Sukanya Samriddhi Yojana is a small savings scheme that has been declared by the Indian government and is exclusively for the girl child. The Sukanya Samriddhi Yojana is a segment of the campaign of the Indian government, ‘Beti Bachao, Beti Padhao’, which is also known as the BBBP campaign.
Read moreNothing Is More Important Than Securing Your Child's Future
Invest ₹10k/month your child will get ₹1 Cr# Tax-Free* on Maturity
Yearly Investment
You can invest maximum upto ₹1,50,000Girl's Age
Maximum age should be 10 yearsStart Year
Investment term is 21 yearsThe Sukanya Samriddhi Yojana has been designed such that it provides a bright and secured future to the girl child. The following are the key features of the HDFC Sukanya Samriddhi Yojana:
The yearly interest rate that one can easily benefit from the Sukanya Samriddhi Yojana account is 7.6 per cent. The interest rate might be notified by the Indian government from time to time.
With effect from 2018, July 05, now the government has likewise reduced the minimum investment sum to Rs 250. Thereafter any sum in multiples of Rs 100 can easily be deposited. In a financial year, the minimum sum of Rs 250 needs to be deposited.
In every Sukanya Samriddhi Yojana account, the maximum deposit sum permitted is Rs 1.5 lakh in a year.
In a specific month or a year, one can easily make any number of deposits.
Depending on the extent of deposits made in the Sukanya Samriddhi Account HDFC, tax benefits can be claimed and a deduction of Rs 1.5 lakh from the total income within Section 80C of the IT Act.
Beginning from the date of commencing the SSY account, the deposits are permitted until 15 years are completed.
The SSY account will mature post the completion of the period that is 1 year. The balance in the account inclusive of the taxes is then paid to the girl child wherein evidence of identity, citizenship, residence and an application needs to be submitted.
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The following are the key advantages of the HDFC Sukanya Samriddhi Yojana:
When it comes to joining this scheme there is a lot of flexibility. One can easily open the HDFC Sukanya Samriddhi Yojana account and thereafter start making the regular deposits.
One of the key highlights of the Sukanya Samriddhi Yojana account is the default lock-in period until the girl turns 21 years of age. The only time wherein the account will no longer be held is when the girl is married after attaining the legal age. The account permits for premature withdrawal, which is limited to 50 per cent of the complete amount when the girl child attains 18 years of age to complete further education and is limited.
The prime objective of this scheme is to enable girls to fulfil life objectives such as education and marriage. It simply cannot be withdrawn by the parents for personal use. The maturity benefits and the sum in the account can be accessed only by the child.
The SSY offers one of the highest interest rates when compared to any other saving schemes in India. The rate of interest is compounded yearly and provides healthy returns over time.
In case the amount is not withdrawn from the account even after the maturity, one can still earn interest.
To open the HDFC Sukanya Samriddhi Yojana account, the following documents will be required:
The filled HDFC Sukanya Samriddhi Yojana account opening form.
Evidence of identity of the parent/ guardian of the account beneficiary.
Valid address proof like the ration card, electricity bill, etc. of the parent or the guardian of the account beneficiary.
Account beneficiary certificate of birth.
To open the HDFC Sukanya Samriddhi Yojana account, follow the steps mentioned below:
Fill the opening form of the Sukanya Samriddhi Yojana account.
Provide all the required documents to the bank.
One needs to pay the initial deposit sum for opening the Sukanya Samriddhi Yojana HDFC account.
Choose the standing instruction to deduct the sum timely or opt for automatic credit from the option of net banking.
As of now, neither any bank nor the post offices permit to open the Sukanya Samriddhi Yojana account online. However, once the account is opened after the submission of the documents, the standard instructions can be set online.
In case the deposits are not made each year, the account will likely fall within ‘Account under Default’. This account will only be reactivated by paying Rs 50 as a fine each year. The reactivation might happen until 15 years from the opening account.
Anyone can open the Sukanya Samriddhi Yojana Account with HDFC Bank.
This account can easily be opened by a natural or even the legal guardian of the girl child who attains the age of ten years. The girl child needs to be an Indian citizen. The birth certificate of the girl child in whose name the account is being opened also needs to be submitted. The depositor can only open and operate one account in the girl child's name within the scheme rules.
The natural or legal guardian of the girl child is permitted to open the account for only two girl children.
The account will mature with the completion of 21 years. Upon maturity, the HDFC bank will provide the deposits and the proceeds once the following documents have been provided to the bank:
Proof of age
Proof of identity
Proof of citizenship and residency
Withdrawal application for the HDFC Sukanya Samriddhi Account
The transfer of funds can be done online from the savings account linked.
The standing instruction facility can be easily set online.
View the statement of account online.
The account should be opened by the parent or guardian of the girl child below ten years of age.
In the name of the girl child, the deposit is allowed to open and operate a single account within the scheme rules.
†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.
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