Sukanya Samriddhi Yojana You can invest in Sukanya Samriddhi Yojana for your daughter. You can open a Sukanya Samriddhi account anytime before the daughter is 10 years old, but before investing in this scheme, be sure to know about its disadvantages.
Sukanya Samriddhi Yojana (SSY) was launched by the Central Government. This scheme was started under the ‘Beti Bachao Beti Padhao’ scheme. Sukanya Samriddhi Account is for parents of daughters in India. Tax-free returns are also given in this. However, Sukanya Samriddhi Yojana is not secure for your daughter’s future due to several reasons. Know for what reasons you should not invest in this scheme.
How much interest is received in Sukanya Samriddhi Yojana?
Sukanya Samriddhi Yojana currently offers an interest rate of 8 percent. However, these interest rates are revised after every three months. If you take this plan because of goals like education and marriage expenses, then it may not be enough to counter the rising inflation. The returns of this scheme are not able to beat inflation.
What is the tenure of Sukanya Samriddhi Yojana?
The tenure of this plan is 21 years. Equity investment is the best way to beat inflation over a long tenure. That is, if you have to invest, then you should also invest in equity along with Sukanya Samriddhi Yojana. Initially, you have to invest less in Sukanya Samriddhi Yojana and more in equity. After the completion of the goal because of which you have taken this scheme, before some time you should increase the investment of Sukanya Samriddhi Yojana and reduce the investment of equity.
Limitations of Sukanya Samriddhi Yojana
Some restrictions have been imposed on the Sukanya Samriddhi Yojana account. These restrictions are not investor friendly. The amount deposited in the account can only be used for education and marriage expenses. Apart from this, the total amount remains the same.
Money remains blocked for a long time in the Sukanya Samriddhi’s account
Investing in this scheme keeps the money blocked for a long time. The account matures when the daughter turns 21. When the daughter turns 18, then only 50% of the amount can be withdrawn. This amount can be withdrawn only for the education of the daughter. That is, the money remains blocked for a long time. You can withdraw your money anytime you invest in equity.
Maturity Rules in Sukanya Samriddhi Account
The tenure of the Sukanya Samriddhi account is 21 years. Despite this, deposits are made only for the first 15 years. After the girl child reaches the age of 18 years, the guardian can withdraw only up to 50 percent of the amount in a business year. As per the rules of the Department of Posts, the transaction of money in the account can be completed in installments.
