SSY Account Holder : Many parents invest in their little girl’s Sukanya Samriddhi Yojana. The annual interest rate of 7.6% and tax rebate on investments up to Rs 1.5 lakh makes it attractive.
However, financial planners say that it is not right to rely solely on investment in Sukanya Samriddhi. Equity is a better investment medium for the long term.
Include investor equity
Melvin Joseph, managing partner of Finwin Financial Planners, stated that investors who do not want to take a lot of risk should include Sukanya Samriddhi as well as equity in their investments. When someone has a child at home, they start investing in equity with a Sukanya Samriddhi in his name. However, the strategy should be that initially Sukanya invests less in prosperity and more in equity. When he gets closer to his goal, he reduces investment in equity and increases Sukanya prosperity.
Block stays invested for a long period
According to experts, investing in Sukanya Samriddhi Yojana is a money block for a long period. In this scheme, the investment matures when the daughter is 21 years old. At the same time, after completing the age of 18 years, 50 percent of the amount can be withdrawn in the name of studies. That is, money gets blocked for a long time. At the same time, equity does not have this problem. The investor can withdraw his funds when needed.
Trouble over not knowing the terms
According to experts, it is very important to take care of the conditions of Sukanya Samriddhi Yojana. If it is not known, problems can increase. In this scheme, if the account holder gets married before the completion of 21 years of opening the account, then the amount cannot be deposited in the account. If the account is being closed before the completion of 21 years, then the account holder will have to give an affidavit that at the time of closing the account, he is not less than 18 years of age. Where a minimum amount has not been deposited in an irregular Sukanya Samriddhi Yojana account, it can be regularized by paying a penalty of Rs 50 annually.
After all, why it is getting 7.6 percent annual interest in Sukanya Samriddhi Yojana popular among investors, which is much higher than bank FD.
This scheme can be opened anywhere in the bank or post office.
In this, an account can be opened for Rs 250. This account can be opened before the age of 10 years after the birth of a girl child.
After the girl is 21 years old or the girl is married, the entire money can be taken with interest.
Sukanya Samriddhi Yojana accounts can be withdrawn up to 50 per cent in terms of expenses for higher education of a child after the age of 18 years.
Under the Sukanya Samriddhi Yojana, a deposit of Rs 1.5 lakh is exempted from tax.
