Edited By: Mohammad Haris
Last Updated: February 20, 2023, 13:32 IST
Account underneath the Sukanya Samriddhi Yojana will be opened with minimal preliminary deposit Rs 250.
The Centre just lately fastened the rate of interest on Sukanya Samriddhi Yojana at 7.6 per cent for January-March 2023
Sukanya Samriddhi Yojana: People have numerous choices to take a position their cash or save that for the longer term wants. One such secure possibility is small financial savings schemes. These schemes may help folks earn assured returns on their deposits. Among these small financial savings schemes is the Sukanya Samriddhi Yojana. This scheme is for fogeys with lady little one to safe her future.
The Centre just lately saved the rate of interest on Sukanya Samriddhi Yojana unchanged at 7.6 per cent for January-March 2023. 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 risk-free as it’s government-backed.
Who Can Open A Sukanya Samriddhi Yojana Account?
Sukanya Samriddhi Yojana account will be opened by the guardian within the title of lady little one beneath the age of 10 years on the day of opening the account. Once the lady turns 18, she is going to develop into 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 massive plus of the SSY scheme is that an SSY account will be opened at any financial institution or put up workplace and will be transferred simply to different financial institution branches or put up 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 is just not maintained, there will probably be a effective of Rs 50, and the account will probably 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 2023 quarter, the Sukanya Smariddhi Yojana subscriber will earn an rate of interest of seven.6 per cent. The curiosity earned is credited to the account at the tip of each monetary yr and is eligible for exemption underneath the Section 80C of the Income Tax Act, 1961. The deposit quantity can be exempt underneath 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 30 days, then your whole yearly deposit will probably be Rs 6,000. Assuming that you simply opened the account at your daughter’s age of 1 yr; by the point she turns 22, the funding will probably be Rs 90,000 whereas you’ll obtain curiosity price Rs 1,64,606. Therefore, you’ll obtain a maturity worth of Rs 2,54,606 after 21 years.
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