Want To Invest On The Name Of Your Girl Child, But Don’t Want To Take Risk?Consider “Sukanya Samriddhi Yojana”

Having a Girl child can be treated as welcoming Goddess “Lakshmi” into their homes. Even though a girl is treated to be “Lakshmi”, Parents should be ready to bear highly inflationary education and marriage expenses!

Due to inflation, education and marriage costs are rapidly increasing, no one would escape from the rat race of increasing prices! Every Parent should be ready to face it.

If you are risk-averse and don’t want to compromise on the required corpus for your daughters marriage, Here’s a government scheme- “Sukanya Samriddhi Yojana”, an initiative by Modi Government.

Sukanya Samriddhi Yojana Salient Features

Who Can Open?

  • This is a exclusive scheme for girl child below 10 years of age
  • Maximum 2 accounts can be opened if you have 2 girl child of 10 years below
  • Except in certain cases of having twin girl child at a time and gives birth to another girl child, rarely more than 2 accounts can be opened

Where Can Be Opened?

  • At any Post Office
  • At Nationalised Public Sector Banks
  • Few Private Banks

Minimum amount and Maximum amount Permissible

  • Minimum 250 Rupees has to be deposited per financial year
  • In case, the prescribed 250 rupees hasn’t deposited, a penalty of 50 rupees has to be deposited along with the minimum 250 rupees to revive the account
  • Maximum amount permissible is 1.5 Lakh per financial year

Mode of Payment

  • Cash
  • Cheque
  • Can deposit in lumpsum (at a time) or in monthly installments in multiples of 50 rupees
  • No limit on the number of the transactions

Tenure- Sukanya Samriddhi Yojana account has to be continued until-

  • 21 Years from the account opening date or
  • At the time of girl’s marriage(1 Month Before or 3 Months after the date of marriage); whichever is earlier

Interest Rate

  • Government will review the interest rates every quarter(3 Months)
  • Current Interest Rate offered is 7.1 per annum
  • Of all the small saving schemes, Sukanya Samriddhi Yojana(SSY) fetches higher interest rate to promote savings habit on the name of the girl child

Interest Calculation

  • For better returns, invest in this scheme on or before 5th of the calender month
  • Interest is calculated on the closing balance between 5th and at the end of the month
  • Interest will be credited to the respective account at the end of the financial year

Tax Implications

  • The amount deposited under sukanya samriddhi yojana qualifies for tax deduction up to 1.5 Lakh in a financial year
  • Amount Deposited, Interest earned and the accumlated(maturity) amount are totally exempted(EEE Status) as per the current tax laws

These are all the benefits of sukanya samriddhi yojana, if you have a girl child below 10 years of age, make use of this scheme, as it is completely risk free. It is government sponsored scheme, so no need to worry on the capital you invested, it is backed by government security

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