Written by : AK Agrawal
An experiences Chartered Accountant and Techno-Functional consultant working in industry for over 10 years dealing with multinational corporate clients. He is loves reading latest trend of technology trend.
Nurturing and providing financial support for a girl is often tangled with gender stereotypes and discouragement in many parts of India. To escape from these dark shadows of discrimination, the government of India has announced several schemes and projects. The aim is to bring the breeze of development to each corner of the nation and to financially support families with economic fluxes. That being said, this blog is a comprehensive guide about the Sukanya Samriddhi Yojana and all you need to know about availing of the scheme.
Adhering to this, Sukanya Samriddhi Yojana is a campaign designed to empower and enrich girl children in Indian society. The scheme literally translates into ‘Girl Child prosperity scheme’ and is proclaimed by the Prime Minister of India in association with the Beti Bachao Beti Padavo scheme. According to it, you will be able to save a lump sum amount for providing a brighter future for a girl child, despite your financial instabilities. In addition to this, the scheme directly addresses problems and perceptions about the education and marriage of girl children.
This scheme provides a high interest rate of 8.4% to 7.6% and comes with complementary tax benefits of up to Rs 1.5 lakhs under 80c. The tenure of the account is 21 years from the date of opening of the account or until the marriage of the girl after she attains legal age.
The major criteria to unlock the scheme are;
Major features of Sukanya Samriddhi Yojana
The current interest rate of Sukanya Samariddhi Yojana is reduced from 8.4% to 7.6%. The interest will be terminated once the girl becomes a Non-resident Indian (NRI) or a citizen of another country. However, the rate of interest is decided by the Government of India and is determined on a quarterly basis.
|Duration||Rate of Interest|
|April 2020 onwards||7.6|
|1 January 2019 – 31 March 2019||8.5|
|1 October 2018 – 31 December 2018||8.5|
|1 July 2018 – 30 September 2018||8.1|
|1 April 2018 – 30June 2018||8.1|
|1 January 2018 – 31March 2018||8.1|
|1 July 2017 – 31 December 2017||8.3|
|1 October 2016 – 31 December 2016||8.5|
|1 July 2016 – 30 September 2016||8.6|
|1 April 2016 – 30 June 2016||8.6|
|From 1 April 2015||9.2|
|From 1 April 2014||9.1|
The customers who have invested in the scheme can unveil the benefits once the amount attains maturity. You can calculate the allowance that you might receive using the SSY calculator. Nevertheless, you need to ensure that you have met all the eligibility criteria that are mentioned above to deduct the amount. In accordance with the details filled in by the customer, the calculator is employed to determine the amount you can gain. It is obligatory to make at least one contribution in a year till the maturity date. The calculator will assume the depositor has made the same amount throughout the year and consecutively calculate the benefit. No deposits are necessary between 15 to 21 years of a girl child. The complete maturity amount along with interest accrued can be unlocked at the time of withdrawal.
Investing in SSY and fixed deposits have its own merits and demerits. Let us take a sneak peek into the major difference between these two accounts.
Despite being a government scheme, the Sukanya Samriddhi Yojana scheme has several limitations. If you are looking forward to starting investing for the future of your child, then Gotaxfile can back with the necessary guidance and facilitate a smooth deposition. You might lose track of the account or have tax-related queries and worries. Our skilful professionals will support you with the necessary consultation and guidance to efficiently manage your account. Get in touch with our mavens to know more!
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