Things to take care of while investing in SSY

Stay alert of fake schemes

Stay alert of fake schemes

The interest rate for Sukanya Samriddhi Yojana is the same for all banks and post offices. If anybody is offering a different interest rate than the post office, do not invest in them.

Good to start early

Good to start early

The scheme has a very long tenure and can only be started until your daughter turns ten years old. The investment can be partially withdrawn when the girl child turns 18 years old or has passed the 10th standard. Therefore, the earlier you start, the more years you get for investing.

Not for emergencies

Not for emergencies

The SSY investment is an investment with a very long tenure. Keep some amount of your savings in your savings bank account for emergencies. Don’t put all your savings into SSY investment.

Premature withdrawal

Premature withdrawal

The investment can be withdrawn 50% when the girl child turns 18 years old or has passed the 10th standard. There are also conditions on this withdrawal. The amount can be used for the higher education of the girl child, and in some cases, only the actual fee amount is allowed to be withdrawn.

Always fill in nomination details

Always fill in nomination details

Remember to fill in nomination details while opening an account. Keeping a nomination will ensure that your investment money goes to the right person in case of the account holder’s death.

Jump into next section to know about how to apply for SSA

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