Sukanya Samriddhi Yojana (SSY): Talking about the Small Savings Scheme, the special scheme of Post Office Sukanya Samriddhi Yojana is at the top in giving returns right now. Sukanya Samriddhi Yojana (SSY) is getting an interest of 7.6 per cent per annum, which is fixed deposit (FD), National Savings Letter (NSC), Monthly Income Scheme (MIS), Kisan Vikas Patra (KVP) or Recurring Deposit (RD). Under this scheme, accounts can be opened to protect the future of your child. In SSY, parents can open an account in the name of a girl up to the age of 10 years.
Minimum deposit
Under the scheme, only one account will be opened in the name of a girl child. SSY account can start from a minimum of Rs 250. In this, a minimum deposit of Rs 250 and maximum of Rs 1.5 lakh has been fixed in a financial year. One can invest in Sukanya Samriddhi Scheme for a maximum period of 15 years.
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Sukanya Samriddhi account can be closed only after the girl is 21 years old. However, normal premature closure is allowed when the child is 18 years of age and is married. After the age of 18, the child can do partial cash withdrawal from SSY account. Withdrawal limit is 50% of the balance in the account at the end of the last financial year.
Benefit of tax exemption
A tax deduction of up to Rs 1.5 lakh can be claimed under section 80C on the amount deposited in SSY. Apart from this, the interest on the deposits and the money received on completion of the maturity period is also tax free. In this way SSY is the tax saving scheme of ‘EEE’ category.
If you forget to deposit minimum amount in Sukanya Samriddhi Yojana account any year, then your account will be closed. But this account can be reopened with a penalty fee of Rs 50. With a penalty fee of Rs 50, the account holder will have to deposit the amount with which he has opened the account.
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