Modi government’s Sukanya Samriddhi Yojana (Sukanya Samriddhi Yojana) is a good scheme to add money for the future of daughters.
new Delhi. Modi government’s Sukanya Samriddhi Yojana (Sukanya Samriddhi Yojana) is a good scheme to add money for the future of daughters. This scheme is more profitable than public provident fund which helps parents in tax planning. Under this scheme, father can take advantage of the scheme by opening the account of his daughter up to 10 years old. The current rate of interest on this is 8.1 percent annually. How to open accounts, know the whole process
Method of opening account:
- You can open an account of Sukanya Samriddhi Yojana (Sukanya Samriddhi Yojana) by visiting any post office or authorized branch of banks.
- Generally, banks which provide PPF account opening also open Sukanya Samriddhi Yojana.
Documents required to open an account:
- Form for opening Sukanya Samriddhi Account.
- Birth certificate of the child.
- Identity card of the depositor (parent or guardian) – such as PAN card, ration card, driving license, passport etc.
- Certificate of address of the depositor – eg passport, ration card, electricity bill, telephole bill etc. You can get the form of Sukanya Samriddhi Yojana from the post office or bank or download it from https://rbidocs.rbi.org.in/rdocs/content/pdfs/494SSAC110315_A3.pdf here.
- When the account is opened, get a passbook from the post office or bank in which you have opened the account.
- You can also use net banking to deposit money.
Who can open Sukanya Samriddhi account:
- You can open this account only if you are the natural or legal guardian of the girl.
- Only one such account can be opened in the name of a daughter.
- Overall, you can open this account in the name of two daughters, but if you have a twin daughter at the time of the birth of the second daughter, then you can also open a third account.
What are the benefits from Sukanya Samriddhi Yojana:
- Interest more than PF in Sukanya Samriddhi Yojana.
- Benefit of deduction under Section 80C of Income Tax Act on the amount to be deposited in it.
- Interest is also tax-free but also tax-free.
How much money can I deposit?
- You can deposit a minimum of Rs 1,000 in Sukanya Samriddhi Yojana account initially.
- A maximum of one and a half lakh rupees can be deposited in a year.
- If you do not deposit the minimum amount in a year, you will have to pay a penalty of 50 rupees the next time you deposit the money.
When you can withdraw money:
- You cannot withdraw money before the daughter turns 18.
- The account becomes mature when he is 21 years old.
- After the daughter completes 18 years, you get partial withdrawal. Meaning you can withdraw up to 50 percent of the amount deposited in the account.
- Unfortunately if the child dies, the account will be closed immediately, and the amount lying in the account is passed on to the parent.
