In the case you are a parent or guardian of a young girl under the age of ten years, Sukanya Samriddhi Yojana (SSY) may well be the right scheme for investment at the moment. Not only it is a guaranteed source of money for your daughter’s future needs but also a tax-saving measure at the same time. It has a decent interest rate of 8.2% (for the Jul-Sep quarter), this government-backed scheme allows your girl’s dreams of education or marriage to easily come to fruition.
Also, its maturity amount is absolutely tax-exempted, and the investor also gets exemptions under section 80C of the Income Tax Act of 1961. The best part? You can open this account at any authorized bank or post office.
Who Can Open an SSY Account?
SSY is exclusively for girl children and can only be opened by anyone who is the parent or legal guardian of a girl child aged below 10 years. Every family can register up to two accounts, while the third account is allowed only in cases when the second child is a twin born after the first child.
What You Need to Open SSY Account
Opening an account for an SSY is very simple. You just have to fill out the application form and attach the birth certificate of your daughter as well as your ID and address proof. It costs just Rs. 250 as a start-up capital, but you can invest up to Rs. 1.5 lakh annually.
Annual deposits are possible for 15 years and the money can be withdrawn earlier at the age of 21 or upon marriage if the girl is 18 years and older. Did not deposit a single amount for one year? Don’t worry! It can be reactivated by paying a fine of Rs.50 per year by renewing it.
This is not just an investment; it is the assurance of a better future for your daughter and the best education for her!
Sukanya Samriddhi Yojana (SSY) helps you save for your young daughter’s future. Enjoy high interest and tax benefits, with easy deposit options and future flexibility. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
