Sukanya Samriddhi Yojana

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Sukanya Samriddhi Yojana
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What is the Sukanya Samriddhi Yojana?

• The Sukanya Samriddhi Yojana is a scheme launched
  by the government . It is a fixed income
  investment through which you can make regular
  deposits and earn interest on it. You can also
  claim tax deductions up to ?1.5 lakh in a
  financial year under Section 80C of the Income
  Tax Act for your contributions towards the
  Sukanya Samriddhi scheme.

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Features of the Sukanya Samriddhi Yojana

• 1 Interest rate The government fixes the
  Sukanya Samriddhi Yojana interest rate interest
  rate every quarter. For the quarter ending March
  2020, the rate of interest is 8.4 per annum,
  compounded annually.
• 2 Lock-in period The lock-in period of the
  Sukanya Samriddhi Yojana is 21 years

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• 3 Deposits A minimum deposit of ?250 is needed,
  per year, for 15 years. The maximum amount that
  can be invested in a financial year is ?1.5 lakh.
  Deposits can be made in multiples of 100 . You
  can make any number of deposits in a year. But,
  if you fail to make the minimum investment in a
  given year, your account will be discontinued.
  You can reactivate the account though by paying a
  penalty of ?50 and submitting the minimum deposit
  amount.

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• 4 Transfer of accountsyou can transfer your
  Sukanya Samriddhi account balance to any post
  office or bank branch in the country or from a
  post office to a bank free of cost.
• 5 Number of accounts Only one account can be
  held for one girl child, and a maximum of two
  accounts can be opened in one family.

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Eligibility Criteria

• 1Only girl children can claim the benefits of
  this scheme.
• 2 The girl child cannot be more than 10 years of
  age, although a grace period of one year is
  allowed. This means you can open an account for
  your daughter within a year of her turning ten
  years of age.
• 3 You will have to submit your daughter's age
  proof documents.

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Tax Benefits of Sukanya Samriddhi Yojana

• 1 Your investments towards Sukanya Samriddhi
  Yojana are eligible for tax deductions under
  Section 80C of the Income Tax Act. Deductions of
  up to ?1.5 lakhs are allowed..
• 2 The interest on your investment is also
  exempted from tax.
• 3 You do not have to pay any taxes on maturity
  or withdrawal.