You can contribute to the account until the completion of 15 years (earlier 14 years) from the date of opening the account. The Sukanya Samriddhi Account matures in 21 years.
From the beginning of the 16th year until the end of the 21st year from the date of opening the account, there shall be no further contributions. However, the balance in the account continues to earn interest until the end of the 21st year. This means you cannot deposit money from 16th until 21st year but the balance continues to earn interest during the period.
Sukanya Samriddhi Scheme Interest Rate
The rate of interest is notified by Ministry of Finance, government of India every quarter. For the current quarter (Jan-March, 2018), the notified interest rate is 8.1% p.a. Your balance earns interest at the specified rate for the quarter.
If you invest Rs 1.5 lakh every year (for 15 years) at the start of the financial year in a Sukanya Samriddhi account for your daughter, the corpus will grow to Rs 72.85 lakh at the end of 21 years. The assumption is that the interest rate stays at 8.3% during the entire term.
Credit of Interest
The interest shall be calculated on the lowest balance between 10th and the last day of the month. So essentially, you should deposit on or before 10th of every month to maximize returns. Won’t impact returns too much though.
Mode of Contribution
You can make contributions in cash, by cheque or demand draft or through online transfer.
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