The Sukanya Samriddhi Yojana is a special saving plan for girls in India. It helps parents save money for their daughters’ education and future needs, like marriage. Parents can open this account when their girl is under 10 years old, and the money will grow over time. After 21 years, the family can use the saved money to help their daughter.
Sukanya Samriddhi Yojana Calculator
2023Interest Rate: 8.2% per annum (fixed)
Also Read : Government of India Investment Schemes
https://thebullbook.in/government-of-india-investment-schemes/
Benefits of Sukanya Samriddhi Yojana :
- Minimum deposit: ₹250; maximum deposit: ₹1.5 lakh per financial year.
- An account can be opened in the name of a girl child until she reaches the age of 10.
- Only one account is allowed per girl child.
- Accounts can be opened at post offices and authorized banks.
- Withdrawals are permitted for the purpose of higher education to cover education expenses.
- The account can be closed prematurely if the girl child marries after turning 18.
- Accounts can be transferred anywhere in India between post offices or banks.
- The account matures after 21 years from the date of opening.
- Deposits qualify for tax deductions under Section 80-C of the Income Tax Act.
- Interest earned in the account is exempt from income tax under Section 10 of the Income Tax Act.
How to Open a Sukanya Samriddhi Yojana Account in Post Office
Official Website : https://www.nsiindia.gov.in/(S(ep44ka2njbzuif4522tmm545))/Home.aspx
Gather Required Documents: Collect necessary documents, including the girl's birth certificate, identity proof of the guardian, and address proof. Ensure you have the completed application form.
Visit the Post Office: Go to your nearest post office that offers the Sukanya Samriddhi Yojana. Submit the application form along with the required documents to the postal staff.
Deposit Initial Amount: Make the initial deposit (minimum ₹250) as per the scheme's guidelines. Once processed, you will receive the account details and passbook, confirming the opening of the account.
FAQ :
Is Sukanya Samriddhi a compound interest?
The interest that accrues against SSY account which gets compounded annually is also exempt from tax under Section 10 of the Income Tax Act.
How many years need to pay for Sukanya Samriddhi Yojana?
You need to save money in the Sukanya Samriddhi Yojana for 15 years. This means that every year, you can put in some money to help your daughter save for her future. After 15 years of saving, the money will be ready for her to use when she grows up!
Which is better, Sukanya or PPF?
PPF offers better flexibility and SSA provides you with higher returns.
