New Delhi: Your financial savings is what will get you crusing in occasions of disaster. Investment or financial savings, made correctly won’t solely profit you however your kids too.
Small Savings Schemes are among the best choices that may be made for your kids to make a buffer or cushion for their future.
One such authorities backed Small Savings Schemes is the Sukanya Samriddhi Account.
Sukanya Samriddhi Scheme account may be opened within the title of a lady youngster until she attains the age of 10 years. The deposits made to the account, and additionally the proceeds and maturity quantity, can be absolutely exempted from tax beneath part 80C of the Income Tax Act.
Here are the important thing info in regards to the Sukanya Samriddhi Scheme
1. Account may be opened within the title of a lady youngster until she attains the age of 10 years.
2. Only one account may be opened within the title of a lady youngster.
3. Account may be opened in Post workplaces and notified branches of business banks.
4. Birth certificates of the woman youngster in whose title the account is opened have to be submitted.
5. Account may be opened with a minimal of Rs 250 – and thereafter any quantity in a number of of Rs 100- may be deposited. The deposits made to the account, and additionally the proceeds and maturity quantity, can be absolutely exempted from tax beneath part 80C of the Income Tax Act.
6. Maximum Rs 1,50,000 may be deposited in monetary yr. Deposits may be made as much as 14 years from the date of opening of the account. After this era, the account will solely earn interest as per relevant charges.
7. One withdrawal shall be allowed on attaining the age of 18 years of account holder to fulfill training/marriage bills on the charge of fifty % of the steadiness on the credit score of previous monetary yr.
8. The account may be transferred anyplace in India from one Post workplace/Bank to a different.
9. The account shall mature on completion of 21 years from the date of opening of account.
10. The interest charge on Sukanya Samriddhi account is revised each quarter, similar to other small financial savings schemes and PPF. Rate of interest 7.6% Per Annum (with impact from 01-04-2020 ), calculated on yearly foundation ,Yearly compounded.
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