New Delhi, October 25: Saving for your children is an important part of any parents' investment plan. From October 2018, the rate of interest for Sukanya Samriddhi Yojana (SSY), popular girl child savings scheme was hiked to 8.5 percent, compounded yearly, making it one of the most lucrative small saving schemes. In July, the minimum deposit for popular girl child savings scheme, Sukanya Samriddhi Yojana, has been lowered from Rs 1,000 to Rs 250.

The objective behind this is to make more people benefit from this scheme. The maximum yearly deposit, however, stands unchanged at Rs. 1.50 lakh. If the minimum deposit is not made in a year, then a fine of Rs 50 is imposed on the holder. Sukanya Samriddhi Yojana For Girl Child: Minimum Deposit Amount Reduced to Rs 250, How Can You Open a New Account?

Here are a few things to remember if you plan to open an account in Sukanya Samriddhi Yojana for your little girl.  The account is valid for 21 years from the date of opening, after which it will mature and the money will be paid to the girl child in whose name the account had been opened. The account will get automatically closed if the girl child gets married before the completion of the tenure of 21 years. Under this scheme, a parent or a legal guardian can open the account in the name of the girl child till she attains the age of 10 years. Sukanya Samriddhi Yojana Gives Rs 10,000 on Registration is Hoax! WhatsApp Message Circulating About Girls Saving Scheme is Fake.

As per reports, the highest monthly investment would be Rs 12,500, where one needs to make a total Rs 21 lakh investment for 14 years, and will become eligible to earn over Rs 67.76 lakh. Therefore, if you are planning to make an investment in this plan, then choose your investment amount wisely so that you get the best returns.

(The above story first appeared on LatestLY on Oct 25, 2018 02:39 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).