Sukanya Yojana is the best saving scheme. Because the interest rate of this scheme is highest. And there is no risk in it either. Friends, take any post office scheme. The interest rate of Sukanya Yojana will be more than that. For this reason, you can earn up to Rs 63.8 lakh by using this scheme. You can’t believe it. So stay with us because we will show you by calculation how and how much you can deposit so much money.
Sukanya Yojana – No Risk, just relax
Friends, by the way, people will show you the greed of getting a lot of return. Some people will talk about doubling the money in five years. And some will claim to triple it in seven years. But now most people have understood that such a return is not available. And even if you get it, then the risk in it will be very high.
The bigger the greed, the higher the risk. There will be scope for wasting money. Or else there will be a big loss. And that is why people do not want to take risk in the pursuit of high return. Now if it is a matter of daughter’s marriage or education, then do not deposit money at such a place where there is even a little risk. And that is why Sukanya Samriddhi Yojana is the best scheme. Because there is zero risk here.
Your money will not sink. This is a guarantee from the government. And this guarantee is because this scheme is run by the government itself. Your money goes to the government only through the bank or post office. And the government also gives interest on it.
Like in ppf your money is secure. Or like there is no risk in NSC. Like all post office schemes are safe. In the same way, there is full security here too. And that is why friends, if you want to collect money for your daughter’s future with confidence, then do not think of any other scheme.
What is the interest rate of Sukanya Samriddhi Yojana? Interest Rate of Sukanya Scheme
Friends, we love post office schemes because of safety . And you must have noticed that we often tell about them. But what attracts people the most is the return. So in this case it is two steps ahead of ppf, nsc and senior citizen saving scheme.
The interest of 6.9% is available in NSC. There is an interest of 7.1% in PPF. The interest of 7.4% is available in the senior citizen saving scheme. But the rate of 7.6% is being given in Sukanya Yojana.
Friends, if you go to get FD or RD in any right bank, then it will give interest of about two percent less. Look in the state bank itself, a maximum rate of 5.4% is being available there.
Limits of Sukanya Account
Friends, due to the high interest rate, you can add about 64 lakh rupees to this scheme. But for this you have to use the full limit of Sukanya Yojana. Now you will ask what is this full limit. So friends, there is a limit of deposit in this scheme.
At present, in this scheme, you can deposit a maximum of 1.5 lakh rupees within a year. Whether you deposit this money at once, then do it little by little. There is no restriction.
Whether you deposit ₹ 5,000 every month, deposit ₹ 10,000 or deposit as much money as you can. Just keep in mind that the deposit will be at least 50 rupees.
One more thing you have to deposit at least ₹250 every year. Because if you do not deposit even this much money, then the account will be suspended.
To re-activate the suspended account, a minimum penalty of ₹250 and ₹50 has to be paid for each missed year. For most people the penalty is not very high. But that doesn’t mean you should be careless.
If you want to raise huge amount then regular deposit is very important. By the way, if you make a habit of making regular payment every month, then the deposit will not be missed. You won’t forget about it.
Benefit of tax exemption Tax Benefit
There is one big advantage of depositing in Sukanya Yojana. People earning above five lakhs will like this benefit very much. Because those who earn more than five lakh rupees in a year have to pay tax. And this scheme helps in reducing that tax.
The government gives the benefit of tax deduction on the deposit of this scheme under section 80C. The tax calculation will be done only after deducting the amount of money you deposit in Sukanya account in a financial year from your income. Here is the benefit of tax deduction.
Not only this, no tax will be levied on the interest received from this scheme. On the other hand, if you deposited money in a bank FD, then the interest earned every year would have been taxable. But it is not so in this case. No TDS is deducted here .
Apart from this, the amount received on maturity is also tax free. No matter how big that amount is. Whether you get ten lakhs or sixty four lakhs, there will never be any need to pay any tax on it.
When to deposit money? When will I get the maturity money?
Friends, by the way, this scheme runs for 21 years. But you have to deposit the money only for 15 years.
For example, if you opened the account on 20 May 2021, then you can deposit money till 20 May 2036. After that you will not be able to deposit money. But interest will continue to accrue on the deposited money. And then the account will mature on 15 May 2042. And at that time your girl will get full money and interest. You can use our excel calculator to know how much this money will be. Next we will show you the calculation of this calculator
Withdrawals before maturity | Premature Withdrawal
Now the question arises that if money is needed before maturity. What to do if there is no time to wait for 21 years.
Withdrawal for studies from Sukanya account. Money for Education
.. friends there is a way for this too. If money is needed for the education of the daughter, then you can withdraw up to half the balance. But to withdraw money in this way, the daughter’s age should either be 18 years old or she should have passed the tenth examination.
One more thing, by the way, you can also withdraw half the balance. But the money will be available only as much as is needed. Meaning that you cannot withdraw more than the amount needed for fees.
To withdraw money, you have to provide proof of fees and admission. Meaning you can withdraw money only and only for studies. Now some people might like these rules. And some bad ones too. The government wants that money should be used only for the future of the girl. Not for any other work.
Clearance for marriage | Money For Marriage
With Sukanya Yojana, you can also withdraw money for the marriage of a girl. In this case, you can withdraw the entire amount by closing the account. Just for this, the girl’s age should be more than eighteen years. That is, the girl should be an adult.
In this situation, you have time from one month before marriage to three months after marriage to close the account. If the account is closed during this time then it is fine. Otherwise, after the completion of 21 years, the account will be closed only on maturity.
Friends, you must have noticed that money can be withdrawn from this scheme only when money is needed for the girl. Actually this scheme has been made completely for the girl only.
- Account opening conditions. Eligibility for Account Opening
- The account of this scheme is opened in the name of the girl only.
- The age of the girl should be less than ten years
- You can open this account only in the name of your two girls. Yes, if there are twin girls
- after the first girl, then the account can be opened in the name of three.
- Only the girl gets the money of this scheme. When the girl turns 18 years old. Then
- money will come in his account itself. Whether it is maturity amount or fees and
- withdrawing money for marriage.
Documents for opening an account Required Documents
Opening the account of Sukanya Yojana is exactly the same as opening an account for any other account. like
- You have to fill the account opening form. You will get the form from the bank or post office. You can download the post office form from here . SBI Sukanya account opening form is also available here.
- Apart from this, the proof of identity and address of the guardian of the girl will also have to be given. Like copy of Aadhar Card, Voter ID, Passport, etc.
- The guardian will also have to carry his original PAN card. This is necessary for KYC.
- Apart from this, the photo of the girl and the birth certificate of the girl will also be taken.
In which bank the account of Sukanya Samriddhi Yojana will be opened. Banks For Sukanya Account
You can open the account of this scheme in the post office or bank. In the post office where there are two or more employees, its account will be opened. On the other hand, in the banks where PPF account is opened, its account will also be opened.
Meaning, whichever bank plays the responsibility of the agency bank of the government, they will also open a Sukanya account. At present, 12 government banks and five private banks open the account of Sukanya Yojana. Note that many banks have merged, so the number of public sector banks is visible.
- Bank of Baroda
- Bank of India
- Bank of Maharashtra
- Canara Bank
- Central Bank of India
- Indian Bank
- Indian Overseas Bank
- Punjab & Sind Bank
- Punjab National Bank
- State Bank of India
- UCO Bank
- Union Bank of India
- HDFC Bank
- ICICI Bank
- Axis Bank
- Mahindra Bank Box
- IDBI Bank
How to earn more from Sukanya Samriddhi Scheme? How to Earn More from Sukanya Samriddhi Scheme?
Friends, now we tell you how you can earn maximum from Sukanya Yojana. How can your balance reach near 64 lakhs. For this you have to take care of some mantra.
1. Keep track of the date
So friends, the first thing is that you take care of the date while depositing money.
Whenever you are going to deposit money in a month, try to deposit money in five ways. Five dates should not be cross. One gets the salary, after that you have four days. So you can easily follow this rule. Because if you miss the 5th date, then whatever money you deposit will get interest from the next month. Interest for that month will be hit.
For example, suppose you have to deposit ten thousand rupees in the month of June. But you miss 5th date and will deposit money on 6th June. So your ten thousand rupees will not get interest for the month of June. Interest will be available on this money from the month of July itself. If you take care of this, then you will get a lot of benefit. So hopefully you’ll take care of the fifth now.
2. Make Regular Deposit
But now if you also want to collect Rs 64 lakh, then you have to pay attention to the deposit as well. For this you have to deposit twelve and a half thousand rupees every month. If you keep depositing this much money continuously for the next fifteen years, then you will also get a great amount of sixty four lakhs on maturity.
How will you collect about 64 lakh rupees? Excel Calculator Download
So friends, now we will tell you how you can collect up to Rs 64 lakh from Sukanya Samriddhi Yojana. We will do the complete calculation for you. You can download our Excel Calculator to do your calculations . We made this calculator on Google Spreadsheet. You can download it in excel format. Or you can use it online by making a copy of it.
Friends, the interest rate of Sukanya Yojana may decrease further and may increase. We don’t know what will happen next. Therefore, for the sake of calculation, we assume that this interest rate will continue even further.
Suppose you use the full limit and start depositing twelve and a half thousand rupees every month. You have started depositing money from April 4, 2021. That is, in a year you will deposit a total of 1.5 lakh rupees. If this happens, then in the first year you will get an interest of 6 thousand 175 rupees. And after one year your balance will be 1 lakh 56 thousand 175 rupees.
If you keep depositing twelve and a half thousand rupees every month, then next year the balance will be 3 lakh 24 thousand 219 rupees. And similarly after 15 years the balance in your account will be 41 lakh 10 thousand 760 rupees. Let us remind you that the money will increase accordingly only if you keep depositing 12,500 rupees every month by the rule. That much money will happen only if you keep depositing twelve and a half thousand rupees every month from the rules during this period. After depositing money for 15 years, now you do not have to deposit money for the next six years. But during this time interest will continue to be received on your balance.
And in this way after completion of twenty one years you will get Rs 63, 79, 634. Friends, this calculation is according to the interest rate of 7.6%. If the average interest rate is more than this, then the maturity amount will be much more than this. But if the average interest rate is low, then the maturity amount can be less than this.
