Post Office Scheme: The Central Government’s scheme Sukanya Samriddhi Yojana (SSY) is a great scheme. This account can be opened in the post office or authorized bank in the name of a daughter below the age of 10 years.
Post Office Scheme: If you want to do future planning for your daughter, then there is a better option for you. Due to the increasing expenses in the future, it is okay to add money today. If you do financial planning for your daughter from now on, then she will get the same benefit in future. For this, the central government’s scheme Sukanya Samriddhi Yojana (SSY) is a great scheme. This account can be opened in the post office or authorized bank in the name of a daughter below the age of 10 years. This scheme was started by the Modi government in 2015. In Sukanya Samriddhi Yojana, your money is always safe, in which the benefits of tax exemption will also be available.
Will make a fund of 66 lakhs in 21 years
SSY Calcaulator: Sukanya is paying 7.6 percent interest annually on Samriddhi Yojana. Its compounding is done annually. In this scheme, a maximum of Rs 1.50 lakh can be deposited annually. If you open an SSY account in 2022 and maintain an annual investment of Rs 1.50 lakh (maximum amount) for 15 years, then this amount will be around Rs 66 lakh (65,93,071) at the age of 21 years i.e. maturity of the daughter. In this, you will have a wealth gain of Rs 43.43 lakh, while your total investment will be Rs 22.50 lakh. Let us tell you, in this scheme, you have to invest only for 15 years, after that interest is available for the next 6 years (till the age of 21).
However, if you make a monthly maximum investment of Rs 12,500 (Rs 1.50 lakh per annum) in this scheme. In this way, your total investment will be around Rs 22.50 lakh and on maturity of 21 years, this amount will be around Rs 64 lakh (63.65 lakh). In this, you will have income from interest of about Rs 41.15 lakh. The investment will remain the same in making monthly and annual investments, but the interest amount may change. Keep in mind that in this calculation, the interest rate has been taken at 7.6% for the entire period. Returns are estimated to be estimated. If interest rates change, the returns may also change. If you opened the account in 2022, then your account will mature in 2043.
Account will be opened for Rs 250
Sukanya Samriddhi Yojana account can be opened in the branch of bank or post office. The parents or legal guardian of the daughter can open this account in the name of the girl child up to the age of 10 years. SSY account can be started with a minimum of Rs 250. In this, the minimum deposit has been fixed at Rs 250 and maximum Rs 1.5 lakh in a financial year. One can invest in Sukanya Samriddhi Scheme for a maximum period of 15 years.
Sukanya Samriddhi account can be closed only after the girl child turns 21 (21 years from the date of account opening). However, normal premature closure is allowed when the girl child turns 18 when she marries. After the age of 18, the girl child can partially withdraw cash from the SSY account. Withdrawal limit is up to 50% of the balance in the account at the end of the previous financial year.
Get benefit of tax exemption
Tax deduction up to Rs 1.5 lakh can be claimed under section 80C on the amount deposited in SSY. Apart from this, the interest earned on deposits and the money received on completion of maturity period is also tax free. In this way SSY is a tax saving scheme of ‘EEE’ category. Keep one thing in mind here, if you forget to deposit the minimum amount in the account in any year, then your account will be closed. It can be reactivated with a penalty fee of Rs 50.
SSY: Open this account
- To open Sukanya Samriddhi Yojana account, one has to go to the post office and take the form.
- To open this account, it is necessary for the daughter to have a birth certificate.
Parents will also have to provide ID proof. In this, PAN card, ration card, driving license, passport, any document can be attached. - The legal guardian will also have to submit documents for address proof. In this also driving license, passport, electricity bill or ration card is valid.
- Your account will be opened after the verification of your documents from the bank or post office.
- After opening the account, the account holder also gets a passbook.
- Apart from the post office, this account can be opened in banks.
SSY: How to deposit online
You can make online payment through India Post Payments Bank (IPPB) app sitting at home. For this, first you have to add money from your bank account to IPPB account. After that go to DOP Products in IPPB app and select the option of Sukanya Samriddhi Account there. After that, after selecting your account number, enter the deposit amount. After this OTP will come on your registered mobile number, enter it. After this the account will be deposited in your SSY. In this way, you will be able to make online deposit in SSY account sitting at home through IPPB app.
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