Sukanya Samriddhi Yojana is a savings scheme launched by the Government of India to encourage parents to save for their girl child’s education and marriage expenses. The scheme comes with several benefits, which are:
- High interest rate: The Sukanya Samriddhi Yojana offers one of the highest interest rates among small savings schemes. The interest rate is decided by the government every quarter, and it is currently at 7.6% per annum.
- Tax benefits: Deposits made in the Sukanya Samriddhi Yojana account are eligible for tax deductions under Section 80C of the Income Tax Act. The interest earned and the maturity amount are also tax-free.
- Flexible deposit options: Depositors can deposit any amount between Rs. 250 and Rs. 1.5 lakh per year in the Sukanya Samriddhi Yojana account. They can also make deposits in lump-sum or in installments.
- Long maturity period: The Sukanya Samriddhi Yojana account has a maturity period of 21 years, which makes it an ideal investment for long-term financial planning.
- Partial withdrawal facility: The scheme allows partial withdrawals after the girl child reaches the age of 18 years. The withdrawal amount is limited to 50% of the account balance at the end of the preceding financial year.
- Easy account opening process: The account can be opened with a minimum deposit of Rs. 250 at any post office or authorized bank branch.
Overall, the Sukanya Samriddhi Yojana is a great investment option for parents who want to save for their girl child’s future expenses while also enjoying the benefits of high returns, tax savings, and flexible deposit options.