By investing in the post office Sukanya Samriddhi Yojana (SSY), not only can you make your daughter’s future financially secure, but you can also get benefits like good returns and tax saving . In this scheme started in the year 2015, the account can be opened in banks besides the post office.
In SSY, parents can open an account in the name of a girl up to the age of 10 years. Only one account will be opened in the name of a girl child. SSY account can start from a minimum of Rs 250. In this, a minimum deposit of Rs 250 and maximum of Rs 1.5 lakh has been fixed in a financial year. Talking about the interest rate, at the moment the Sukanya Samriddhi Yojana account is getting 7.6 percent interest annually in the post office. You can invest in Sukanya Samriddhi Scheme for a maximum period of 15 years.
Sukanya Samriddhi account can be closed only after the girl is 21 years old. However, normal premature closure is allowed when the child is 18 years old and gets married. After the age of 18, the child can do partial cash withdrawal from SSY account. Withdrawal limit is 50% of the balance in the account at the end of the last financial year.
How will you save Tax
A tax deduction of up to Rs 1.5 lakh can be claimed under Section 80C on the amount deposited in SSY. Apart from this, the interest on the deposit and the money received on completion of the maturity period is also tax free. In this way SSY is the tax saving scheme of ‘EEE’ category.
If not the minimum deposit
If there is no minimum deposit in the SSY account within a financial year, then the account gets suspended. After this, it can be revived only after filling the penalty of Rs 50 per year. Also a minimum amount will have to be deposited. If the account is not revived by filling the penalty, then it will become the normal savings account of the post office and interest on the total amount of money in it will also be paid accordingly.
Some other facts related to Sukanya Samriddhi Yojana:
Parent or legal guardian can open account on behalf of the girl child. That is, if someone has adopted a child, then he can also open Sukanya Samriddhi account for him.
On the death of the depositor’s parent or for the treatment of any serious illness, this account can be closed prematurely i.e. money can be withdrawn.
By the way, under SSY, accounts of only two girls can be opened. But in case of twins, it can be opened for up to three girls. This rule will be applicable in case of someone who already has a baby girl and later has twins born or in the case of three girls born in the first birth. In this case, proof of having twins has to be given.
You can deposit money in Sukanya Samriddhi account by cash, check and DD. There is also the facility of online deposit from intra operable NetBanking and India Post Payments bank saving account.
After the 15-year period is already completed, till maturity, the money keeps adding to the account according to the fixed interest rate at that time.
This scheme comes under the Small Savings Scheme, for which the interest rate is revised every quarter.
If for some reason, the person opening an SSY account goes to another city or state, then the SSY account will be transferred to that city. That is, the facility to transfer the account from any post office / bank branch to other post office / bank branch is available.
If by mistake, more than 1.5 lakh rupees are deposited in SSY account in a financial year, then interest will not be paid on the additional amount. The depositor can withdraw the additional amount at any time.
Under Sukanya Samriddhi Yojana, you can deposit money either in one installment or in small installments at any time. There is no limit on the number of deposits.
Under Sukanya Samriddhi Yojana, only the local residents of India can open their account. Such a person who is a resident of India but lives in another country, cannot take advantage of this scheme. On the other hand, if after opening this account and settle in another country, then the account will be closed and no interest will be received.