Things you should know about Sukanya Samriddhi Yojana

Things you should know about Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana is a small deposit plan for the girl child introduced as an element of the Beti Bachao Beti Padhao movement. It is presently getting an interest rate of 9.1% and gives income-tax benefit.

A Sukanya Samriddhi account can be created any time after the birth of a girl till she becomes 10, with a minimum balance of Rs 1,000. A maximum amount of Rs 1.5 lakh can be submitted throughout the ongoing monetary year. The account can be maintained in any post office or certified divisions of commercial banks. The account will stay operative for twenty one years from the date of its creation or till the wedding. To fulfill the need of her higher learning expenditures, incomplete withdrawal of 50% of the balance is permitted after she becomes 18.

How much amount can be maintained in the account?

The account can be created with a starting balance of Rs. 1,000 and after that, any amount in manifold of Rs. 100 can be submitted, subject to the situation that a minimum 1000 Rs. will be maintained in a financial year, but the overall money maintained in an account on an occasion or on different occasions will not go beyond Rs. 1, 50,000 in a fiscal year.

What is the method of deposit?

The amount deposited in the account can be completed in cash or by cheque or DD and a support on the back of these instrument has to be created and signed by the depositor, pointed out the name of account holder and the account number in which the deposit is to be submitted.

Deposits may also be done via electronic methods in the related post office or banks if there is CBS accessibility in them.

In case the deposit is completed by cheque or DD, the date of cheque encashment or DD is the credit date to the account, whereas for electronic transfer, it is deposit date.

How is the rate of interest on deposits premeditated?

The government secures interest rates on periodical basis depending on the G-sec yields. The interest rate extends that the SSY benefits over the G-sec rate of similar mellowness is seventy five base points.

Interest rate is to be informed by the government, calculated annually will be accredited to the account till it finishes fifteen years.

In case the account holder goes for monthly interest, the similar will be estimated on the balance in the account on finished thousands, in the balance that will be salaried to the account holder and the continuing amount in portion of thousand will carry on to get interest at the current rate. For monthly interest, only the amount in thousands will be regarded, the balance will carry on getting interest at current rate.

The interest will be worked out for the calendar month on the minimum balance in an account on the deposits completed between the closing of the tenth day and month’s end.

How does the account work?

The account is run and maintained by the natural or lawful custodian of the girl child in her name till she becomes 10.

When she becomes 10, the girl child can run the account herself; on the other hand, deposit in the account may be completed by the guardian or any other individual or authority.

What are tax benefits offered in the scheme?

Presently, Sukanya Samriddhi Yojana gives the maximum tax-free return with ruler assurance and comes with the not liable status. The yearly deposit meet the criteria for Section 80C advantages and the development benefits are not taxable.

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