Sukanya Samriddhi Yojana:
Money can be preserved for future needs or invested in a variety of ways. Little savings plans are among these safe options. Participants in these programmes can receive guaranteed returns on their deposits. One of these straightforward savings schemes is the Sukanya Samriddhi Yojana. This strategy may be used by parents of daughters to secure their future. The Centre recently kept the interest rate for the Sukanya Samriddhi Yojana at 7.6% for the months of January through March 2023. The interest rate for the programme is evaluated every three months. The SSY scheme is completely risk-free because the government backs it, and it gives higher returns than the majority of other modest savings plans.
The guardian may open a Yojana account in the name of a girl kid who is younger than 10 years old on the opening day. The account will belong to the daughter once she is 18 years old. Two females at most can have this account opened for their family. Several accounts may be formed in the event of a female giving birth to twins, triplets, or more.
The ability to open an SSY account at any bank or post office and move funds effortlessly between different bank branches or post offices is a significant benefit of the SSY programme. With this plan, the investment period is 15 years, and the maturity period is 21 years.
Sukanya Samriddhi Yojana Deposit Regulations:
A Rs. 250 initial deposit is needed to open an SSY account. The depositor may thereafter make additional deposits in multiples of Rs. 50 for a minimum annual deposit of Rs. 250 and a maximum annual deposit of Rs. 1.5 lakh. For the deposit, either a one-time payment in full or regular payments are acceptable. If the minimum amount is not maintained, there will be a penalty of Rs 50 and the account will be regarded as defaulted. The defaulted account may be reopened by paying a minimum of Rs 250 + Rs 50 for each year it was in default before 15 years have gone since the account was opened.
Sukanya Samriddhi Yojana: Tax Advantages and Interest:
The Sukanya Smariddhi Yojana member will receive a 7.6% interest rate during the January–March 2023 quarter. At the conclusion of each fiscal year, interest is credited to the account and is exempt from taxation under Section 80C of the Income Tax Act of 1961. The same provision also exempts the deposit sum.
Earn Rs 2.5 Lakh in Interest When You Create an Account With Only Rs 250:
If you deposit Rs 250 to open the account, Rs 250 for the first month, and then Rs 500 each month after that, your total yearly deposit will be Rs 6,000.Consider the time when you opened the account—your daughter was a year old. By the time she turns 22, your investment will be worth Rs. 90,000, and you will earn Rs. 1,64,606 in interest. The maturity value you will receive after 21 years will therefore be Rs 2,54,606.
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