Sukanya Samriddhi Yojana is a government-backed programme initiated for parents or legal guardians of a single girl child. The programme caters to the development of girl children by letting parents invest in a savings account that offers higher returns with a lucrative interest rate of 8.5% presently.
The contributors can open this savings account after the birth of a girl child before she attains the age of 10. Further, they are allowed to invest or make deposits until 15 years after which the savings accrue interest. The initial amount to open the savings account is Rs.250, which is also the minimum amount a contributor should invest every year. The maximum one can invest under this scheme is Rs.1.5 lakh in a year. Further, the beneficiaries under this programme can be exempted from tax under Section 80C of the Income Tax Act. The saved funds can be claimed for withdrawal only after the maturity period and not before. However, 50% of the funds can be withdrawn for educational purposes or to meet wedding expenses. In such cases, they would need to provide valid documents in support of the claim. Since this programme only caters to the need of a girl child and her financial security, individuals looking for investment options can choose other beneficial and secure modes of deposit like fixed deposits. They can deposit their savings for a fixed tenor and avail lucrative interest for the term deposit made.
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AuthorAman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management. |