The total investment in the account of Sukanya Samriddhi Yojana will be Rs 1,50,000. The total interest on Rs 1.5 lakh deposited in this account with a tenure of 21 years will be Rs 2,74,344. The maturity of this account will be in 2041 and the total money will be Rs 4,24,344.
The government runs Sukanya Samriddhi Yojana (SSY) for the daughters. This is a savings scheme which was started in the year 2015. This scheme has been started under the government’s campaign ‘Beti Bachao, Beti Padhao’. Under this scheme, the parents or guardians of the daughter start a savings account. The bank account of this scheme can be opened in commercial banks or by post. With effect from April 1, 2020, an interest of 7.6% is being given on the amount deposited in this account. The interest is calculated annually and gets compounded every year.
The interest earned on this account can be understood with an example. Suppose a father opened a Sukanya Samriddhi account for his 1 year old daughter. Every year Rs 10,000 is deposited in the account on behalf of the father. If you look in the form of a month, then this expenditure will come less than 1 thousand. Let’s say this account was started in the year 2020. Since this account is for 21 years and money has to be deposited for 15 years, the total investment will be Rs 1,50,000. The total interest on Rs 1.5 lakh deposited in this account with a tenure of 21 years will be Rs 2,74,344. The maturity of this account will be in 2041 and the total money will be Rs 4,24,344.
Who can open this account
This account can be opened by the parents or guardians in the name of the daughter but the age of the daughter should be less than 10 years. Only one account can be opened in the name of daughter. If there are two daughters in a family, then two accounts can be opened, not more than that. However, if someone has twins or three daughters together, then more than 2 accounts can also be opened. You can start this account with a minimum deposit of Rs 250. One can deposit a minimum of Rs 250 and a maximum of Rs 1.5 lakh in a financial year. Money has to be deposited for 15 years from the date of opening the account. If the minimum deposit of Rs 250 is not made in any year, then that account is considered as a defaulted account.
सुकन्या समृद्धि खाता (एसएसए) के साथ अपनी बेटी के लिए एक सुरक्षित भविष्य बनाएं। अधिक जानकारी के लिए, देखें: https://t.co/oDktgemmMY #IndiaPostAapkaDost pic.twitter.com/0bQcPx2FuP
— India Post (@IndiaPostOffice) June 23, 2021
How much to deposit
If the account of Sukanya Samriddhi Yojana defaults, then there is a special rule to start it again. For 15 years from the year of account opening, a minimum of Rs 250 and a default of Rs 50 are added together. Under the Income Tax Act, the amount deposited in the account is exempted from tax under 80C. The Finance Ministry gives information about the interest at the quarterly level. Interest is paid on the amount deposited in the account only on the instructions of the Ministry of Finance. Interest is paid in the account at the end of every financial year. The interest earned on the account is also tax free under the Income Tax Act. Because of this, people consider it a good way to save tax.
When does the account close
Money can be taken after the daughter is 18 years old or after passing 10th. There are some conditions on the basis of which the account can be closed after 5 years of operation. The account can be closed if the account holder dies or if there is any serious illness, the person who is running the account dies. To close the account, all the necessary documents will have to be submitted and application will also have to be submitted along with it. Filling the application form with passbook has to be submitted in the post office or in the bank in which the account is running.
