Sukanya Samriddhi Yojana to get better returns and tax saving benefits
Also, a maximum amount of Rs 1.5 lakh can be deposited in it. Apart from this, the interest rate of 7.6% per annum on the account is being received under this scheme in the post office. At the same time, it can be invested for a maximum period of 15 years. This account will give you economic power when your daughter is 21 years old.
Normal premature closure allowed on marriage
You will be able to spend the amount received under Sukanya Samriddhi Yojana on her further studies or on her wedding. Apart from this, normal premature closure has been allowed on the marriage of the daughter when she is 18 years old. After the age of 18 years, the daughter can partially withdraw cash from this account. Note that the withdrawal limit is 50% of the balance in the account at the end of the last financial year.
How will you save tax
A tax deduction of up to Rs 1.5 lakh can be claimed under section 80C on the amount deposited in Sukanya Samriddhi Yojana. Apart from this, the interest on the deposit and the money received on completion of the maturity period is also tax free. Thus the scheme is a tax saving scheme of the EEE category.
Some other facts related to the scheme
- Only her parents (original or legal) can open an account on behalf of the girl child.
- The account can be closed prematurely after the depositor’s parent dies or for the treatment of a serious illness.
- You can deposit money in Sukanya Samriddhi Yojana account by cash, check and DD. There is also a facility for intra operable NetBanking and online deposit from India Post Payments Bank Saving Account.
- After the 15-year period is already completed, till the maturity, the money keeps adding to the account according to the fixed interest rate at that time.
- The scheme comes under the Small Savings Scheme, for which the interest rate is revised every quarter.
- If for some reason you have to leave the city and go to another city or state, then SSY account can be transferred to that city. Facility to transfer account from any post office / bank branch to other post office / bank branch is available.
- If by mistake, more than 1.5 lakh rupees are deposited in this account in a financial year, then there will be no interest on the additional amount. Also the depositor can withdraw the additional amount at any time.
- Under this scheme, you can deposit money either in one installment or in small installments at any time. There is no limit on number of deposits.
- Under Sukanya Samriddhi Yojana, only the local residents of India can open their account. A person who is a resident of India but lives in another country. He cannot take advantage of this scheme. On the other hand, after opening this account and settling in another country, the account will be closed and no interest will be paid.
In case of twins, it can be opened for up to three girls.
Although the account of two girls can be opened under the scheme, but in case of twins, it can be opened for up to three girls. Apart from this, this rule will be applicable in case of someone who already has a baby girl and later has twins born or in the case of three girls born in the first birth. Also, parents have to provide proof of having twins.
If not the minimum deposit
On the other hand, if there is no minimum deposit in the account within a financial year, then the account can be executed. After this, only after filling a penalty of 50 rupees per annum can it be repaid. Also, the minimum amount has to be deposited in the account. On the other hand, if the account is not revived by filling the penalty, then it will become the normal savings account of the post office and the interest on the total amount in it will also be paid accordingly.
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