Sukanya Samriddhi Yojana is a small savings plan account that can be opened by the parents or an authorized guardian of a girl child in any post office or official branches of some of the profitable banks such as Bank of Baroda, State Bank of India, Canara Bank and various others. Here, the girl child is known as Account Holder and the parent or guardian is Depositor.
Also, an identity proof is required for opening the account. It may be Aadhar card, voter id and various other documents that may be furnished as identity proof.
The interest rate for this plan is at 9.1%, which is more than that of PPF at 8.7%. This rate of is not set for the term and can be amended each financial year just like various small savings plans, involving PPF.
The plan matures on ending of 21 years from the date of opening the sum. One may close the account as your daughter becomes 18 provided that she gets wedded before the removal. You are permitted to take out 50 per cent of the balance ranking at the end of the preceding financial year, only past your daughter becomes 18.
When there is no proposal facility present as of now, in case of an unlucky incident such as death of a girl child, the account will be suspended and the money will be given away to the parent or custodian of the account possessor.