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Sukanya Samriddhi Yojana

Gone are the days when the sole objective of saving money for the girl child was only for her marriage. Times have changed, and today we see girls competing neck-to-neck with boys in a host of activities, ranging from academics, sports, extra-curricular activities.

Nidhimehra
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Sukanya Samriddhi Yojana

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  1. Sukanya Samriddhi Yojana

  2. 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.

  3. 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

  4. 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.

  5. 4: Transfer of accounts:you 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.

  6. Eligibility Criteria 1:Only 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.

  7. 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.

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