If you don’t plan ahead of time in this scenario, difficulties worsen however, if you do plan ahead of time, there is no need to fear. Sukanya Samriddhi Yojana is your best option if you also want to guarantee your daughters a bright future. Let’s learn more about this government initiative in depth.
What makes the Sukanya Samriddhi Yojana the best?
This program was started by the government to ensure the financial security of all the nation’s daughters. Previously, this limit only applied to daughters under the age of 10, but now it applies to daughters up to the age of 18. The government just increased it to 18 years. The annual interest rate paid under this plan was 7.6 percent, but it has since been raised to 8 percent. A quarterly interest review takes place. In accordance with section 80C of the Income Tax Act, tax exemption is also possible. In this, the deposit, interest, and maturity amounts are all tax-free.
Sukanya Samriddhi Yojana Account opening guidelines:
You are only permitted to register this account in the names of two daughters under the Sukanya Samriddhi Yojana. On the other hand, a third account may also be opened in this circumstance if a person has twin daughters at the time of the birth of the second kid. If all three girls are born at the same time, the same rule will be in effect.
Know your investment capacity.
You can deposit up to a maximum of Rs. 250 in Sukanya Samriddhi accounts at a time, followed by multiples of Rs. 100. Within 14 years of the account’s establishment, you may invest in it. The account will become inactive if the minimum deposit is not made at least once throughout the financial year. It can be reactivated, though, by incurring an Rs. 50 fine.
You will profit from compound interest
the interest will be paid as an annual credit, meaning that the interest will be added to the principal in the first year and compound interest will start to be paid in the second year. Only the child’s guardian may use the account until she is 18 years old.
Maturity Timeframe
The account’s maturity period is determined by the age at which the girl’s account was opened. When a girl turns 18, a partial withdrawal option is available. That is, up to 50% of the total might be withdrawn when the girl kid turns 18. Unfortunately, the account will be terminated and the parents’ deposit returned if the girl child passes away.
You can open an account here.
You can open a Sukanya Samriddhi Yojana account at any bank or post office in the nation. The child’s birth certificate, identity, and residency verification must be provided for this.
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