Investments in ‘Sukanya Samriddhi Account’- Facts you need to know:
(a) Withdrawal Facility- In case of Sukanya Samriddhi account, up to 50% of the accumulated amount can be withdrawn only after the account holder turns 18 while full withdrawal is possible after she turns 21.
(b) Long-term nature- For short-term investment purpose, Sukanya Samriddhi might not be a good option. Partial withdrawal is possible only after the girl child turns 18, he adds.
(c) Opening of Account- A Sukanya Samriddhi account can be opened in post offices or authorised bank branches, by the guardian in the name of a girl child till she attains the age of ten years. However, this year a one-year grace period up to December 1, 2015 has been given. It can be opened for a maximum of two children. In case of twins or triplets, this facility will be extended to the third child.
(d) Operation of Account- Up to 10 years age of child, Parents will operate the account. On attaining age of 10 years, the girl child may herself operate the account.
(e) Minimum Deposits- Initial deposit is Rs 1,000 and thereafter any amount in multiple of Rs 100 can be deposited. The minimum deposit for a financial year is Rs 1,000 and maximum Rs 1.5 lakh.
(f) Closure of Account- The account can be closed after the girl child attains 21 year age. If account is not closed after maturity, the balance will continue to earn interest as specified for the scheme from time to time.
(g) Partial Withdrawal- Up to 50% of the accumulated amount can be withdrawn after the child turns 18.
(h) Penalty- An account where minimum amount has not been deposited in a particular year will attract a fine of Rs 50 per year.
