Sukanya Samriddhi Yojana 2023.
Sukanya Samriddhi Yojana 2023.
Sukanya Samriddhi Yojana: With the financial year 2022-23 coming to an end, people are now looking for ways to save tax and plan for the next financial year 2023-24. In such a situation, we are going to tell you about the Sukanya Samriddhi Yojana before the beginning of the financial year 2023-24. Sukanya Samriddhi Yojana SSY is an investment plan, which not only allows individuals to save tax, but also secures the financial future of their daughter. The scheme offers an annual interest rate of 7.6 per cent for January-March 2023 and is reviewed quarterly. SSY scheme is completely safe, because the government is supporting it. It provides better returns as compared to other small savings schemes.
Parents can open SSY account in the name of girl child below 10 years of age. The account is valid till the girl child turns 18. A maximum of two girls in a family can open the account. If there are twins or triplets, more than two accounts can be opened. An important advantage of the SSY scheme is that the account under the scheme can be opened in any bank or post office and can be easily transferred to any other bank branch or post office. The investment period of this project is 15 years and maturity period is 21 years.
Starting a Sukanya Samriddhi Yojana account requires a minimum initial deposit of Rs 250 and has a maximum annual deposit limit of Rs 1.5 lakh. Thereafter, deposits between Rs 250 and Rs 1.5 lakh can be made in multiples of Rs 50. You have the option of making deposits in one go or on a monthly basis. Non-maintenance of minimum balance will make the account default and attract a penalty of Rs.50. Before the lapse of 15 years from the date of opening of the account, the defaulted account can be revived by making a minimum payment of Rs.250 and default payment of Rs.50 for each year of default.
The interest rate to be paid to SSY subscribers for the January-March 2023 quarter was 7.6 per cent. Interest is credited to the account at the end of each financial year and is exempt from taxation under section 80C of the Income Tax Act of 1961. Deposit amount is similarly exempt under the same section. Opening an SSY account with Rs 250 and continuing to deposit Rs 500 per month will result in a total annual deposit of Rs 6000. Assuming that the account was opened when the daughter is 1 year old, till she turns 22, the investment would be Rs 90000 and the interest earned would be Rs 164606. This means that the maturity value of the account after 21 years will be Rs 254606.
