Best child care investment in India for Higher Education & Marriage

Best child care investment in India for Higher Education & Marriage

If you find a best investment plan for your child’s better future, you are in right way to find it. India Post offer a best child plan in India which is design for your child’s Higher Education and Marriage. Sukanya Samriddhi Account(SSA) is specially introduce for girl child in India. According to India Post website the presently interest of SSA is 8.1%, which calculate in yearly basis and yearly compounded.

Salient Feature of SSA :-

• A legal Guardian/Natural Guardian can open account in the name of Girl Child.
• A guardian can open only one account in the name of one girl child and maximum two accounts in the name of two different Girl children.
• Account can be opened up to age of 0 to 10 years only from the date of birth.
• Account can be open with a minimum deposited amount of 1000/-
• If minimum Rs 1000/- is not deposited in a financial year, account will become discontinued and can be revived with a penalty of Rs 50/- per year with minimum amount required for deposit for that year.
• Limit of minimum and maximum deposit can be allot 1,000/- to 1,50,000/- per year. Subsequent deposit in multiple of 100.
• Minimum invest period 14 years. One can deposited in her account up to 14 years. There after no subscription will be accepted.
• Partial withdrawal, maximum up to 50% of balance standing at the end of the preceding financial year can be taken after Account holder’s attaining age of 18 years.
• Account can be closed after completion of 21 years.
• Normal Premature closure will be allowed after completion of 18 years​/provided that girl is married.

Limit of Contribution :-

One can contribute in her account up to 14 years. Minimum INR. 1000/-and Maximum INR. 1,50,000/- in a financial year. Subsequent deposit in multiple of INR 100/- can be made in lump-sum deposit. No limit on number of deposits either in a month or in a Financial year.

Rate of Interest :-

Present rate of interest is 8.1% Per Annum with effect from​ 1-04​-2018​​, The interest calculated on yearly basis ,Yearly compounded. This interest rate is changeable. In every three month department review its interest rate and fixed for next three month.

Maturity Value :-

If some one invest 2,000/- rupees in monthly basis. After 14th year her total contribution will be 3,36,000/- for the same interest rate customer will get interest 7,33,949 after 21 years and her Maturity value will be (3,36,000+7,33,949)=10,93,949/- I think there is no such scheme in India, in any financial entity. So, there is no doubt that it’s the best child plan in India.