Benefits -
High Interest currently
• Rate of interest 9.2% Per Annum (w.e.f 1-4-2015),calculated on yearly basis ,Yearly compounded.
• A guardian can open only one account in the name of one girl child and maximum two accounts in the name of two different Girl children.
• Account can be opened up to age of 10 years only from the date of birth. For initial operations of Scheme, one year grace has been given. With the grace, Girl child who is born between 2.12.2003 &1.12.2004 can open account up to1.12.2015.
• Partial withdrawal, maximum up to 50% of balance standing at the end of the preceding financial year can be taken after Account holder’s attaining age of 18 years.
• If account is not closed after maturity, balance will continue to earn interest as specified for the scheme from time to time.
Disadvantages-
1. High interest rate not guaranteed for all years
2. Very long investment ( till child attend 21 years of age)
3. No Partial withdrawal . ( only after girl attend age of 18 )
So you can see how the government supports it in next 2-3 years and then think to invest.
High Interest currently
• Rate of interest 9.2% Per Annum (w.e.f 1-4-2015),calculated on yearly basis ,Yearly compounded.
• A guardian can open only one account in the name of one girl child and maximum two accounts in the name of two different Girl children.
• Account can be opened up to age of 10 years only from the date of birth. For initial operations of Scheme, one year grace has been given. With the grace, Girl child who is born between 2.12.2003 &1.12.2004 can open account up to1.12.2015.
• Partial withdrawal, maximum up to 50% of balance standing at the end of the preceding financial year can be taken after Account holder’s attaining age of 18 years.
• If account is not closed after maturity, balance will continue to earn interest as specified for the scheme from time to time.
Disadvantages-
1. High interest rate not guaranteed for all years
2. Very long investment ( till child attend 21 years of age)
3. No Partial withdrawal . ( only after girl attend age of 18 )
So you can see how the government supports it in next 2-3 years and then think to invest.
