Sukanya Samriddhi Yojana: the government of India often comes with small savings plans Specifically targeted to a particular group, for example senior citizens or women. For parents of girl child who want to secure her future, opening an account under Sukanya Samriddhi Yojana The benefits initiated by the central government will be beneficial. The Center has recently announced interest rates for Sukanya Samriddhi Yojana for the July to September quarter this year, and the latest interest rates are better than those for bank fixed deposits. Moreover, the SSY scheme gives better returns than most of the small savings schemes and is completely risk free as it is government backed.
Who can open SSY account?
Sukanya Samriddhi Yojana account can be opened by the guardian in the name of girl child below 10 years of age on the day of account opening. After the girl turns 18, she will become the account holder. This account can be opened for a maximum of two girls in a family. Provided that more than two accounts can be opened in case of birth of twins/triplets.
A big plus of the SSY scheme is that the SSY account can be opened in any bank or post office and can be easily transferred to other bank branches or post offices. The investment period in this is 15 years and the maturity period is 21 years.
Sukanya Samriddhi Yojana Account: Rules of Deposit
An SSY account can be opened with a minimum initial deposit of Rs.250. Thereafter the depositor can deposit a minimum of Rs 250 and a maximum of Rs 1.5 lakh in multiples of Rs 50 in each financial year. Deposits can be made as a lump sum amount or on a monthly basis. However, if the minimum amount is not maintained, there will be a penalty of Rs 50 and the account will be treated as default. The defaulted account can be revived by paying a minimum of Rs 250 + 50 default for each defaulted year before completion of 15 years from the date of account opening.
Sukanya Samriddhi Yojana: Interest and Tax Benefits
Customers of Sukanya Samriddhi Yojana will earn an interest rate of 7.6 per cent during the July to September quarter. The interest earned is credited to the account at the end of each financial year and is eligible for exemption under section 80C of the Income Tax Act, 1961. Deposit amount is also exempted under the same section.
Open an account with Rs 250, get Rs 5 lakh on maturity
If you open an account with an amount of Rs 250, plus Rs 750 for the first month and continue to deposit Rs 1,000 per month, your total annual deposit amount will be Rs 12,000. Assuming that you have opened the account on the birth of your daughter, by the time she turns 21, your investment will be Rs 1,80,000 while you will get interest of Rs 3,47,445. Hence, you will get the maturity value of Rs 5,27,445 after 21 years.
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