Product of the week: Sukanya Samriddhi Scheme

Sukanya Samriddhi Account or Girl Child Prosperity Scheme is a special deposit scheme launched by Prime Minister Narendra Modi on 22 January 2015 for girl child. Under the scheme an account can be opened by the parent or legal guardian of a girl child of less than 10 years of age with a minimum deposit of Rs 1,000 in any post office or authorised branches of commercial bank. Under the scheme, an interest of 9.20 per cent is provided for the FY 15-16; however the interest rate will changes every year. The account will remain operative for 21 years from the date of opening of the account or till marriage of the girl child. Partial withdrawal up to 50 per cent of the account balance is allowed to meet education expenses of the girl child till she attains 18 years of age.
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