Sukanya Samriddhi Scheme – Eligibility, Features, Tax Benefits and all you need to know

December 31, 2023 S Ranjita India 0

Sukanya Samriddhi Scheme


Sukanya Samriddhi Yojana (SSY) is a government-backed small savings scheme designed to provide financial security for the girl child. The scheme was launched in January 2015 as part of the Beti Bachao,

Eligibility

  • The account can be opened by the parents or legal guardian of a girl child who is below the age of 10 years.
  • Only one account can be opened in the name of a girl child. Click here to Check Your Eligibility.
  • The account can be opened at any post office or authorised bank in India.

Features

  • The account matures after 21 years from the date of opening of the account.
  • The minimum deposit per year is ₹250.
  • The maximum deposit per year is ₹1.5 lakh.
  • The interest rate is fixed at 8% per annum.
  • The interest earned is tax-free under Section 80C of the Income Tax Act, 1961.
See Also:  Rahul Gandhi to Visit Violence-Hit Manipur on June 29-30

Withdrawal

  • Withdrawals can be made for the following purposes:
    • Higher education of the girl child
    • Marriage of the girl child after she attains the age of 18 years
  • A maximum of 50% of the balance in the account can be withdrawn for any of the above purposes.

Tax benefits

  • The amount deposited in the SSY account is eligible for a deduction under Section 80C of the Income Tax Act, 1961.
  • The interest earned on the SSY account is tax-free under Section 80C of the Income Tax Act, 1961.

Conclusion

The Sukanya Samriddhi Yojana is a good option for parents who want to save for the future of their girl child. The scheme offers a high interest rate, tax benefits, and the security of a government-backed investment.

See Also:  CBSE Class 10,12 Term 1 Result Date 2022: Result Likely To Be Out on 16 Feb - The Quint

Related Stories:

Social Security will increase in 2023Social Security 2022: Check eligibility for spouse’s benefits and your retirement benefits NASA to launch drought tracking satelliteNASA Confirms Launch Date for Its Massive Moon Rocket Virgobanc Review Uncovering the Platform’s Features and Benefits  You will get in your pocket your benefit soonSNAP Benefits 2022: Check How Half-Time Enrolment Affect Your Eligibility karnatkaa gruha lakshmi schemeRahul Gandhi, Kharge Launch Gruha Laxmi Scheme in Karnataka; crores of women received Rs 2000 Californian Inflation Relief Checks: 'Vast Majority' Of Middle-Class Tax Refund Debit Cards Will Be Distributed By Mid-JanuaryStimulus 2023: Maine’s Emergency Winter Energy Relief Plan: Eligibility and Benefits PM-PRANAM scheme gets CCEA approval to boost alternative fertilizersPM-PRANAM scheme gets CCEA approval to boost alternative fertilizers China mars phobosChina Takes Incredible Close Up Shot of Mars’ Moon Phobos
ranjita shalgar
About S Ranjita 474 Articles
Ranjita is a seasoned writer on a variety of topics. She has been writing for 8 years now on various international publications. Entertainment and current news topics are her favorite. She can be reached at [email protected]