65 lakh rupees will be available in Sukanya Samriddhi Account Scheme, see how much you will need to invest Sukanya Samriddhi Yojana is a child protection system for girls developed by the government during the “Beti Bachao, Beti Padhao” campaign. With the help of the SSY system, a parent or guardian of a girl child under the age of 10 can open an account in her name in one of the participating public and private banks.
Sukanya Samriddhi account schedule
This system (Sukanya Samriddhi Yojana) gives parents and guardians an opportunity to invest money for the benefit of their daughter so that when she grows up she can use the earned money to realize her dreams. Can you
Eligibility Criteria (Sukanya Samriddhi Account Scheme)
An account under Sukanya Samriddhi Yojana should be opened before the girl child’s age 1o years. A parent or guardian can open an account in the girl’s name. With two daughters in a family, only two accounts can be opened. If there is a third daughter, the third account can not be opened under Sukanya Samriddhi Yojana (SSY). More than one account can not be opened for the same girl child.
Key Features of Sukanya Samriddhi Yojana
Position: – The SSY system offers a term of 21 years from the date of account opening. If the daughter marries before this time, however, the account services and all benefits cease.
Investment:- Under Sukanya Samriddhi Yojana, parents can invest at least Rs 1,000. and a maximum of Rs. 1,50,000 / – per year in his daughter’s account. Deposits can only be made for 15 years from the time of account opening (SSY), after which the amount in the account can automatically grow with compound interest.
Great benefits of Sukanya Samriddhi Yojana
Interest rate: – The SSY system offers much better interest rates compared to other small savings systems. At present, the interest rate offered is 8.5 percent.
Tax deductions: – On the money invested in Sukanya Samriddhi Account Yojana, Rs. 1 50 000 / -. The final maturity amount is also completely tax-free.
Long-term investment: – Because Sukanya Samriddhi Yojana is a long-term investment, it benefits greatly from the power of compound interest. It allows a girl child to use the money for higher education or for marriage after maturity.
Partial withdrawals: – There is also an option to partially withdraw the accumulated amount for wedding expenses according to the SSY system or if the daughter needs money to carry out higher studies. The partial withdrawal amount may not exceed 50 percent of the amount in the account.
Thus, Sukanya Samriddhi Account Yojana is a fantastic system launched by the government to improve the girl child. Millions of families worry about future expenses, whether it be marriage or education expenses, for a girl child. By using this system (SSY), they can slowly but steadily invest in their daughter’s future.
SSY account interest and maturity
The term of the account is 21 years from the date when the account was opened. However, if the account holder marries before terminating the service, the account will lapse. The Government of India controls the interest rate for the SSY (Sukanya Samriddhi Account Yojana) account. At present, an interest rate of 8.4% is available on SSY account.
Closing SSY account
Your SSY (Sukanya Samriddhi Account Yojana) account will expire when the 21 year period ends. Upon maturity, you can have the balance amount together with the interest credited to your account upon presentation of documents. There is also a provision for early maturity under the following conditions:
Girl marriage after the age of 18. The account holder becomes a non-resident or renounces his citizenship in India. Girl dead!
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