look news india
Sukanya Samriddhi Yojana (SSY) is a popular and high interest rate small savings scheme operated under the ‘Beti Bachao, Beti Padhao’ campaign of the Government of India. It offers 100% sovereign guarantee on investment along with tax exemption under Section 80C and completely tax-free (EEE status) returns on maturity.
currently on this scheme 8.2% Annual Compounding being given. If you are pregnant at the time of your daughter’s birth or every month when she is below 10 years of age, ₹1,500 (₹18,000 annually), a strong fund is created with a maturity of 21 years.
According to the scheme, the guardian should only 15 years Money has to be deposited till, while the account 21 years I am mature. No installment has to be paid in the last 6 years, but government interest keeps getting added on the entire amount deposited in the account.
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Monthly Deposit: ₹1,500
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Annual Deposit (1 year): ₹1,500 × 12 = ₹18,000
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Total Deposit Period: 15 years
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Total accumulated capital in 15 years: ₹18,000 × 15 = ₹2,70,000
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Current Interest Rate: 8.2% per annum (compounded annually)
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Total interest earned (in 21 years): About ₹5,58,400
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Total maturity amount after 21 years: ₹8,28,400+ (approximately ₹8.28 lakh)
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Eligibility to open account: An account can be opened in any post office or authorized bank from the birth of the daughter till the age of 10 years. This account is valid for maximum 2 daughters in a family (exceptions apply in case of twin girls).
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Partial Withdrawal (Higher Education): The balance in the account can be used for higher education expenses of the daughter after she completes 18 years of age or passes 10th class. up to 50 Facility to withdraw is available.
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Closing at the time of marriage: If the daughter gets married between the age of 18 to 21 years, then the account can be completely closed by presenting the necessary proof 1 month before or 3 months after the date of marriage.
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Triple Tax Exemption (EEE Status): Under Section 80C of the Income Tax Act, annual deposits up to ₹ 1.5 lakh are tax exempt, the annual interest received is tax-free and the entire amount received on maturity after 21 years attracts zero tax.