Any authorized guardian or mum or dad of a woman baby can open a Sukanya Samriddhi Account on behalf of their lady baby. (Representative picture)
Know the options of Sukanya Samriddhi Yojana and how one can put money into it
Sukanya Samriddhi Yojana: Tax planning is a key exercise salaried individuals do to economize. There are numerous devices out there out there to avoid wasting taxes, the Sukanya Samriddhi Yojana (SSY) is a scheme that may safe the monetary way forward for your lady baby, together with saving taxes. Here are its options and how one can make investments.
Currently, the Sukanya Samriddhi Yojana provides an annual rate of interest of 8.2 per cent for January-March 2024. The rate of interest on the scheme is reviewed on a quarterly foundation. The SSY scheme offers higher returns than most different small financial savings schemes and is totally danger-free as it’s backed by the federal government.
Who Can Open A Sukanya Samriddhi Yojana Account?
Sukanya Samriddhi Yojana account will be opened by the guardian within the title of lady baby beneath the age of 10 years on the day of opening the account. Once the lady turns 18, she’s going to grow to be the account holder. This account will be opened for a most of two women in a household. Provided in case of twins/ triplets women start greater than two accounts will be opened.
One huge plus of the SSY scheme is that an SSY account will be opened at any financial institution or submit workplace and will be transferred simply to different financial institution branches or submit workplaces. The funding interval on this scheme is 15 years and the maturity interval is 21 years.
Rules of Deposit For Sukanya Samriddhi Yojana Accounts
An SSY account will be opened with minimal preliminary deposit Rs 250. The depositor can thereafter deposit a minimal of Rs 250 and a most of Rs 1.5 lakh in every monetary yr, in multiples of Rs 50. The deposit will be made as a lumpsum quantity or in a month-to-month foundation. However, if the minimal quantity shouldn’t be maintained, there can be a superb of Rs 50, and the account can be thought-about as defaulted. The defaulted account will be revived earlier than completion of 15 years from the date of opening of account by paying minimal Rs 250 + Rs 50 default for every defaulted yr.
Sukanya Samriddhi Yojana: Interest and Tax Benefits
During the January-March 2024 quarter, the Sukanya Smariddhi Yojana subscriber will earn an rate of interest of 8.2 per cent. The curiosity earned is credited to the account on the finish of each monetary yr and is eligible for exemption beneath Section 80C of the Income Tax Act, 1961. The deposit quantity can be exempt beneath the identical part.
Open Account With Rs 250, Get Rs 2.5 Lakh at Maturity
If you open an account with Rs 250, plus an quantity of Rs 250 for the primary month and proceed to deposit Rs 500 per thirty days, then your whole yearly deposit can be Rs 6,000. Assuming that you just opened the account at your daughter’s age of 1 yr; by the point she turns 22, the funding can be Rs 90,000 whereas you’ll obtain curiosity price Rs 1,87,103 at an rate of interest of 8.2 per cent. Therefore, you’ll obtain a maturity worth of Rs 2,77,103 after 21 years.
