Sukanya Samriddhi Yojana offers higher interest rates as compared to other small savings schemes. The interest is compounded on an annual basis and earned monthly, which helps you create enough funds for your daughter's future goals.
Eligibility For Sukanya Samridhi Yojna -
- The account can be opened by a natural or legal guardian for girls below the age of 10 years.
- Under the scheme, a depositor can open and operate only one account in the name of a girl child.
- A girl's natural or legal guardian is allowed to open an account for only two girls.
Features of Sukanya Samridhi Yojna -
- An attractive interest rate of 7.6 per cent, which is completely exempt from tax under Section 80C.
- Minimum Rs. 250 can be invested in a financial year.
- Maximum investment of Rs. 1,50,000 in a financial year.
- If the minimum amount of Rs.250 is not deposited in a financial year, a penalty of Rs.50/- will be imposed.
- The account can be opened for a maximum period of 14 years from the date of opening of the account.
- The account will mature on completion of 21 years from the date of account opening, provided that where the account holder is married before the completion of such period of 21 years, no further permission from the date of operation of the account will be granted to the account holder to re-marry his/her spouse.
- Passbooks will be issued to the customers.
- Drainage facility.
- In order to meet the financial needs of the account holder for the purpose of higher education and marriage, the account holder can avail partial withdrawal facility after attaining the age of 18 years.
- If the beneficiary is married before the maturity of the account, the account has to be closed.
Benefits of Investing in Sukanya Samridhi Yojna -
Higher Interest Rate -
SSY provides 7.6% per annum for high fixed rate returns (currently 1 FY (2022-23)) as compared to other government supported tax saving schemes like PPF.
Guaranteed Returns -
Since SSY is a government backed scheme, it provides guaranteed returns.
Tax benefits -
SSY provides tax deduction benefits up to Rs. 1.5 lakh per annum.
Flexible investment -
Any individual can make a minimum deposit of Rs. 250 and a maximum of Rs. 1.5 lakh per annum. This ensures that people with different financial status can invest in the scheme.
Benefits of Compounding -
Sukanya Samriddhi Yojana (SSY) is a long-term investment scheme as it provides the benefit of annual compounding. So, even small investments will give excellent returns in the long run.
Convenient Transfer -
In case of transfer of parent/guardian handling Sukanya Samriddhi Account, SSY account can be transferred independently from one part of the country to another (bank/post office).
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Trading & Finance