Every parents want to provide everything for their children to the best of their ability. But, in this era of high inflation, all their hopes may not be fulfilled. Now everything from school to college education has become very expensive. In such situations, it is necessary to think ahead and invest keeping in mind the bright future of the children.
Sukanya Samriddhi Yojana
In 2015, the Government of India introduced the Sukanya Samriddhi Yojana (SSY) to encourage the education of girl children. This initiative is a dedicated savings scheme aimed at providing financial assistance to families for their daughters’ education and marriage. Contributions to this account can be made for a maximum duration of 15 years. Both the principal amount and the interest accrued upon maturity are exempt from tax under Section 80C of the Income Tax Act.
How to Open a Sukanya Samriddhi Yojana Account
You can establish an account under the Sukanya Samriddhi Yojana at various locations, including your local post office, HDFC Bank, Axis Bank, ICICI Bank, and all public sector banks such as State Bank, Canara Bank, and Punjab National Bank. Parents are eligible to invest in this scheme for daughters who are 10 years old or younger.
Minimum and Maximum Deposit
This scheme is accessible to individuals from all economic backgrounds, allowing an initial investment of just Rs 250. The account permits a minimum deposit of Rs 250 and a maximum of Rs 1.50 lakh per financial year. Contributions can be made for a maximum of 15 years, with a lock-in period of 21 years. This means that even after the investment period concludes, the account will mature 21 years from the date of the initial deposit, and interest will continue to accrue during the non-contribution period. If the account holder marries before the maturity period (after turning 18), the account will be closed.
Early Withdrawal Benefit
For educational expenses, 50% of the account balance as of the end of the previous financial year can be withdrawn. Partial withdrawals are permitted only after the girl child reaches 18 years of age or completes the 10th grade.
A maximum of two SSY accounts can be opened in the name of girls within a single family. However, in the case of twins or triplets born at the same time, more than two accounts may be established for that family.
Profit
If you start investing in this scheme when your child is 5 years old and deposit Rs. 3,000 every month for 15 years… At the current interest rate, you will get Rs. 16,62,619 at the time of maturity. That is, if you invest a total of Rs. 5,40,000, you will get an interest income of Rs. 11,22,619 on it in 15 years. This is the profit of two rupees per rupee.
What is the eligibility
Sukanya Samriddhi Yojana account can be started by the parents or legal guardian of the girl child. The benefit is only for the Indian resident.
The girl child should be less than 10 years of age at the time of opening the account.
Only one SSY account is allowed per girl.
A family is limited to opening a maximum of two SSY plan accounts.
Desclimer : For any financial invest anywhere on your own responsibility, Times Bull will not be responsible for it.
