Sukanya Samriddhi Yojana: The government of India often comes up with small savings schemes targetted especially for a particular group, for example senior citizens or women. For parents with girl child who want to secure her future, opening an account under the Sukanya Samriddhi Yojana launched by the central government will be beneficial. The Centre has recently announced the interest rates for the Sukanya Samriddhi Yojana for the July to September quarter this year, and the latest interest rates are better than that of bank fixed deposits. In addition, the SSY scheme gives better returns than most small savings scheme and is completely risk free as it is government-backed.
Who Can Open an SSY Account?
Sukanya Samriddhi Yojana account can be opened by the guardian in the name of girl child below the age of 10 years on the day of opening the account. Once the girl turns 18, she will become the account holder. This account can be opened for maximum of two girls in a family. Provided in case of twins/ triplets girls birth more than two accounts can be opened.
One big plus of the SSY scheme is that an SSY account can be opened at any bank or post office and can be transferred easily to other bank branches or post offices. The investment period in this is scheme is 15 years and the maturity period is 21 years.
Sukanya Samriddhi Yojana Account: Rules of Deposit
An SSY account can be opened with minimum initial deposit Rs 250. The depositor can thereafter deposit a minimum of Rs 250 and a maximum of Rs 1.5 lakh in each financial year, in multiples of Rs 50. The deposit can be made as a lumpsum amount or in a monthly basis. However, if the minimum amount is not maintained, there will be a fine of Rs 50, and the account will be considered as defaulted. The defaulted account can be revived before completion of 15 years from the date of opening of account by paying minimum Rs 250 + Rs 50 default for each defaulted year.
Sukanya Samriddhi Yojana: Interest and Tax Benefits
The Sukanya Smariddhi Yojana subscriber will earn an interest rate of 7.6 per cent during the July to September quarter. The interest earned is credited to the account at the end of every financial year and is eligible for exemption under the Section 80C of the Income Tax Act, 1961. The deposit amount is also exempt under the same section.
Open Account With Rs 250, Get Rs 5 Lakh at Maturity
If you open an account with Rs 250, plus an amount of Rs 750 for the first month and continue to deposit Rs 1,000 per month, then your total yearly deposit will be Rs 12,000. Assuming that you opened the account at your daughter’s birth, by the time she turns 21 your investment will be Rs 1,80,000 while you will receive interest worth Rs 3,47,445. Therefore, you will receive a maturity value of Rs 5,27,445 after 21 years.
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