New Delhi: The Sukanya Samriddhi Yojana (SSY) scheme is a commendable initiative designed to foster financial security and encourage early saving for girls. This scheme allows a legal or natural guardian to open an account specifically for a girl child, with each guardian permitted to open one account per girl child and a maximum of two accounts for different girl children. The account can be initiated up to the age of 10, but a one-year grace period extends this window for girls born between December 2, 2003, and December 1, 2004, allowing account openings until December 1, 2015.
The account remains active until the girl turns 21. If the account is not closed upon reaching maturity, it will continue to earn interest as specified by the scheme. Premature closure is allowed only after the girl reaches the age of 18 and if she is married, ensuring flexibility while maintaining the scheme’s primary goal of long-term savings.
For instance, consider an account where a guardian deposits ₹10,000 initially with an annual interest rate of 8.2%. Monthly deposits are made over 15 years. This scenario highlights the power of compound interest, where the account benefits from monthly compounding at the specified interest rate. By the end of the 15-year deposit period, the total deposited amount will be Rs 18,00,000. The beneficiary will be entitled to receive a total sum of Rs 55,46,118 out of which interest will be Rs 37,46,118.
Post the 15-year deposit period, the account continues to accrue interest for the remaining 6 years until maturity. During this phase, if the account remains open, it will continue generating interest based on the scheme’s terms, further enhancing the total balance. This extended earning period underscores the benefits of maintaining the account through its full term, maximizing financial returns.
In essence, the Sukanya Samriddhi Scheme exemplifies the benefits of early and regular saving combined with the advantages of compound interest. By contributing monthly and allowing the account to grow over 21 years, guardians can significantly improve the financial prospects for a girl child, ensuring a secure and prosperous future. This scheme not only supports disciplined saving but also provides a substantial financial cushion as the child reaches adulthood, demonstrating the value of thoughtful investment in long-term financial planning.
The Sukanya Samriddhi Yojana offers a unique opportunity to secure financial stability for a young girl through disciplined saving and compounding interest. With benefits extending up to 21 years, it ensures substantial growth and future security. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
