Sukanya Samriddhi Yojana: Tax planning is a crucial aspect of financial management, especially for salaried individuals. Amidst the myriad of tax-saving instruments available, the Sukanya Samriddhi Yojana (SSY) stands out as a scheme designed to secure the financial future of your girl child while offering tax benefits.
Securing Your Daughter's Future with Sukanya Samriddhi Yojana
Let's delve into its eligibility criteria, features, and the returns it offers:
Eligibility for Sukanya Samriddhi Yojana Account:
- Age Criteria: The SSY account can be opened by a guardian in the name of a girl child below the age of 10 years.
- Account Holder: Once the girl reaches 18 years of age, she becomes the account holder.
- Family Limit: A maximum of two accounts can be opened for girls in a family. However, in the case of twins or triplets, more than two accounts can be initiated.
Features of Sukanya Samriddhi Yojana:
- Interest Rate: Currently offering an annual interest rate of 8.2 per cent (January-March 2024), which is reviewed quarterly.
- Risk-Free: Backed by the government, SSY offers better returns compared to other small savings schemes and is entirely risk-free.
- Flexibility: Accounts can be opened at any bank or post office and can be easily transferred to other branches or offices.
Rules of Deposit:
- Initial Deposit: A minimum initial deposit of Rs 250 is required to open an SSY account.
- Subsequent Deposits: Deposits ranging from Rs 250 to a maximum of Rs 1.5 lakh can be made annually, in multiples of Rs 50.
- Penalties: Failure to maintain the minimum balance incurs a penalty of Rs 50, and the account is considered defaulted. Defaulted accounts can be revived by paying the minimum amount plus the penalty for each defaulted year.
Interest and Tax Benefits:
- Interest Crediting: The interest earned is credited to the account at the end of every financial year.
- Tax Exemption: Both the interest earned and the deposit amount are exempted under Section 80C of the Income Tax Act, 1961.
Maturity Benefits:
- Starting Scenario: Opening an account with Rs 250 and subsequent monthly deposits of Rs 500 totals to Rs 6,000 annually.
- Maturity Value: Assuming an interest rate of 8.2 per cent, the maturity value after 21 years would be Rs 2,77,103, including the principal amount and interest accrued.
Sukanya Samriddhi Yojana not only serves as a tax-saving avenue but also empowers parents to secure a brighter financial future for their daughters. By leveraging its features and benefits, you can pave the way for your daughter's long-term financial stability and independence.
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