Sukanya Samriddhi Yojana: The best way to recover from Rs 70 lakh corpus from SSY account – verify calculator, tax advantages & extra particulars – prime information

Sukanya Samriddhi Yojana (SSY) is a government-backed small financial savings scheme offering tax benefits for women. The Sukanya Samriddhi Yojana assists households in accumulating funds for his or her daughter’s superior research and marriage ceremony bills.
Dad and mom of a lady baby can open an SSY account from their daughter’s delivery till she reaches 10 years of age. Common funding within the Sukanya Samriddhi Yojana, particularly placing within the most yearly deposit, can yield a number of lakhs on the time of the SSY account maturity.
Let’s check out the highest information about Sukanya Samriddhi Yojana’s rate of interest, deposit necessities, maturity specs and tax advantages.
Sukanya Samriddhi Yojana Curiosity Charge Particulars
The scheme at present gives an 8.2% annual rate of interest with yearly compounding. The Ministry of Finance opinions and adjusts these charges quarterly. Curiosity calculations contemplate the bottom stability maintained between the sixth and ultimate day of every calendar month. The curiosity quantity will get credited to accounts on the monetary 12 months’s conclusion.
Sukanya Samriddhi Yojana Deposit Specs
Opening an account requires an preliminary deposit of Rs 250. The yearly deposit ceiling stands at Rs 1.5 lakh, with contributions accepted in Rs 50 increments. Depositors could make limitless transactions all through the monetary 12 months.
Additionally Learn | New checking account, locker guidelines quickly? Banking Modification Invoice permits as much as 4 nominees – verify what’s about to alter
Sukanya Samriddhi Yojana Calculator
In keeping with HDFC Financial institution’s calculations, investing Rs 1.5 lakh yearly at the moment 8.2% rate of interest yields Rs 71,82,119/- at maturity. The SSY account matures 21 years after it’s opened. This sum contains the principal funding of Rs 22,50,000/- and earned curiosity of Rs 49,32,119/-.
Sukanya Samriddhi Yojana Account Eligibility
Authorized guardians can set up accounts for women beneath 10 years. Households are sometimes restricted to 2 accounts, one per woman baby. Particular provisions enable further accounts for a number of births, corresponding to twins or triplets.
Sukanya Samriddhi Yojana Length of Deposits
Account holders can deposit funds for a 15-year interval from the date of opening a Sukanya Samriddhi Yojana account. The account turns into dormant if the minimal deposit requirement will not be fulfilled in any monetary 12 months. To revive the account’s energetic standing, one should pay Rs 250 and an extra Rs 50 as a penalty payment for every defaulted 12 months.
Additionally Learn | Massive information for EPFO subscribers! Come 2025, you could possibly withdraw your PF cash instantly from ATMs: Report
Sukanya Samriddhi Yojana Tax Advantages
Beneath Part 80C of the Revenue Tax Act, deposits in a Sukanya Samriddhi Yojana Account qualify for tax deductions as much as Rs 1.5 lakh yearly. The scheme presents full tax exemption on curiosity earnings, making it a tax-efficient funding possibility.
Sukanya Samriddhi Yojana Account Operation
Till the woman baby attains 18 years of age, the guardian maintains management of the Sukanya Samriddhi Yojana account. Subsequently, the account management transfers to the woman baby, enabling her to handle it independently.
Sukanya Samriddhi Yojana Withdrawal Provisions
The account holder can entry funds after turning 18 or finishing tenth normal schooling. The withdrawal restrict is ready at 50% of the earlier monetary 12 months’s closing stability. This quantity might be withdrawn both as a single fee or in yearly instalments unfold throughout a five-year interval.