5 Benefits of Sukanya Samriddhi Yojana for Girl Child by the Govt of India Sukanya Samriddhi Yojana is a savings structure for the woman child launched as a part of the Government’s 'Beti Bachao Beti Padhao' marketing campaign, in 2015. A Sukanya Samriddhi Account can end up being opened any time before the woman child transforms 10 decades old. Under this structure, a least of Rs. 1,000/- and a maximum of Rs. 1,50,000/- can end up being deposited in a yr.
There are a number of benefits of saving through Sukanya Samriddhi Yojana. Let us focus on five of them:
1. High Curiosity Rate Sukanya Samriddhi Account presents an curiosity rate of 8.6% for current financial yr, i.elizabeth. FY 2016-17. When compared to additional Small Savings Strategies, the curiosity rate offered by this plan is usually the highest.
Every year, the Govt. of India declares the Curiosity Rate for the current Financial Yr. Curiosity on this is compounded yearly, which means that it will end up being credited yearly. The interest is usually accrued every month on the most affordable stability between 5th and last time of the month.
2. Income Tax Savings Income tax is exempted from the share to this account under Section 80 C of the Income Tax Act. Exemption on this structure is accessible on the curiosity and also at the time of disengagement. This scheme is usually under the specialist of Section of Revenue (DOR). DOR will move for a legislative change. Moreover, this structure will also end up being one of the nearly all tax efficient ones.
3. Lock-in Period Lock-in period is one particular of the best features of this scheme. Twenty one years is usually the maturity age of the account and this starts from the time when the account was opened or the Marriage of your Woman Child (either of the earlier one). Make sure that the age of your daughter is usually 18 decades at the time of marriage.
The account cannot be operated after the marriage of your child. Moms and dads are required to move for a premature withdrawal once their woman child attains 18 decades of age and this can end up being done only if you require funds for Higher Education.
Only 50% of the account balance can be withdrawn in case of premature withdrawal at the end of the previous financial year. One can deposit money in the account till 14 decades from the time of opening of the account. Moreover, the maturity period of the account is usually 21 decades from the time of opening the account.
4. Guaranteed Maturity Benefits When your Sukanya Samriddhi Account reaches the maturity time, the account balance including the interest accumulated will be directly paid to the policyholder (Girl Child in this case). This is primarily required to give economic independence to the Woman child and as a result works as an efficient tool to empower them in India.
5. Interest even after Maturity Sukanya Samriddhi Account gives curiosity to the policyholder even when the structure reaches the maturity. A special feature of Sukanya Samriddhi Account is usually that the interest is usually accrued on the account also after it is matured and this retains on going till it is finally closed by the account holder.
Wrapping Up!
One of the best ways to build up a sufficient corpus for the education of your woman child is to hold aside a major portion of your savings or invest in equities. However, you only need to invest a small portion of the savings in Sukanya Samriddhi Account and reap the benefits in the long run. Looking at the high-interest rate, one can certainly create an adequate corpus to supply a brighter potential future to your woman child.