Sukanya Samriddhi Yojana (SSY) is a authorities-backed small financial savings scheme offering tax benefits for ladies. The Sukanya Samriddhi Yojana assists households in accumulating funds for his or her daughter’s superior research and marriage ceremony bills.
Parents of a lady baby can open an SSY account from their daughter’s beginning till she reaches 10 years of age. Regular funding within the Sukanya Samriddhi Yojana, particularly placing within the most yearly deposit, can yield a number of lakhs on the time of the SSY account maturity.
(*70*) check out the top facts about Sukanya Samriddhi Yojana’s rate of interest, deposit necessities, maturity specs and tax benefits.
Sukanya Samriddhi Yojana Interest Rate Details
The scheme at present supplies an 8.2% annual rate of interest with yearly compounding. The Ministry of Finance opinions and adjusts these charges quarterly. Interest calculations take into account the bottom steadiness maintained between the sixth and last day of every calendar month. The curiosity quantity will get credited to accounts on the monetary yr’s conclusion.
Sukanya Samriddhi Yojana Deposit Specifications
Opening an account requires an preliminary deposit of Rs 250. The yearly deposit ceiling stands at Rs 1.5 lakh, with contributions accepted in Rs 50 increments. Depositors could make limitless transactions all through the monetary yr.
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Sukanya Samriddhi Yojana Calculator
According to HDFC Bank’s calculations, investing Rs 1.5 lakh yearly at present 8.2% rate of interest yields Rs 71,82,119/- at maturity. The SSY account matures 21 years after it’s opened. This sum contains the principal funding of Rs 22,50,000/- and earned curiosity of Rs 49,32,119/-.
Sukanya Samriddhi Yojana Account Eligibility
Legal guardians can set up accounts for ladies beneath 10 years. Families are usually restricted to two accounts, one per woman baby. Special provisions permit further accounts for a number of births, similar to twins or triplets.
Sukanya Samriddhi Yojana Duration of Deposits
Account holders can deposit funds for a 15-yr interval from the date of opening a Sukanya Samriddhi Yojana account. The account turns into dormant if the minimal deposit requirement just isn’t fulfilled in any monetary yr. To restore the account’s energetic standing, one should pay Rs 250 and an extra Rs 50 as a penalty charge for every defaulted yr.
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Sukanya Samriddhi Yojana Tax Benefits
Under Section 80C of the Income Tax Act, deposits in a Sukanya Samriddhi Yojana Account qualify for tax deductions up to Rs 1.5 lakh yearly. The scheme provides full tax exemption on curiosity earnings, making it a tax-environment friendly funding possibility.
Sukanya Samriddhi Yojana Account Operation
Until the woman baby attains 18 years of age, the guardian maintains management of the Sukanya Samriddhi Yojana account. Subsequently, the account management transfers to the woman baby, enabling her to handle it independently.
Sukanya Samriddhi Yojana Withdrawal Provisions
The account holder can entry funds after turning 18 or finishing tenth commonplace schooling. The withdrawal restrict is ready at 50% of the earlier monetary yr’s closing steadiness. This quantity will be withdrawn both as a single fee or in yearly instalments unfold throughout a 5-yr interval.
