Sukanya Samriddhi Yojana: One way to ensure your daughter’s future is to invest in the Sukanya Samriddhi Yojana if you are her parents. Any Indian national may invest in it for their daughter who is younger than ten years old. A minimum of Rs 250 and a maximum of Rs 1.50 lakh can be invested annually under this scheme. This is a 15-year strategy that requires constant investment.
Account Duration and Maturity
This account continues for the next six years, and when it matures in twenty-one years, you receive the money plus interest. You may, however, withdraw funds from this account prior to the age of 21 provided certain requirements are met.
Marriage Before Eighteen
You may take half of the account amount if your daughter marries before turning eighteen. However, this represents half of the entire amount from the previous fiscal year. Money can be taken out for this between one month prior to the girl’s marriage and three months following it.
The account may be closed under certain circumstances
- The account may be terminated in the middle if the child’s legal guardian passes away before reaching adulthood. However, after opening the account for five years, this function is accessible.
- If the child who is the account holder has a terminal illness. You can close the account if you require medical funding. However, this facility is likewise only accessible after five years.
- Your account is cancelled even in the event that you renounce your Indian citizenship. In this case, interest is added and the full amount is refunded. However, this account can be kept open till you reach adulthood if you have relocated abroad but have maintained your Indian citizenship.
Education After Tenth Grade
You may take up to 50% of the funds after your daughter becomes 18 if you wish to send her to further education after the tenth grade and you need the money for that. This sum may also represent half of the outstanding balance from the previous fiscal year. However, you will need to provide documentation of your higher education.
Account Closure in Case of Early Adulthood
The money invested under this method, together with interest, is given to the girl’s parents if she reaches adulthood before it matures. Nevertheless, the girl’s death certificate needs to be turned in for this.
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