Sukanya Samriddhi Yojana (SSY) is a authorities-backed small financial savings scheme offering tax benefits for ladies. The Sukanya Samriddhi Yojana assists households in accumulating funds for his or her daughter’s superior research and wedding ceremony bills.
Parents of a lady youngster can open an SSY account from their daughter’s beginning till she reaches 10 years of age. Regular funding within the Sukanya Samriddhi Yojana, particularly placing within the most yearly deposit, can yield a number of lakhs on the time of the SSY account maturity,
Let’s check out the top facts about Sukanya Samriddhi Yojana’s rate of interest, deposit necessities, maturity specs and tax benefits.
Sukanya Samriddhi Yojana Interest Rate Details
The scheme at present gives an 8.2% annual rate of interest with yearly compounding. The Ministry of Finance evaluations and adjusts these charges quarterly. Interest calculations contemplate the bottom steadiness maintained between the sixth and last day of every calendar month. The curiosity quantity will get credited to accounts on the monetary 12 months’s conclusion.
Sukanya Samriddhi Yojana Deposit Specifications
Opening an account requires an preliminary deposit of Rs 250. The yearly deposit ceiling stands at Rs 1.5 lakh, with contributions accepted in Rs 50 increments. Depositors could make limitless transactions all through the monetary 12 months.
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Sukanya Samriddhi Yojana Calculator
According to HDFC Bank’s calculations, investing Rs 1.5 lakh yearly at the moment 8.2% rate of interest yields Rs 71,82,119/- at maturity. The SSY account matures 21 years after it’s opened. This sum includes the principal funding of Rs 22,50,000/- and earned curiosity of Rs 49,32,119/-.
Sukanya Samriddhi Yojana (*70*) Eligibility
Legal guardians can set up accounts for ladies beneath 10 years. Families are usually restricted to two accounts, one per woman youngster. Special provisions enable extra accounts for a number of births, similar to twins or triplets.
Sukanya Samriddhi Yojana Duration of Deposits
(*70*) holders can deposit funds for a 15-12 months interval from the date of opening a Sukanya Samriddhi Yojana account. The account turns into dormant if the minimal deposit requirement is just not fulfilled in any monetary 12 months. To restore the account’s energetic standing, one should pay Rs 250 and an extra Rs 50 as a penalty charge for every defaulted 12 months.
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Sukanya Samriddhi Yojana Tax Benefits
Under Section 80C of the Income Tax Act, deposits in a Sukanya Samriddhi Yojana (*70*) qualify for tax deductions up to Rs 1.5 lakh yearly. The scheme gives full tax exemption on curiosity earnings, making it a tax-environment friendly funding choice.
Sukanya Samriddhi Yojana (*70*) Operation
Until the woman youngster attains 18 years of age, the guardian maintains management of the Sukanya Samriddhi Yojana account. Subsequently, the account management transfers to the woman youngster, enabling her to handle it independently.
Sukanya Samriddhi Yojana Withdrawal Provisions
The account holder can entry funds after turning 18 or finishing tenth commonplace schooling. The withdrawal restrict is ready at 50% of the earlier monetary 12 months’s closing steadiness. This quantity may be withdrawn both as a single cost or in annual installments unfold throughout a 5-12 months interval.
