QuestionsQuestionof rate of interest of SSY
Neelam Sharma asked 7 months ago

 Hello, I opened an account for my daughter on 22/04/2015 with a deposit of 50000. She got interest amount 4200 which is much lesser then 9.2% rate of interest. Please advise. Also if I deposit 50000 every year how much return will she get at the age of 18 and 21? Her date of birth is 9/4/2014.

1 Answers
Bipin Staff answered 7 months ago

Your interest amount is correct. If you has deposited the money on 1st April you would had received Rs 4,600, since your deposit was done later the interest is slightly lower.

Rate of interest is per annum.

When you daughter will be 18 years old, she can withdraw 50% of the funds accumulated in her account. Amount accumulated will be Rs 17,57,816

When she is 21 years of age, assuming she has not done any withdrawal at 18 years of age, the amount accumulated in the account will be Rs 22,51,453

Account will mature 21 years from date of opening it.

Interest rate is reviewed every quarter and is subject to change.