Sukanya Samriddhi Yojana scheme is launched to motivate parents/guardians of the girl child, to sum up, an amount for her future education and marriage expenses. However, before investing money in this scheme, you should also know about the demerits of the SSY. Here's all that you need to know about it.
1. The Sukanya Samriddhi Account (SSA) can be opened only up to the age of 10 years.
2. After 21 years, the SSA will be closed, and the money will be given to the account holder.
3. If the daughter gets married between 18 and 21 years, then the account will be closed at the same time.
4. Though this scheme offers the highest rate of interest, it is not fixed and it keeps on changing every year.
5. You cannot invest online in the Sukanya Samriddhi scheme. You can deposit money only by cheque or DD.
6. When everything is being done over the internet, making this scheme a non-online subject will add to the discomfort of account holders and increase the work pressure on post office branches. This is a major drawback of this scheme.
7. Under this scheme, you will have to deposit the money for 14 years, i. e. after a girl is 21, you can withdraw the money from the bank. This means that it is not for a short period. You can only open the account when your girl is 10.
8. Investing in this scheme is not harmful at all; you will continue to get the returns. This scheme is not so flexible in the liquidity. However, the government is looking into this scheme to make necessary changes in the future.