Sukanya Samriddhi Yojana (SSY): Talking about the Small Savings Scheme, the post office’s special scheme Sukanya Samriddhi Yojana is still at the top in giving returns. Sukanya Samriddhi Yojana (SSY) is getting an interest of 7.6 per cent per annum, which is fixed deposit (FD), National Savings Letter (NSC), Monthly Income Scheme (MIS), Kisan Vikas Patra (KVP) or Recurring Deposit (RD). Under this scheme, accounts can be opened to protect the future of your child. In SSY, parents can open an account in the name of a girl up to the age of 10 years.
Under the scheme, only one account will be opened in the name of a girl child. SSY account can start from a minimum of Rs 250. In this, a minimum deposit of Rs 250 and maximum of Rs 1.5 lakh has been fixed in a financial year. One can invest in Sukanya Samriddhi Scheme for a maximum period of 15 years.
Sukanya Samriddhi account can be closed only after the girl is 21 years old. However, normal premature closure is allowed when the child is 18 years of age and is married. After the age of 18, the child can do partial cash withdrawal from SSY account. Withdrawal limit is 50% of the balance in the account at the end of the last financial year.
How to open account
- First of all, you have to go to the post office and take a form to open Sukanya Samriddhi Yojana account.
- For this, the daughter’s birth certificate is necessary.
- ID proof of parents will also be required. In which PAN card, ration card, driving license, passport can be attached with any documents.
- Parents will also have to submit documents for address proof. In this also, driving license, passport, electricity bill or ration card is valid.
- After verification of your documents from the bank or post office, your account will be opened.
- After the account is opened, passbook is also given to the account holder.
Benefit of tax exemption
A tax deduction of up to Rs 1.5 lakh can be claimed under section 80C on the amount deposited in SSY. Apart from this, the interest on the deposits and the money received on completion of the maturity period is also tax free. In this way SSY is a tax saving scheme of ‘EEE’ category.
If you forget to deposit minimum amount in the Sukanya Samriddhi Yojana account any year, then your account will be closed. But this account can be reopened with a penalty fee of Rs 50. With a penalty fee of Rs 50, the account holder will have to deposit the amount with which he has opened the account.