Want to secure your daughters future? Then today’s article is for you. If your daughter is aged between 0 and 10 years and you’re seeking a solid investment plan to secure her future, the Sukanya Samriddhi Yojana could be an excellent choice. This scheme not only aims to brighten your daughter’s future but also offers attractive interest rates and income tax benefits, making it a highly rewarding option.
Sukanya Samriddhi Yojana
The Sukanya Samriddhi Yojana is a savings initiative introduced by the Government of India specifically for daughters. It is tailored for parents who wish to accumulate funds for their daughters’ financial security, higher education, or marriage. You can open an account for your daughter if she is between 0 and 10 years old.
To take advantage of this scheme, you can apply at your nearest post office or bank. You can deposit between Rs 500 and Rs 1.50 lakh each year, earning an impressive interest rate of 8%, which is among the highest available in current financial schemes.
Benefits of Sukanya Samriddhi Yojana
1. This scheme provides a robust financial foundation for your daughter’s education, career, and marriage. By making small savings, you can build a substantial fund.
2. The current interest rate of 8% surpasses many other savings options.
3. Investments in the Sukanya Samriddhi Yojana qualify for tax deductions under section 80C, and both the interest earned and the maturity amount are tax-free.
4. A minimum deposit of ₹500 is required to open an account, making it accessible to everyone.
5. The scheme has a duration of 21 years, but you can make partial withdrawals at the age of 18 for educational or marriage purposes.
6. This initiative is specifically designed to enhance the financial security of daughters, fostering greater awareness and support for them in society.
Eligibility for Sukanya Samriddhi Yojana
To qualify for the Sukanya Samriddhi Yojana, your daughter must be between the ages of 0 and 10 years. This account is exclusively for daughters of Indian citizens. A family can open an account for up to two daughters, but in special cases, such as having twin daughters, a third account may be permitted.
Required Documents
To set up an account under the Sukanya Samriddhi Yojana, you will need the following documents:
– Birth certificate of the daughter
– Aadhaar card and PAN card of the parent or guardian
– A passport-sized photograph
– One form of ID for the parents (such as Voter ID or Driving License)
– Contact number and email address
How to Apply for Sukanya Samriddhi Yojana?
Visit your nearest post office or an authorized bank that offers this scheme. Obtain the application form for the Sukanya Samriddhi Yojana and fill it out carefully. Make sure to attach all necessary self-attested documents with your application. A minimum deposit of ₹500 is required to open the account. After submitting your application, you will receive a receipt, which you should keep for future reference.
Features of Sukanya Samriddhi Yojana
1. Deposits and Withdrawals
– Minimum deposit: Rs 500
– Maximum deposit: Rs 1.50 lakh per year
– Partial withdrawals are allowed for the daughter’s education or marriage once she turns 18.
– The account matures after 21 years.
2. Interest Calculation and Benefits
– Interest is calculated annually.
– At the end of the term, the total amount, including principal and interest, is paid out in a lump sum.
3. Non-Deposit Penalty
– If the minimum deposit is not made, the account will go into default. It can be reactivated by paying a penalty.
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