‘Blessed’ With A Girl Child, Truly: Sukanya Samriddhi Yojana One Of India’s Best Savings Schemes, Says Report

On October 2018, the government increased the interest rate to be paid on the Sukanya Samruddhi Yojana to a high of 8.5 per cent which would be compounded yearly, as reported by Mint. This would make it one of the most attractive risk-adjusted investment options in the country. It is reportedly the best savings schemes for ordinary citizens since the Senior Citizen’s Saving Scheme that offers a higher interest rate of 8.7 per cent is restricted to those above the age of 60.

It should also be noted that this is the best time to invest in Sukanya Samruddhi since the inflation is at a low level of 3.7 per cent. Thus, real incomes will drastically improve from this investment, claim reports.

Sukanya Samriddhi Yojana, launched in 2015, allows guardians or parents of a girl child to open a small savings account in any Post Office or branch of authorised commercial banks. Only one account per girl child is allowed. While a minimum deposit of Rs. 250 is necessary to open an account, a maximum of Rs 1.5 lakh can be deposited in a year. More details can be found here.

This scheme is part of the NDA‘s government flagship, ‘Beti Bachao, Beti Padhao’ campaign. It aims at helping families pay for a girl’s education and marriage through incremental savings.