1 lakh is invested every year and the investment period is 15 years. 15 lakh will be added by the end of 15 years. If the interest rate for one year is fixed at 7.6%, then Rs 3,10,454.12 will be added as interest at the end of 21 years. Accordingly, at the end of 21 years, Rs 43,95,380.96 will be deposited in the daughter’s account as maturity value.
Sukanya Samriddhi Yojana is a government-backed scheme that is run for daughters. Parents can start this savings scheme in the name of their daughter and add a good amount. Later on, this amount can be used for daughter’s education or marriage. At present, the interest rate of this scheme ( SSY ) is 7.6 percent and this account can be started in the name of the daughter for at least Rs 250. This account can be opened in the name of the daughter till the age of 10 years. Minimum Rs 250 and maximum Rs 1.5 lakh can be deposited in the account.
Questions are often asked about when and how one can withdraw the money deposited in Sukanya Samriddhi Yojana, how much can be withdrawn. According to the rules, when the daughter attains the age of 18 years or she passes 10th, she can withdraw money from the account. 50% of the total balance deposited in the account can be withdrawn. In this regard, the rules of the post office say, money can be withdrawn from Sukanya Samriddhi account in lumpsum or in installments. Only one installment can be withdrawn in a year and withdrawal of money from the account is allowed in installments for 5 years only.
How to close the account before maturity
In Sukanya Samriddhi Yojana, the facility of closing the account before maturity is available. After 5 years of running the account, you can close it and take the deposited money. However it has some conditions. If the account holder dies, the account can be closed. The facility of closing the account is also available in some very adverse circumstances. The account can be closed if the daughter of the account holder becomes incurable or life threatening illness, if the guardian running the account dies. In such a situation, it is necessary to give all the documents and applications to close the account. In the post office where the account is running, the request for closure of the account has to be given by submitting an application.
How to Close Account on Maturity
Sukanya Samriddhi Yojana account is closed after maturity. Its maturity is in 21 years. This period is added from the date of account opening. Full money can be withdrawn even at the time of daughter’s marriage. If the age of the daughter crosses 18 years, then you can take full money of the scheme for marriage. Till the time the account matures and the period of closure ends. The account can be completely closed one month before the marriage or after 3 months from the date of marriage.
How much money will you get after 21 years
Suppose the girl child was born in 2020 and her parents started Sukanya Samriddhi account in the name of the daughter in the same year. This account will mature after 21 years i.e. in 2041. Let’s say Rs 1 lakh is invested every year and the investment period is 15 years. 15 lakh will be added by the end of 15 years. If the interest rate for one year is fixed at 7.6%, then Rs 3,10,454.12 will be added as interest at the end of 21 years. Accordingly, at the end of 21 years, Rs 43,95,380.96 will be deposited in the daughter’s account as maturity value.
