Sukanya Samriddhi Yojana Detail:
If you want to secure your daughter`s life financially and don’t want to invest in High return risk plans, then Sukanya Samriddhi Yojana is the Best scheme for your beloving daughter. The best part is that in this financial year the Interest rate is 9.1% fixed by Govt which is quite good as compared to PPF which is offering 8.7% compound annually ,apart from this you can claim rebate on the deposit amount in under Section 80 C as per Income tax Rule.
As you know that every thing that has Advantage always come with some disadvantages Also.
Disadvantages of Sukanya Samriddhi Yojana:
1.Interest rate is not Fixed
As declared by the Govt the Interest rate is 9.1% for the Financial year 2014-15, which is very good if you compare with other schemes. But this interest rate is not fixed for every year. The Interest rate can vary on yearly basis depends upon the market condition.RBI has the power to change the interest rate in PPF,bank Deposit & under this scheme.
2.No Premature Withdrawal
In this Scheme you can withdraw only in two condition that is at the time of marriage or after the age of 21 year of daughter So those who are not financial strong would avoid this scheme .because at some point in life they need that money but if it is blocked then there is no use of this scheme for those parents.
3.Very Long Locking Period
This scheme is not flexible in terms of withdrawal i.e you have to deposit for 14 years and you will be getting the maturity after 21 years . Where.Where as if you compare this scheme with ELSS Mutual Fund which has a locking Period of three year. After locking period is over he/she can withdraw.
4. Online Transfer facility
As all you know that today life is too fast and every things is available on online and you can operate everything through internet.The major drawback in this Scheme is that this scheme is subject to non-online i.e you cannot operate this scheme through internet .This will increase discomfort among the customers and increase the work load of Post-office and bank .That will increase time in opening of account and operating time.