Special deposit scheme for girls to attract 9.1% interest

By: | Published: January 20, 2015 9:45 PM

Investments in Sukanya Samriddhi Account, the special deposit scheme for girl child, will get a 9.1 per cent interest in the current fiscal...

Special deposit scheme, Special deposit scheme for girls, Sukanya Samriddhi Account, Indian Finance Ministry, Arun JaitleyFinance Minister Arun Jaitley had announced the scheme in his budget speech. Reuters

Investments in Sukanya Samriddhi Account, the special deposit scheme for girl child, will get a 9.1 per cent interest in the current fiscal.

“It has been decided to allow 9.1 per cent rate of interest on investments in the scheme during the financial year 2014-15,” the Finance Ministry said.

Finance Minister Arun Jaitley had announced the scheme in his budget speech.

Accounts in name of girl child can be opened in banks and post offices, and half of the fund can be withdrawn for her higher education and marriage after she attains 18 years of age.

Under the scheme, an account can be opened in the name of a girl child of up to 10-year-old.

The scheme would mature on completion of 21 years from the date of opening of the account. Deposits can be made till completion of 14 years of the girl.

The account can be transferred anywhere in India if the girl shifts to a place other than the city or locality where the account stands.

After attaining the age of 10 years, the account holder can herself operate the account.

The scheme is aimed at garnering small savings and channelising them for development of infrastructure.

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