Sukanya Samriddhi Yojana: Sukanya Samriddhi Yojana is a savings scheme of the Government of India. Beti Padhao, Beti Bachao Yojana is a scheme launched by the Central Government. The objective of Sukanya Samriddhi Yojana is that daughters born in economically weak families do not have to face economic crisis in future. This is tax free scheme
Sukanya Samriddhi Yojana: Many Small Saving Schemes are being run by the Central Government. These schemes are very useful for those people who want to make a substantial 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 investing in Sukanya Samriddhi Yojana (SSY) can prove to be better for you. Under the Beti Padhao Beti Bachao Yojana, the central government has started this scheme. The objective of this scheme is that daughters born in economically weak families do not have to face economic crisis in future.
The special thing about this scheme is that investment in it can be started from Rs.250. Interest is also better in this than other schemes. Along with this, the benefit of tax exemption is also available. In Sukanya Samriddhi Yojana, investment is made before the daughters complete 10 years of age.
Lock in period
The lock-in period of this scheme is 21 years. That is, 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 However, when the daughter is 18 years old, 50% of the amount can be withdrawn for education. At the same time, in case of sudden death of account holders, they can withdraw money before maturity. After this, all the money can be withdrawn only when she is 21 years old. The specialty of this scheme is that you do not have to deposit money for the entire 21 years. Money can be deposited only for 15 years from the time the account is opened.
Rate of interest
The interest rate in Sukanya Samriddhi Yojana is now 8 per cent per annum. The special thing is that the maturity of the scheme is 21 years, but the parents have to invest only 15 years in it. Interest keeps on compounding for the rest of the year. A maximum of Rs 1,50,000 can be deposited annually in this scheme. The investment option can also be on a monthly basis.
Get tax benefit
Sukanya Samriddhi Yojana is a tax free scheme. On this EEE ie tax exemption is available at three different levels. First, under Section 80C of the Income Tax Act, exemption on annual investment up to 1.50 lakhs. Secondly, there is no tax on the returns received from it. Thirdly, the amount received on maturity is tax free.
