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Sunday, October 17, 2021

Investment in this scheme of post office will be 3 times the money

 

Sukanya Samriddhi Yojana: In the post office savings schemes, Sukanya Samriddhi Yojana is at the top in terms of giving the highest returns. The account can be opened in any post office or commercial bank under Sukanya scheme. Generally, banks which have the facility to open the Public Provident Fund (PPF) accounts, also have the facility to open Sukanya Samriddhi Yojana accounts. Currently, 7.6 percent interest is being received in it.The Central Government’s Sukanya Samriddhi Yojana (SSY) is a very popular scheme, which is being run keeping in mind the safe future of daughters. The special thing is that the maturity of the scheme is 21 years, but the parents have to invest only 14 years in it. The amount invested by you in this scheme, you will get 3 times the return on maturity. Through this scheme, up to Rs, 64 lakh can be raised at a rate of 7.6% per annum.

3 times return on investment

Right now the interest rates on Sukanya Samriddhi Yojana have been fixed at 7.6 percent.
You can deposit a maximum of Rs 1.50 lakh annually in this scheme. The monthly amount will be Rs 12500.
Suppose if these interest rates remain and for 14 years you invest Rs 12500 or Rs 1.50 lakh annually (maximum amount) every month.
You have to do this for 14 years.
In this scheme, the total contribution from you on investment of 1.50 lakh per annum for 14 years will be Rs 21 lakh.
In 14 years, this amount will be Rs 37,98,225, according to the compounding of 7.6% per annum.
After this, for 7 years, you will get 7.6 percent annual compounding return on this amount.
This amount will be around Rs 63,42,589 at 21 years i.e. maturity.

It is clear that an investment of Rs 21 lakh will become Rs 63.5 lakh on maturity, which means you will get Rs 42.5 lakh in interest.

How will Sukanya Samriddhi Yojana account open?

First of all, you have to go to the post office and take a form to open Sukanya Samriddhi Yojana account.
For this, it is necessary to have a daughter’s birth certificate.
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.

SSY: Qualification

Any Indian citizen can open an account in Sukanya Samriddhi Scheme in the name of a daughter. But the daughter’s age should be less than 10 years. An account can be opened in the name of 2 daughters in a family. If the account of more than 2 girls is to be opened, then it will be necessary to give an affidavit along with the birth certificate.

Benefit of tax exemption

Tax exemption can be availed under Section 80C of Investment Income Tax Act under Sukanya Samriddhi Yojana. If the daughter becomes 18 years of age and needs money for studies or her marriage, then you can withdraw up to 50 percent of the deposit amount.

Sukanya Samriddhi Yojana Minimum deposit

A minimum of 250 rupees can be deposited annually in Sukanya Samriddhi Yojana. Earlier, the annual monthly deposit was Rs 1000. Under the scheme, a minimum of Rs 250 and a maximum of Rs 1.50 lakh can be deposited annually.

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Source: www.financialexpress.com

Nisha Chawlahttps://www.businesskhabar.com/
She is an expert in Banking, Finance and working with an international bank. She sharing her ideas and knowledge with Business Khabar.
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