Sukanya Samriddhi Yojana: A Comprehensive Guide to Saving for Your Girl Child’s Future
Gone are the times of considering saving cash for destiny marriage when you have daughters. Parents shop cash for his or her children`s training costs which will research and come to be smart. It is higher to begin making an investment early for this.
If you’re searching out numerous kinds of investments for this purpose, you have to recognize this plan. Sukanya Samriddhi Yojana is a scheme designed solely for the destiny monetary wishes of daughters. As it’s far a vital authorities scheme, the cash is 100% secure and receives excessive hobby.
Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme for the girl child in India. It was launched as a part of the “Beti Bachao, Beti Padhao” campaign in 2015 by the Government of India.
Under this scheme, parents or legal guardians of a girl child can open a Sukanya Samriddhi account in any authorized bank or post office in India. The account can be opened in the name of a girl child who is below the age of 10 years.
The scheme offers an attractive interest rate that is revised every quarter. The interest rate for the July-September quarter of 2021 is 7.6% per annum.
The account can be opened with a minimum deposit of Rs. 250 and a maximum deposit of Rs. 1.5 lakh in a financial year. The account matures after 21 years from the date of opening or when the girl child gets married, whichever is earlier. Partial withdrawal of up to 50% of the balance is allowed after the girl child attains the age of 18 years for the purpose of higher education or marriage.
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The scheme offers tax benefits under section 80C of the Income Tax Act, 1961, where the contributions made to the account, as well as the interest earned, are exempted from tax. However, there is a cap of Rs. 1.5 lakh on the amount that can be claimed as a deduction under this section.
Overall, the Sukanya Samriddhi Yojana is a good savings option for parents or legal guardians who want to secure the future of their girl child and plan for her education and marriage expenses.
Sukanya Samriddhi Yojana
Central authorities commenced Sukanya Samriddhi Yojana in 2015 as part of Beti Bachao Beti Padhao campaign. The assignment is being carried out beneathneath the Ministry of Women and Child Development. The scheme is released as destiny financial savings for ladies. A lady reaches her length while she turns 21. Or while the lady receives married after the age of 18, the length could be considered.
Who can be a part of?
Parents of ladies under 10 years of age can open Sukanya Samriddhi Yojana account. The account must be opened withinside the call of the daughter. You can be a part of Sukanya Samriddhi Yojana from banks or submit offices. Only one Sukanya Samriddhi Yojana account may be opened withinside the call of a baby. There is an exemption for mother and father of twins.
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How plenty may be deposited as much as Rs
Rs 250 to Rs 1.50 lakh may be invested in Sukanya Samriddhi Yojana in a monetary 1year. One can spend money on installments throughout the monetary 1year. Deposits must be made for a length of 15 years after beginning the account. At least a minimal funding wishes to be made throughout the 1year. Otherwise the account could be terminated. Account may be reopened on final touch of 15 years. For this, it’s far sufficient to pay a penalty of fifty rupees and make a deposit of now no longer much less than 250 rupees.
Interest rate
The authorities has lately introduced the interest rate of the small financial savings schemes for the July-September region of the monetary 1year 2022-23. According to this, the once a year hobby fee of Sukanya Samriddhi Yojana is 7.6 percent. Investments made in Sukanya Samriddhi Yojana throughout the monetary 1year are absolutely tax deductible beneathneath Section 80C of Income Tax. Interest and adulthood quantity are tax free.
Withdrawal
50% quantity may be withdrawn if the lady baby completes 18 years of age or completes tenth standard. Deposit may be withdrawn in lump sum or in installments. 1 withdrawal according to 1year is permitted. Once the lady reaches 18 years of age, the funding is transferred from the determine to the lady. After attaining puberty, the lady baby could make deposits and withdrawals herself.
Withdrawal may be made most effective after five years from the begin of funding. It has sure conditions. Premature withdrawal is permitted withinside the case of demise of the account holder, demise of the determine, extreme fitness issues of the account holder. For this, the software may be submitted on the financial institution in which the deposit is made or on the submit office.
