Sukanya Samriddhi Yojana
The Sukanya Samriddhi Yojana Account is an initiative started by the Government of India with the view of helping the girl child. According to the scheme parents of a girl child can deposit up to 1.5 lakhs in the name of the girl in this account every year. Once the deposit is made it accrues interest at the rate of 8.1% per annum and is set to mature when the girl turns 21 years old or get married, whichever comes first. The account can be opened with a minimum deposit of Rs. 250 and subsequent deposits can be made either monthly or annually, subject to a minimum of Rs. 250 annually. There are no limitations on the number of deposits which are made in a month or a year. The account even allows for a partial withdrawal to be made when the girl turns 18 years old to support payments towards expenses for her education or even her marriage. Another advantage of this scheme is that investments in it need to be made only for 14 years after which none are required and the amount at credit at the end of 14 years will continue to gather interest till the scheme matures. The maximum amount that you can earn with this investment, assuming that you have been investing Rs 1.5 lakhs for 14 years at an interest rate of 8.1% per annum, is Rs. 78, 90,763.