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Thursday, January 22, 2015

SB Order 02/2015: Introduction of new scheme "Sukanya Samriddhi Account" under Small Savings Scheme from 22.01.2015.

Sukanya Samruddhi Account

Under the scheme, the account can be opened from the birth of the girl child till she attains the age of 10. A girl child who attained the age of 10 years, one year prior to notification, will also be eligible. The account can be opened by an amount of Rs 1,000 and in a financial year investment ceiling is Rs 1.5 lakh. The child can close the account earliest at the age of 21 years with option of keeping the account till marriage.

For the current financial year, this would work out to 9.1%. For the sake of simplicity, the manner of interest calculation would be similar to public provident fund (PPF).

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