Sukanya Samriddhi Yojana
Government in January 2014, introduced Sukanya Samriddhi Yojana. As per this scheme, money upto 1.5 lakhs can be deposited for a child daughter.
Kindly guide on:
- Whether this scheme is better than PPF scheme?
- For how many daughter we can have this scheme?
- Whether we have any tax exemption by depositing under Sukanya Samriddhi Yojana?
Sukanya Samriddhi Yojana was launched in January 2014 as a part of Beti Bachao Beti Padhao initiative. Here are answers to your questions:
- Yes, this scheme is better than PF if you consider the returns. The interest rate on PPF is 10 basis points higher than the 10 years government bonds, whereas under this scheme the interest rates will be at 75 bps higher than 10 years government bond yields.
- You can have deposit account for maximum of 2 daughters.
- Yes you get tax benefit under section 80C.
Here are some more features about this scheme:
Where you can open account for depositing money under Sukanya Samriddhi Yojana?
You can open account in any Post office or authorised branch of Public Sector Bank such as SBI.
For whom we can open the account under Sukanya Samriddhi Yojana?
You can open account for upto 2 daughters. However, the age of each daughter should be less than 10 years. You cannot open account for daughter aged above 10 years.
When the amount matures under the Sukanya Samriddhi Yojana?
Can I get tax benifits for FY 2014-15 or its applicable from next FY?
You get tax benefit for investment u/s 80C. The ineterst earned is exempt u/s 10. Further the money received at after maturity also goes untaxed ie., exempt.
Dear prakash, I think this will clear all your doubts.
The Sukanya Samriddhi Account can be an alternative for those who are thinking to invest some amount of money in Fixed deposit's or Provident fund's on their daughter's account, Because the Sukanya Samriddhi Yojana offers more interest rate 9.1 %.
How to open Sukanya Samriddhi Account:
Accounts can be opened in any post office or designated branches of public sector banks with a minimum of Rs 1,000 deposit.
Terms and conditions:
1. Minimum INR. 1000/-and Maximum INR. 1,50,000/- in a financial year. Deposit can be made in multiple of 100 Rs. There is no limit on number of transactions, you can also deposit 1,50,000 in one time also.
2. Only legal guardian can open account in the name of girl child.
3. Gaurdian will be able to open only one account per girl child or two account for two different girl child. Mother/ Father cannot open a sprate account on same girl child.
4. A Sukanya Samriddhi Account can opened for girl child with age on 10 years maximum from her date of birth.
5. If, the guardian is unable to deposit 1000 Rs per year, then the account gets discontinued and can be continoued wuth a penalty of 50 Rs per year.
6. Account can be closed after completion of 21 years.
In order to encourage peoples to open Sukanya Samriddhi Acount the government start providing tax deduction for this account under section 80C of the income tax act 1961.
Still for more information you can also visit http://www.sukanyasamriddhiaccount.net
Thank you Nisha for providing such a detailed explanation of Suknya Smaridhi scheme. I will visit your site for further clearity.
Please keep posting such great stuff on Tikshare to help us.