Under Sukanya Samriddhi Yojana, along with savings in the name of daughter, tax exemption can also be obtained. Currently, this is a scheme on which the government is giving high interest and is tax free in every way.
|Sukanya samriddhi Yojana details|
Although everyone tries to invest something for the future, but it is not so easy. In such a situation, some investment schemes can be effective, which can be taken easily and can be reaped in the long run. Sukanya Samriddhi Yojana is one of many such schemes operated from the post office. Through this scheme, you can deposit some amount for future in the name of your daughter and also get some tax exemption. How much benefit will come and how will the account be opened, let us know the answers to the important questions related to this scheme…
Sukanya samriddhi details : what is the sukanya samriddhi Yojana interest rate, is it better than fixed deposits: Currently, the scheme is getting interest at 8.4% per annum, which is the second highest interest rate in the post office savings scheme. Interest is added on the account deposits on the 5th and last day of the month. This rate is nominal, the effective rate however is =((1+8.4%/4)^4 – 1) * 100 = 8.67%. You can use our free compound interest calculator to compare the interest rates with other savings alternatives
Sukanya samriddhi details How to withdraw funds: Sukanya Samriddhi account has a limit of 21 years, after which you can withdraw funds in it. But, if the daughter has completed 18 years of age, then you can withdraw funds for her needs like studies or marriage. However, if you withdraw before time, you will get only half of the amount deposited in the finished financial year. After opening an account, you can invest in it for 14 years.
Only daughter will get the amount deposited in the account: After the completion of 21 years, the amount deposited in the account will be received only by the daughter in whose name the account will be opened. The biggest attraction in this is that if someone does not close the account even after 21 years, the interest on it will continue to be added as before.