New Delhi: If a daughter has been born into your family, you are in luck. The Central Government runs several excellent schemes for girls, allowing people to realise their dreams of substantial financial gains. If a baby girl has arrived in your home, the Sukanya Samriddhi Yojana is a fantastic option.
Enrolling in this scheme presents a wonderful opportunity. The government’s Sukanya Samriddhi Yojana aims to ensure financial prosperity for daughters; the scheme is designed specifically for their future. Investing in this scheme yields an annual interest rate of 8.2%. If you wish to enrol your daughter in this scheme, here are some key details you should know.
Key Details About Sukanya Samriddhi Yojana
Opening an account under the Central Government’s Sukanya Samriddhi Yojana can pave the way for financial prosperity. An account can be opened for a girl before she turns 10 years old. This account is opened by the parents or the legal guardian of the daughter. Typically, a family can open Sukanya Samriddhi accounts for a maximum of two daughters.
However, if a family has twin daughters, a joint account can be opened. Specific rules may apply in the case of three daughters; in such situations, it is advisable to check the regulations with the bank or post office before opening an account.
Annual Investment Limits
Investments in the Sukanya Samriddhi Yojana can start with a very small amount. A minimum deposit of ₹250 per financial year is mandatory. Conversely, a maximum of ₹1.5 lakh can be deposited in a single year. Parents can deposit funds annually based on their income and budget. Currently, an annual interest rate of 8.2% is offered. The government revises interest rates every quarter.
Tax Benefits
This government scheme also offers tax benefits. Under the old tax regime, investments made in this scheme qualify for a deduction of up to ₹1.5 lakh annually under Section 80C of the Income Tax Act. The interest earned under this scheme, as well as the maturity amount received in accordance with the rules, is exempt from tax.
The Sukanya Samriddhi Yojana account matures 21 years from the date of opening. Once the daughter attains the age of 18, up to 50 per cent of the amount can be withdrawn from the account for her higher education, subject to the prescribed rules.
