Sukanya Samriddhi Yojana: Sakunya Samriddhi Yojana is being run by the government for daughters. The objective of this scheme is that daughters born in economically weak families do not have to face financial crisis in future. For the January to March quarter, the central government has increased the interest on this scheme from 8 percent to 8.2 percent.
Sukanya Samriddhi Yojana: Many Small Saving Schemes are being run by the Central Government. These schemes are very useful for those who want to create a good fund for the future by investing small amounts of money. If you also want to invest for your daughter’s marriage or higher education, then it may prove better for you to invest in Sukanya Samriddhi Yojana (Sukanya Samriddhi Yojana – SSY). At present, the interest available on this scheme for the January to March quarter has been increased from 8 percent to 8.2 percent by the Central Government.
Under this scheme, you can open an account of your 10 year old lucky daughter in a bank or post office. You can deposit Rs 250 to Rs 1.5 lakh on an annual basis in SSY. Under this scheme, you also get exemption on the amount deposited under Section 80C of Income Tax.
More than 200% Return
Sukanya Samriddhi Yojana has now become the highest interest paying small savings scheme. The interest received in this is 8.2 percent per annum. There is a guarantee of more than 3 times return in this scheme. If Rs 1.50 lakh is invested every year in the scheme, then a fund of Rs 70 lakh can be raised on maturity, which is more than 3 times your investment. Under this scheme, you can deposit a minimum of Rs 250 and a maximum of Rs 1.50 lakh. Under Sukanya Samriddhi Yojana, account can be opened before the daughters complete 10 years of age. Accounts of maximum two daughters of the family can be opened in this scheme. By investing in this scheme, you can prepare funds for your daughter’s marriage and higher education.
Tax benefits are also available
Sukanya Samriddhi Yojana is a tax free scheme. Tax exemption is available on this at three different levels i.e. EEE. First, exemption on annual investment up to Rs 1.50 lakh under Section 80C of the Income Tax Act. Secondly, there is no tax on the returns received from it. Third, the amount received on maturity is tax free.
When can you withdraw money from Sukanya Samriddhi Yojana?
The lock-in period of this scheme is 21 years. That means this scheme will mature in 21 years. In such a situation, you cannot withdraw money before maturity. If you withdraw money in the meantime, you may suffer a big loss. However, when the daughter turns 18 years of age, she can withdraw 50 percent of the amount for education. In case of sudden death of account holders, money can be withdrawn before maturity.
After this, all the money can be withdrawn only when she turns 21 years of age. The specialty of this scheme is that you do not have to deposit money for full 21 years. Money can be deposited only for 15 years from the time of opening the account.
