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- Sukanya Samriddhi Yojana is a strong debt instrument but may not be sufficient alone for future education and marriage costs due to inflation and withdrawal limits. Complementing it with equity funds through SIPs can provide higher returns and better meet future financial goals.
www.livemint.com/money/personal-finance/is-relying-solely-on-sukanya-samriddhi-enough-or-should-you-invest-in-equity-funds-too-sip-mutual-funds-11721978277910.htmlIs relying solely on Sukanya Samriddhi enough, or should you ...
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Is Sukanya Samriddhi Yojana a good investment?
What is Sukanya Samriddhi Yojana (SSY)?
What is the interest rate under Sukanya Samriddhi Yojana?
Is Sukanya Samriddhi Yojana a good debt instrument?
- What Is Sukanya Samriddhi Yojana (Ssy)?
- Sukanya Samriddhi Yojana Age Limit and Maturity Period
- Benefits of Sukanya Samriddhi Yojana
- Tax Benefits of Sukanya Samriddhi Yojana
- Sukanya Samriddhi Yojana Interest Rate 2024
- Calculation of Sukanya Samriddhi Yojana Interest
- Sukanya Samriddhi Yojana Eligibility
- How to Open A Sukanya Samriddhi Yojana Account in A Post Office?
- Sukanya Samriddhi Yojana Application Form
- How to Open A Sukanya Samriddhi Yojana Account Through Banks?
In order to majorly address the issue of the declining child sex ratio in our country, the Government of India launched a social campaign on 22 January 2015. The Beti Bachao Beti Padhao (BBBP) campaign sends the message ‘Save girls, educate the girl child’. This is a national initiative jointly run by the Ministry of Women and Child Development, th...
Opening SSY Account
A girl child can only have one SSY account. SSY accounts can be opened at any post office or authorised commercial bank branch. It can be opened till the girl child attains the age of 10 years.
Beneficiary of SSY
Any girl child who is a resident Indian can be a beneficiary under SSY from the time of opening the account till the time of maturity/closure.
Deposits under SSY
The guardian can deposit the amount and operate the account till the girl child attains the age of 18. The SSY account shall be mandatorily operated by the girl child after she attains the age of 18 years. The minimum deposit amount for an SSY account is Rs.250, thereafter in multiples of Rs.50, and the maximum deposit is Rs.1,50,000 in every financial year, up to 15 years. Deposits can be made through cash, cheque, demand draft or online transfer.
Low Minimum Deposit:The minimum deposit required to be made in a SSY account is Rs.250 per financial year. You can make deposits as per your convenience up to Rs.1.5 lakh per fiscal year. The payme...Attractive Interest Rate:SSY accounts enjoy an 8.2% per annum compounded interest rate (for the period 1 July 2024 to 31 September 2024) - one of the highest among small savings schemes.Tax Benefits:You can enjoy full tax deductionon principal invested up to ₹1.5 lakhper year under Section 80C of the Income Tax Act. Both interest and maturity amounts are tax-free.Long Tenure: Secure your daughter's future with a 21-year maturity periodor until her marriage after 18 years (whichever is earlier).In order to encourage investments in SSY, the SSA has also been provided with certain tax benefits: 1. Investments made in the SSY scheme are eligible for deductions underSection 80C, subject to a maximum cap of Rs 1.5 lakh. 2. The interest that accrues against this account which gets compounded annually is also exempt from tax under Section 10 of ...
Interest rates for Sukanya Samriddhi Yojana is 8.2% for July to September 2024. It is determined quarterly. Below is a historical trend of interest rates(%) under Sukanya Samriddhi Yojana.
The interest for the SSY account is calculated on the lowest balance for the calendar month, i.e. between the fifth day of the month and the end of the month. The interest will be credited once, at the end of each financial year. Generally, you can use the below formula to calculate the interest earned on an SSY account: A = P(1+r/n)^nt Here: P = I...
Only parents or legal guardians of a girl child can open an SSY accountThe girl child must be a resident Indian and below the age of 10 at the time of opening the account.Only one account can be opened for a girl child.Only two SSY accounts can be opened by a family, i.e. one for each girl child.You can open a Sukanya Samriddhi Yojana (SSY) account with a participating bank or a Post Office branch. You need to follow the below procedure to open the account: 1. Visit the bank or post office branch where you would like to open the account. 2. Fill up the application form(Form-1) with relevant details and provide supporting documents. 3. Pay ...
Here is how the SSY account opening form looks like: In order to fill out the form, you can follow these steps: 1. Under ‘To The Postmaster/Manager’, mention the Post Office/bank branch and postal address details. 2. Paste the applicant(s) photograph to the right. 3. Next to ‘I/We’, mention the applicant’s name and in the following space, mention S...
You can open a Sukanya Samriddhi Yojana account either with a participating bank or a post office branch. It is more convenient for you to open an SSY account with the bank where you already hold a savings account if it is one of the participating banks. You can visit the respective banks’ websites to download the SSY Account Opening Application Fo...
May 13, 2024 · SSY enjoys a relatively higher interest rate and sets aside a corpus that can be used for the daughter’s education or marriage. The account also enjoys tax-free maturity and deduction under Section 80C of the Income-tax Act, 1961. It can be opened at any authorised bank or post office branch.
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The scheme offers attractive interest rates, tax benefits, and flexible investment options, making it an ideal choice for long-term investment. Let's explore the features of Sukanya Samriddhi Yojana and why it is a good investment choice for your daughter's future. Features of Sukanya Samriddhi Yojana.
Sep 19, 2024 · With the recent launch of NPS Vatsalya, the landscape of minor investment schemes has become more diverse. This new option, alongside schemes like Sukanya Samriddhi Yojana (SSY) and Public Provident Fund (PPF), offers different benefits and features. Here’s a detailed comparison to help determine which is better for investing in a child’s ...
Mar 13, 2024 · If you have a girl child, Sukanya Samriddhi Yojana is an ideal low-risk investment option to secure your daughter's future, but it is not your only option. A high-performing general mutual fund can provide higher returns.
Oct 10, 2023 · The Sukanya Samriddhi Yojana, a deposit scheme introduced as part of Prime Minister Narendra Modi's Beti Bachao Beti Padhao initiative, gained appeal among households with only female children. You can open an SSY deposit with a minimum deposit of Rs 250.
