Sukanya Samriddhi Yojana ie SSY is also included in the small saving schemes of the post office. Let us know about this scheme in detail.
If you are thinking of investing in the coming days, then you can do it in the Savings Schemes of the Post Office. You definitely get good returns in these schemes. Also, the money invested in it is also completely safe. If the bank defaults, then you get back the amount of only five lakh rupees. But this is not the case in the Post Office. Apart from this, investment in post office savings schemes can be started with a very small amount. Sukanya Samriddhi Yojana ie SSY is also included in the small saving schemes of the post office. Let us know about this scheme in detail.
Rate of interest
The post office’s Sukanya Samriddhi Yojana currently offers an interest rate of 7.6 per cent per annum. This interest rate is applicable from 1st April 2020. Interest is calculated on an annual basis. Interest is compounded on an annual basis.
Investment amount
In this small savings scheme, a minimum investment of Rs 250 and a maximum of Rs 1.5 lakh can be made during a financial year. After this the person will have to invest in a multiple of Rs 50. Deposits can be made in a lump sum amount. There is no limit on the number of deposits in a month or a financial year.
Who can open account?
Under Sukanya Samriddhi Yojana, a guardian can open an account in the name of a girl child below the age of 10 years. Under this scheme, only one account can be opened in the name of the girl child in any post office or any bank in India. This account can be opened for a maximum of two girl children in the family. In case of twin girl child or triplets, more than two accounts can be opened.
Benefit of tax exemption
Deduction can be availed under section 80C of the Income Tax Act on the amount deposited in Sukanya Samriddhi Yojana.
Maturity
In this small savings scheme, the account can be closed after 21 years from the date of opening. Apart from this, the account can also be closed at the time of marriage of the girl child after she attains the age of 18 years. One month before the date of marriage or after three months, the account can be closed in the scheme.
