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Maturity Period You can extend this maturity period by a maximum of 5 years. The Sukanya Samriddhi account matures after 21 years of opening the account.

If you deposit Rs 1,50,000 each year for 15 years in the SSY account, you will get Rs 42.48 lakh after 15 years. You will continue with the SSY account until the end of the maturity period (21 years) without any further deposits. You will get Rs 65.93 lakh at maturity.

The maturity period of SSY is 21 years from the account opening or upon her marriage after attaining 18 years. However, contributions have to be made for only 15 years. Thereafter, the SSY account will continue to earn interest until maturity even when no deposits are made into it.

The maximum amount that can be deposited under the Sukanya Samriddhi Scheme is Rs.1.5 lakh per annum. Is there a last date to avail the Sukanya Samriddhi Scheme? No, there is no last date to avail of the scheme. However, standard tax filing dates will apply to this scheme too for purposes of taxation.

If the minor is below 10 years of age, it is important to have a parent/guardian to operate the account. Children between 10 to 18 years of age can open and operate their savings bank account independently.

Disadvantages of Sukanya Samriddhi Yojana Lock-in period: The account is only useful if one is looking to invest for the long-term. ... Maximum 2 Accounts: One can open only 2 Sukanya Samriddhi accounts. ... Pre-mature Withdrawal: Withdrawal prior to maturity is not permitted except in the case of death of the child.

4) Sukanya Samriddhi account Lock-in period The maturity period of SSY is 21 years from the account opening. The funds are locked in until the girl reaches the age of 18, with only 50% available for higher education.

Cheque book can be issued after student becomes major. Accounts of students who are minors below the age of 10 years will be operated by Parents/guardian.

Financial experts suggest most kids are able to grasp money concepts by age 9, which makes it a good age to open an initial savings account. Because checking accounts require greater financial responsibility, they suggest waiting until your child turns 15 to open a checking account.

18 or older (an adult) Have a government-issued ID. Make a minimum opening deposit (and maintain certain balance requirements)