Learn Everything About Sukanya Samriddhi Account
Table of Contents
The majority of parents have a substantial financial aim of saving for the future of their children. Under the Sukanya Samriddhi Yojana, the government also assists parents in saving for their daughters (SSY). A parent or guardian of a female child between the ages of zero and ten can create an SSY account in her or her kid's name. Deposits can be made monthly or yearly for the following 15 years after the account is opened. After the 15-year term, no investments are permitted, but the account receives interest for the next seven years and matures after 21 years. Withdrawal is only permitted when the kid reaches the age of eighteen, and only under certain conditions.
Features Sukanya Samriddhi Yojana
The Sukanya Samriddhi Yojana has the following major features:
- The profit margin is greater.
- The Indian government's Ministry of Finance has granted its permission.
- With a 21-year lock-in period, you may start investing with as little as Rs 250 and as much as Rs 1,50,000.
- Partial withdrawal is permissible when the girl child reaches the age of 18.
Sukanya Samriddhi Yojana: Benefits
The following are the benefits of the Sukanya Samriddhi Yojana:
1. Interest Rates are High
The Sukanya Samriddhi Yojana pays a high rate of interest when compared to other investment alternatives. The interest rate is announced by the government once a year. With the aid of a high rate of interest, you may establish a corpus for your female child and support her in reaching her ambitions. The maturity funds can help you satisfy your female child's financial demands in the future.
2. Maturity Returns That Are Guaranteed
The account holder, who is a female child, will get the amount of the Sukanya Samriddhi Yojana account plus accumulated interest when it matures. As a consequence, this Yojana gives your female child financial security and encourages her to make her own decisions. Even when the account is closed by the account holder, the generated investments under the Sukanya Samriddhi Yojana would continue to accrue via compounding interest.
3. Invest In Your Girl Child's Future Financial Needs
You can establish a corpus large enough to support our female child's costs till she reaches the age of eighteen with the Sukanya Samriddhi Yojana. The Sukanya Samriddhi Yojana benefits both the parent and the girl child. Using a Sukanya Samridhi Yojana account, you may create a corpus to pay for your female child's further education, marriage costs, or any other financial needs.
4. Significant Tax Deductions
Donations to Sukanya Samriddhi Yojana for your daughter's future can be deducted under Section 80C of the Income Tax Act of 1961. Following that, you would be eligible to claim tax savings of up to Rs 1.5 lakh on the plan's cost. Furthermore, both the interest generated and the balance received at maturity or withdrawal are tax-deductible. The Department of Revenue administers the Sukanya Samriddhi Yojana, one of the most popular exempt-exempt (EEE) investment schemes (DOR).
Conclusion
Sukanya Samriddhi Yojna is one of the greatest investment alternatives available, and it may help you develop a corpus for your daughter once she reaches the age of 18. Sukanya Samriddhi Yojana is a high-yielding account that, rather than a life insurance policy, will ensure that your female child has enough money to meet her future financial needs. This method assures that you save enough money for your daughter's future financial requirements, such as further education, a career boost, or wedding expenses.
Also read- When Should You Purchase Life Insurance For Your Child?
