Friday, 8 September 2017

Sukanya Samriddhi Yojana

SUKANYA SAMRIDDHI YOJANA (a small saving scheme)



Prime Minister of India, Sri Narendra Modi, launched a attractive and very prosperity scheme for girl child education and to avoid burden to parents at the time of marriage, under the concept of Beti Bachao Beti Padhao program.  He wanted to provide bright future for girl child by giving good amount at the time after their teen age.  This gives each and every child of India, a financial security and to stand independently on their feet, .The interest rate under this scheme is highest among other schemes, the amount deposited is compounded annually.  In the year 2017-18, for the first quarter the interest rate is 8.4%, 2017-18, Q2 is 8.3%.  Whereas, in the financial year 2014-'15 the interest rate is 9.1%.  This unveils that the interest is not constant, it changes year by year.

How much amount needed to start the scheme Account?  It is very low, that is Rs.1000/- per a financial year.  The amount is very easy to bare by the parents.  It is very affordable amount. 

When to start?  The girl child should be below 10 years of age.  The key advantage of the scheme is for employees to utilise the amount under section 80 C of Income tax act. 

Characteristics of SSY:

The account can be opened at any post office, or in any bank, the account can be transferred from post office to post office without any cost.  If any body interested to transfer from post office to bank, need to pay a minimum amount.  The amount can be paid by girl itself or it can be paid online also.  Interest is calculated on 10th day of every month.  Partial withdrawn can be made by the child when the child attains age of 18.  On each child, only one account can be opened.  No second account is allowed.  

Requisites to open account:

Aadhar card and birth certificate of girl child is required.  At the time of opening an account initial amount to be paid is Rs.1000/- there after, multiple of Rs.100/- can be deposited.  The condition is one account should be seen such that Rs.1000/- should be deposited.  The maximum amount to be deposited is Rs.1,50,000/-.  The amount can be increased or decreased, but Rs.1000/- should be in every year. 

Key benefits of the SSY Scheme:

- lock in period
- girl child has to operate the account and with drawl by the child only
- the deposited amount come under income tax savings section 80 C
- highest rate of interest in the market.
- in a year, amount can be deposited in multiples of Rs.100/-

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