How to get the most out of Sukanya Samriddhi Yojana Scheme?
Sukanya Samriddhi Account is a small saving plan launched in 2015 under the BetiBachaoBetiPadhao plan of Prime Minister NarendraModi. The key goal of this plan is to promote higher education and learning amongst girls by urging the parents to save a part of their income for the better and guaranteed future of their girl child. How to get the most out of Sukanya Samriddhi Yojana Scheme? In this article, we would provide Infographic about Sukanya Samriddhi Scheme.
About Sukanya Samriddhi Yojana Scheme
If you are familiar with this, you can skip this section.
Sukanya Samriddhi Account can be opened for a girl child who is an Indian Citizen as well as 10 years or younger in age. The parents or the lawful guardian of the girl child can open up this account, but only in the name of the qualified Girl child. The accounts can be opened up in 28 given banking institutions or any post office across the nation and can be easily transferred anywhere in India.
This scheme is a long term investment program where the parent/guardian needs to deposit for 15 years from the date of opening the account. The deposit amount can be anything from Rs.1000 p.a to Rs. 1,50,000 p.a. with no limitations on the amount or even the number of deposits. The scheme currently gives an Interest rate of 8.6% p.a (w.e.f 1-4-2016), which is certainly greater than any other saving scheme in India. Be careful! These interest rates will be modified every quarter.
The Maturation of this scheme is 21 years from the time of opening the account and the amount after maturity will be paid to the Female child. Partial withdrawal of 50% of the deposit for the higher education is acceptable only when the female child reaches 18 years or passes 10th standard whichever will be earlier. Otherwise, the account forbids the account owner from making any other premature withdrawals.
What about taxation of Sukanya Samriddhi Yojana Scheme?
Sukanya Samriddhi Account offers Tax Advantage under Section 80C. There will be no tax on the amount invested; amount gained as interest and the maturation benefits. Hence it has become one of the famous child investment plans in India.
How to get the most out of Sukanya Samriddhi Yojana Scheme (Infographics)?
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This a guest post from Bipin of SukanyaSamriddhiaccount.net. You can reach him at sukanyasamriddhiaccount.net/ask-an-expert/