 Years then after the account becomes mature one gets Money along with the Interest.
While one can also withdraw the money Before the account gets mature only if the Age of the Girl Child is above 18 and the premature withdrawal takes place only if the money is required for either Higher Education or the Marriage of the Girl Child. Then The premature Withdrawal of the account takes place at only 50% of the total Money gathered.
While if Unfortunately if the Girl Child’s Parent Dies when the Girl Childs Age is about 5 Years then there will be no need of depositing any money, but whatever amount that has been gathered till 5 years will be given along with the Interest after the Girl Child becomes 21 Years of Age.
While the money which has been deposited is in the hands of the government so there is no need to worry about the money. All the money Is safe in the hands of money so there is no need to worry about one’s Money.
Is the Sukanya Samriddhi Good or Not?
The Drawback of the Sukanya Samriddhi Yojana is that the Government is decreasing the Interest Rate year by year, so there is no stability in the Interest Rate, but overall the Interest rate offered is good than the Interest rate offered by other Institutions.
Sukanya Samriddhi Account helps every Girl Child to be Financially Stable and helps to get them better Opportunities in terms of education. As the Sukanya Samriddhi Yojna Currently gives an interest rate of about 7.60% but if we right from the year 2014, the government has been decreasing the rate of Interest on it. In the year 2014, the Interest Rate was about 9.50%, and thus currently it has been lowered to 6.70% which is the drawback of this Scheme.
What is Sukanya Samriddhi account?
Sukanya Samriddhi Account is a type of Government account that can be opened in any private Government or any Post Office in which one has to deposit a minimum of 250 Rs per year or a maximum of 1,50000 Rs per Year of which one has to keep on depositing the money till the age of Girl Child becomes 15 years, then after 21 years of Girl Child the account will get Matured and one gets the Money along with the Interest.