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About the Author: Santanu

I'm Santanu, co-founder of mydailylifetips.com. Love to read & write about Life hacks, How to guides, Money Saving tips and travel stories on this space. Checkout my first Hindi YouTube Channel on Personal Finance Guide.

11 Comments

  1. I would like to know the following

    Can father and mother both can invest 1.5 lac each to this account or only total 1.5 lac per year only allowed.
    Appreciate your feedback

  2. Dear Friends,

    Myself Prakash singh, i would like inform all of you that do not waste your money in sukanya samriddhi account, my daughter is only 03 months old and i have opened sukanya samriddhi account and deposited Rs. 1.5 lac in the same, now i came to know that the government is reducing the interest rates, so i would like to request you dont waste your money in this account i have also made a very big mistake thought i will deposit Rs. 1.5 lac every year till 14 year but now onwards im also not going to deposit any money. please click on the below link to know further detail.

    http://zeenews.india.com/business/personal-finance/money-matters/fearing-cut-in-ppf-or-post-office-saving-interest-rates_1831141.html

    1. Yes Prakash, I have read that news and I also thnk that this scheme will loose all its shine in case interest will be reduced. Let’s see what happen in next budget 2016.

  3. If suppose the parent or legal guardian is unexpectedly passed away, then the Govt should pay the some minimum amount per month to the respective account and make the account active. This will help to bring up the girl child life in our society.
    Our Govt think about the Girl child future, definitely consider this query and implement the rule under the scheme.

    1. Hi Gopinath,

      This is really a nice point you have raised. I also agree that Govt. should contribute something to make this scheme more effective. But I don’t think they will agree that after death of legal guardian Sukanya Samriddhi Account will continue by depositing money from Govt side. But off-course some way should be considered to handle this kind of situation. Let’s see how Govt. consider this scheme for improving women upbringing in our country.

  4. 1. Interest Amount on maturity should not be taxable
    2. Plus the high interest rates is not a constant, the number will keep changing over the years.
    3. Why should one stop at 14?
    These are the drawbacks in this scheme, and I feel sad about it. I wish atleast the above mentioned, point 1 and 3 should change.
    Is there a way that I can open PPF for my 2 year old girl child? If yes, I feel thats a better option! Please suggest!

    1. You are right Gagan. Sukanya Samriddhi Account has lot of potential to make a corpus for long term. Specially for rural people as they prefer to invest in safest product with guaranteed return. But these drawbacks simply make this product more weak. But I am hopeful that in coming years Sukanya Samriddhi Account will see a lot of changes which will be good only. I think SSA could be the best alternative for PPF account.

  5. I believe that this is a very good step but this account should have had the EEE status. Making the maturity amount as taxable takes away all the shine away from this scheme. I am personally a big fan of PPF, mutual funds, SIP and equity investments. I will be opening an account for my daughter in this scheme but would have loved if the maturity amount was not taxable.

    1. Good luck Harjot. Happy to hear that you are going to open a Sukanya Samriddhi Account soon. Share your experience here as well. Besides them I am also a big fan of invest in Mutual Fund in SIP way. This is the best way one can create wealth for future expenses. And for child education when the horizon of investment is more than 15 years PPF, Sukanya Samriddhi Account, MF are the best tool to target. Off-course as per your risk taking ability.

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