Special deposit for girls to attract 9.1 percent interest

January 21, 2015 Finance Talk Valli Sarvani No comments

The account called the Sukanya Samriddhi account is to encourage girl child for investments. Investments under this account will get a 9.1 percent interest in the current fiscal. The finance ministry has stated that this scheme is allowed to have 9.1 percent interest rate in the financial year of 2014 – 15. Arun Jaitley, the finance minister has announced the same.

People can open accounts in the name of girl child in banks and post offices. Half of the fund can be withdrawn for her higher education and marriage after the girl reaches the age of 18.

The account can be opened for a girl child under the age of 10. Deposits into the account can be made till the completion of 14 years of the girl. The scheme would mature upon the completion of 21 years from the date of opening of account.

If the girl shifts from her city or locality, the account can be transferred to anywhere in India. After attaining the age of 10, the girl child can even operate the account herself.

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