Personal Finance: If you also want to know about PPF and Sukanya Samriddhi Yojana, and want to understand which of these two schemes will be beneficial for you, then we are going to tell you about these two schemes in very easy language. are.
Sukanya Samriddhi Vs PPF: Both these schemes are long term investments. Sukanya Samriddhi Yojana is specially meant to protect the future of daughters, so PPF also secures the future by collecting a hefty corpus in the long term, but when it comes to choosing one of the two investments, it is a bit difficult decision. Is. Because both have their advantages and disadvantages.
Sukanya Samriddhi Yojana (SSY)
This scheme has been started under ‘Beti Bachao, Beti Padhao’. It can be started by parents of girl child below 10 years of age. It can be opened for two daughters of the family. The tenure of these accounts is 21 years or till the marriage of the daughter after the age of 18 years.
Sukanya Samriddhi Yojana Interest Rates
This scheme was launched in 2014, then its interest rate was 9.1%. After this, the interest rate was also increased to 9.2 percent, but then there was a continuous downward trend in its interest rates. At present, 7.6% interest was being available till the financial year 2020-21, which has been extended till July-September quarter.
Periodic Interest Rate (Percent)
- July-September 2021 7.6
- April-2020 to March 2021 7.6
- July-September 2019 8.4
- April to June 2019 8.5
- January to March 2019 8.5
- October to December 2018 8.5
- July to September 2018 8.1
- April to June 2018 8.1
- January to March 2018 8.1
- October to December 2017 8.3
- July to September 2017 8.3
- April to June 2017 8.4
Eligibility for SSY account
If you also want to start investing in Sukanya Samriddhi Yojana for your daughter, then you should know its conditions.
1. Sukanya Samriddhi Account can be opened in the name of the girl child only by the parents or legal guardians
2. The girl child should be less than 10 years of age at the time of opening the account
3. Only one account can be opened for a daughter
4. Only two SSY accounts are allowed for a family
How to invest in Sukanya Samriddhi Yojana
You can invest in this scheme through a post office near you or the branches of government and private banks involved in it. For this, you will have to submit KYC documents like passport, Aadhar card etc. along with the required form and initial deposit through cheque/draft.
Apart from banks, you can also download the new account application form for SSY from the RBI website. You can download the form from the website of The India Post, public sector banks SBI, PNB, BOB etc. You will also get the form from private sector banks like ICICI Bank, Axis Bank and HDFC Bank.
How much can you invest
In Sukanya Samriddhi Account, you can deposit Rs 250 in a financial year and invest up to a maximum of 1.5 lakhs. You have to deposit at least the prescribed minimum investment amount every year for 15 years from the date of account opening. After this, interest will continue to accrue till the maturity of the account. The duration of Sukanya Samriddhi Yojana is 21 years or till the girl gets married after she turns 18. The daughter can withdraw some money from the Sukanya Samridhi account after the age of 18 for the expenses of her higher education, but this withdrawal cannot be more than 50%.
Benefits of Investing in Sukanya Samriddhi Yojana
The parents of the daughter get income tax exemption by investing in this scheme. Under Section 80C of Income Tax, the benefit of tax exemption is available up to Rs 1.5 lakh annually.
Investment and interest rates in PPF
Public Provident Fund (PPF) is a tax free savings scheme, whose interest rates are fixed every quarter like SSY. As far as its comparison with Sukanya Samriddhi is concerned, there is a lot of difference between the features of both. Any person can open an account in PPF, whereas SSY is a scheme run only for daughters.
Interest Rates
- Sukanya Samriddhi 7.6%
- PPF 7.1%
Initial investment amount
Sukanya Samriddhi Rs 1000
PPF Rs 100
Minimum Investment
Sukanya Samriddhi Rs 250
PPF Rs 500
Tax benefit
Sukanya Samridhi Rs
1.5 lakh PPF Rs 1.5 lakh
Maturity
Sukanya Samriddhi 21 Years
PPF 15 Years
Can get loan
Sukanya Samriddhi No
PPF Yes
