All You Need To Know About Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana savings scheme is a government -run small savings scheme which can be opened at designated post offices or banks across the country. The scheme focuses on girl child and offers an interest rate of 7.6 per cent for October-December 2020 period. The Sukanya Samriddhi Account can be opened by the parents of a girl child below 10 years and has a maximum tenure of 21 years or until the girl child turns 18. Sukanya Samriddhi Yojana account can be opened with minimum amount of Rs 250 and maximum of Rs 1.50 lakh in a financial year.

Sukanya Samriddhi Yojana (SSY) account: Here are details of eligibility, investment amount and income tax benefits

Sukanya Samriddhi Yojana Account can be opened by the legal or natural guardian of the girl child of up to 10 years of age with a minimum investment of Rs 250 and maximum of Rs 1.5 lakh in a financial year. Subsequent deposits in multiples of Rs 100 and there are no limits on the number of deposit a member can do in a month of a financial year.

Investments made for Sukanya Samriddhi Yojana account and maturity amount are fully exempted from tax under section 80C of the Income Tax Act.

An individual is allowed to open only one account in the name of one girl child and maximum two accounts in the name of two different girl children.

Partial withdrawal up to 50 per cent of the balance standing at the end of the preceding financial year can be taken after account holder attains age of 18 years and account can be closed after completion of 21 years.