Sukanya Samriddhi Yojana - All you need to know

Sukanya Samriddhi Yojana (SSY)

Eligibility, Interest Rate, Benefits

Sukanya Samriddhi Yojana is one of government-sponsored little savings schemes that can assist parents/guardians with making sure about the eventual fate of their girl youngster. This scheme can be handily opened in post offices and assigned private or public banks as a savings account for the sake of the baby girl. Like other government savings schemes, the loan fees for Sukanya Samriddhi Yojana are proclaimed quarterly.

• Interest rate for January to March 2020 was 8.4%
• Interest rate for April to June 2020 was 7.6%

Here's the eligibility rules for opening a Sukanya Samriddhi Yojana Account:

• Only guardians or parents of the girl kid can open a Sukanya Samriddhi account for the sake of the girl. 
• The girl youngster ought to be under 10 years at the hour of account opening. The account can be operational till the girl arrives at the age of 21 years.
• The introductory investment can begin from Rs. 250 and a limit of Rs. 1,50,000 yearly with additional deposits in the products of Rs. 100. 
• A single girl kid can't have different Sukanya Samriddhi accounts. Only two Sukanya Samriddhi Yojana accounts are permitted per family i.e., one for every girl youngster. 

Sukanya Samriddhi Yojana (SSY) versus Fixed Deposit (FD)

For guardians hoping to make sure about the fate of their kid, putting resources into a Sukanya Samriddhi Yojana can be an extraordinary choice. In any case, putting resources into a Fixed Deposit likewise has its own benefits. How about we see the key contrasts between a Fixed Deposit and Sukanya Samriddhi Yojana scheme. 

• Sukanya Samriddhi Scheme is a drawn out investment scheme while a fixed deposit can be utilized as a present moment just as long haul investment scheme. FD with short tenor can assist you with shielding your investment against swelling while FD with long tenor can assist you with gathering corpus for future needs. 
• Any Indian person can open a FD, independent of their age or sexual orientation. Sukanya Samriddhi Account must be opened for a girl youngster beneath the age of 10 years. Additionally, a FD can be opened for the sake of the parent with the kid as their chosen one or beneficiary.
• Fixed Deposits can be applied on the web (online). No online method of activity/account opening is workable for Sukanya Samriddhi Account. 
• An individual can have more than one FD account in their name however on account of Sukanya Yojana just one account can be opened for a girl youngster, with a top of two accounts for each family. 
• Fixed deposits require Rs. 100 of deposit sum for every month to begin with though Sukanya Yojana requires at least Rs. 250.Though Sukanya Samriddhi Yojana is a government-supported scheme, it has certain constraints as far as the investment terms, loan fee, simplicity of contributing, and the sky is the limit from there.

How to Invest?

You can invest in this scheme through your close post offices or assigned branches of participating public and private banks. You should submit KYC documents like Passport, Aadhaar Card, and so forth alongside the necessary structure and beginning deposit by cheque/draft. This wide reach is intended to help guarantee achievement of the Beti Bachao, Beti Padhao Yojana.

Check Out: How to open Sukanya Samriddhi Yojana Account