Sukanya Samriddhi Yojana is one of the most popular investment options available in the market. The scheme is specifically designed to ensure the financial security of the girl child in the long run. Along with securing the future of the girl child, the Sukanya Samriddhi Yojana is a great tax-saving investment option, which provides high-interest rates.Read more
Insurer pays your premiums in your absence
Invest ₹10k/month and your child gets ₹1 Cr tax free*
Save upto ₹46,800 in tax under Section 80(C)
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Nothing Is More Important Than Securing Your Child's Future
Invest ₹10k/month your child will get ₹1 Cr Tax Free*
The Sukanya Samriddhi Yojana offers a host of benefits to the parents/ guardian and the girl child. Moreover, it also allows the investors to save on taxes and create a financial cushion for their girl child for the long-term. Thus, if you are a parent of a girl child then make sure that you invest in this option of investment. The parent can open a Sukanya Samriddhi Yojana account in the name of the girl child. An individual can open the account anywhere in India before the girl child turns 10 years old. The minimum amount of deposition can be as low as Rs.1000 whereas, the maximum amount of deposition can range up to Rs.1.5 lakh in a financial year. Currently, the interest rate offered by Sukanya Samriddhi Yojana is 7.6% per annum, compounded annually.
Let’s take a look at the tax benefits offered by Sukanya Samirddhi Yojana.
The Sukanya Samirrdhi Yojana offers tax benefits in EE format i.e. exempt-exempt-exempt. This means:
The tax provisions offered by SSY ensures that the investors can save on taxes and can accumulate a string financial cushion for their girl child in the long-term.
Apart from providing financial protection to the girl child, there are many different benefits offered by SSY. Let’s take a look at it.
An individual can open the Sukanya Samriddhi Yojana Account is a very simple and easy process. To open the account of SSY one needs to make a minimum deposition of Rs.250 and can make an investment up to a maximum of Rs.1.5 lakh in a financial year.
With the help of Sukanya Samriddhi Yojana, the parent of the girl child can create a financial backup for their child right from the beginning. Moreover, the scheme is a lucrative option of investment as the accumulated funds can be used to finance the higher education of the girl child. In Sukanya Samriddhi Yojana Scheme, once the girl turns 18 years old she can withdraw 50% of the balance from the account to meet the educational expenses.
Premature withdrawals are allowed under the scheme when the girl child reaches the age of 18 years. Also, the scheme allows for premature withdrawal after completion of 5 years from the date of inception in case of an emergency, like the death of the parent of the girl child or any type of medical emergency. However, it is compulsory to submit the application form stating the reason for premature withdrawal to withdraw funds from the scheme.
As compared to the other investment options, the Sukanya Samriddhi Yojana offers an attractive interest rate of 7.6%, compounded annually. The government of India fixes the interest rate of Sukanya Samriddhi Yojana and is revised every quarter.
Children often cherish gifts given by their parents. Even though they might not seem entirely happy with some of these gifts initially they will release the actual value of the gift in the long-term and will thank you for it. So, make sure that you take advantage of these investment opportunities available to you and secure the financial future of your child. With Sukanya Samriddhi Yojana you can provide right financial protection to your baby girl and ensure that all her future needs are taken care of even in your absence.
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