Sukanya Samriddhi Yojana (SSY) is a government-initiated savings scheme, which is specifically designed to secure the financial future of the girl child. With the low-cost investment, tax benefit and a high-interest rate of 7.6%, the Sukanya Samriddhi Yojana is one of the best investment option to ensure the financial security of the girl child. The account can be opened by the legal guardian/ parent of the girl child under the name of there daughter before she attains 10 years of age.
Read moreNothing Is More Important Than Securing Your Child's Future
Invest ₹10k/month your child will get ₹1 Cr# Tax-Free* on Maturity
The account can be opened at any Axis Bank Branch. Let’s read further to know in detail about Axis Bank SSY.
Let’s take a look at some of the salient features of Axis Bank SSY.
The plan can be opened by the legal guardian/parent of the girl child who is a resident of India. An individual can open up to a maximum of two accounts in the name of each girl child before she turns the age of 10 years. In the case of triplet, the third girl child account can be considered.
Axis Bank SSY comes with a tenure of 21 years or until the marriage of the girl child after she attains 18 years of age. The 21 years of tenure is applicable from the date of opening of the account.
The Sukanya Samriddhi Yojana account can be opened with a minimum deposition of Rs. 1000/-. The individual can invest up to a maximum of Rs. 1.5 lakh in a financial year. The deposits can be made any number of times in multiple of Rs.100/- only. The subscriber can make the contribution at least once every year, till the completion of 15 years from the date of policy initiation. The deposition can be made in form of cash, cheque or internet banking.
People also read: Child Education Plan
Yearly Investment
You can invest maximum upto ₹1,50,000Girl's Age
Maximum age should be 10 yearsStart Year
Investment term is 21 yearsOnce the girl attains the age of 18 years, she can make a partial withdrawal from the Axis Bank SSY. Up to 50% of the accumulated fund is allowed for withdrawal. The withdrawal amount can be used for the higher education of the girl child or for her marriage.
Here are some of the benefits offered by the Axis Bank SSY.
Axis Bank SSY offers a high-interest rate of 7.6% compounded annually.
Tax exemptions can be availed as EEE (exempt, exempt, exempt) format U/S 80C of the IT Act.
If the account holder relocates to another city, then they can transfer the account to any other post-office or bank.
Axis Bank SSY can be opened by any individuals who are the resident of India.
Here are the important documents that should be kept handy while opening Sukanya Samriddhi Yojana Account.
SSY account opening form
Girl child birth certificate.
Photograph of legal guardian/parents of the girl child.
KYC documents (Address proof/identity proof) of the girl child.
The following are the eligibility criteria of the scheme.
The Sukanya Samriddhi Yojana account can be opened by the legal guardian/parent of the girl child before she attains the age of 10 years.
The contribution period for SSY is 15 years.
The account holder has to be a citizen of India
A maximum of two accounts can be opened in the name of each girl child. The third account can only be opened in case of the triplet.
To open the Axis Bank Sukanya Samriddhi Yojana, the individual will need to follow these steps.
Get the account opening form from the branch office and enter all the required details.
Submit all the required documents along with the photos.
Deposit the minimum amount of Rs 250
Once the account is active, the subscriber can deposit the amount by cash, cheque or demand draft.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance
plan.
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
#The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CARG 8%; ₹50,45,591 @ CAGR 4%
+Returns Since Inception of LIC Growth Fund
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.
Investment
Secure
05 Dec 2024
Mukhyamantri Mahila Utkarsh Yojana, introduced by the Gujarat05 Dec 2024
Beti Hai Anmol Yojana, launched by the Government of Himachal05 Dec 2024
The Students READY (Rural Entrepreneurship Awareness Development05 Dec 2024
The State Technical Scholarship for ST Students, by the05 Dec 2024
The West Bengal Student Credit Card Scheme is a governmentInsurance
Calculators
Policybazaar Insurance Brokers Private Limited CIN: U74999HR2014PTC053454 Registered Office - Plot No.119, Sector - 44, Gurugram - 122001, Haryana Tel no. : 0124-4218302 Email ID: enquiry@policybazaar.com
Policybazaar is registered as a Composite Broker | Registration No. 742, Registration Code No. IRDA/ DB 797/ 19, Valid till 09/06/2027, License category- Composite Broker
Visitors are hereby informed that their information submitted on the website may be shared with insurers.Product information is authentic and solely based on the information received from the insurers.
© Copyright 2008-2024 policybazaar.com. All Rights Reserved.