Sukanya Samriddhi Yojana: Get advantages like this, where your deposit amount will be quadrupled and you will get Rs 70 lakh at maturity

Sukanya Samriddhi Yojana: Get advantages like this, where your deposit amount will be quadrupled and you will get Rs 70 lakh at maturity

Sukanya Samriddhi Yojana: Get advantages like this, where your deposit amount will be quadrupled and you will get Rs 70 lakh at maturity

Sukanya Samriddhi Yojana: The government is running this program specifically for daughters. This program aims to save girls from low-income households from having to deal with financial hardships in the future. For the January through March quarter, the interest rate on this program has been raised by the federal government from 8% to 8.2%.

Sukanya Samriddhi Yojana: The Central Government manages a number of minor savings plans. For people who want to invest modest sums of money to build a solid fund for the future, these plans are quite helpful. A better option for you could be to invest in Sukanya Samriddhi Yojana (Sukanya Samriddhi Yojana - SSY) if you also want to fund your daughter's marriage or further education. The Central Government has now raised the interest rate offered on this program from 8 percent to 8.2 percent for the January through March quarter.

You may open your fortunate 10-year-old daughter's account under this initiative at any bank or post office. You may deposit anywhere from Rs 250 to Rs 1.5 lakh annually in SSY. You also get an exemption from income tax on the amount deposited under Section 80C of this plan.

Over 200 percent yield

Currently, the Sukanya Samriddhi Yojana offers the highest interest rate for modest savings plans. An annual interest rate of 8.2 percent is offered in this. This technique guarantees returns of more than three times. At maturity, a fund of Rs 70 lakh, or more than three times your investment, may be generated if Rs 1.50 lakh is deposited annually in the plan. You may invest as little as Rs 250 and as much as Rs 1.50 lakh under this plan. Accounts may be started under the Sukanya Samriddhi Yojana before girls become ten years old. A family's account may be formed for a maximum of two daughters under this arrangement. You may set aside money for your daughter's marriage and further education by participating in this initiative.

There are further tax advantages.

The tax-free Sukanya Samriddhi Yojana is an initiative. This is eligible for three separate degrees of tax exemption, i.e. EEE. First, Section 80C of the Income Tax Act exempts yearly investments up to Rs 1.50 lakh. Second, the returns that are obtained from it are tax-free. Thirdly, there is no tax on the amount received at maturity.

When is it possible to take money out of the Sukanya Samriddhi Yojana?

There is a 21-year lock-in term for this arrangement. Thus, this plan will be fully developed in 21 years. You are not permitted to take money out of this scenario prior to maturity. You can lose a lot of money if you take money out in the meantime. However, 50% of the sum may be taken for schooling after the girl is 18 years old. Money may be withdrawn prior to account maturity in the event of an account holder's unexpected death.

After that, she won't be able to withdraw the whole amount until she is 21. This scheme's unique feature is that there is no money need for the whole 21 years. Deposits of funds are only accepted for a period of 15 years after account establishment.