If you too have the distinction of becoming the father of a daughter and your daughter is less than 10 years old, then you can take advantage of this wonderful scheme.
The Modi government, which has run a great campaign like “Beti Bachao Beti Padhao”, has launched Sukanya Samriddhi Yojana to secure the future of daughters . If you too have the distinction of becoming the father of a daughter and your daughter is less than 10 years old, then you can take advantage of this wonderful scheme. The scheme has proved very popular since its launch in 2017 due to the many benefits of this scheme. Any person who has a maximum of 2 daughters below 10 years, can make the future of the daughter bright by investing only Rs 250 every year. That is to say, if you invest only Rs 1 per day, you can give a safe future to your daughter.
This special scheme has been launched with the objective of providing financial resources for better future of daughters and their upbringing and marriage. You have to go to the bank or post office and give her birth certificate. With this, the guardian will have to submit his photo, address and identity certificate. On investing in this scheme of the government, you get the benefit of tax saving up to 1.5 lakh along with better returns.
When can I withdraw money?
Under this scheme, the money has to be deposited in the account for 14 years. This plan matures after 21 years. That is, you can withdraw money only after 21 years. However, if the daughter gets married after the age of 18, then she can withdraw the money. Apart from this, after the age of 18, you can withdraw up to 50 percent of the money for the daughter’s education.
Open Sukanya account for Rs 250
You can open Sukanya account through any post office and bank across the country. The special thing is that in this you can open an account with an amount of at least 250 rupees. A birth certificate will have to be given to the bank or post office. With this, the guardian will have to submit his photo, address and identity certificate. If you want, you can also deposit more money. The maximum investment limit under this scheme is Rs 1.5 lakh. Here you have to invest for 21 years.
Only one account in the name of a girl child
Only one account can be opened in the name of a girl child. A parent can open an account in the name of at most 2 daughters. If twins or three girls are together, then the third girl will also get the benefit.
How long do you have to invest
This account can be opened till the child is 10 years old. Funds have to be deposited in the account for the initial 14 years. This plan matures after 21 years. That is, you can withdraw money only after 21 years. However, if the daughter gets married after the age of 18, then she can withdraw the money. Apart from this, after the age of 18, you can withdraw up to 50 percent of the money for the daughter’s education.
Important document
To open an account under Sukanya Samriddhi Yojana, the applicant will also have to submit his daughter’s birth certificate in the post office or bank along with the form. Apart from this, the identity card (PAN card, ration card, driving license, passport) of the child and parents and the certificate of where they are staying (passport, ration card, electricity bill, telephone bill, water bill) will have to be submitted.
Tax exemption
Tax exemption can be availed under Section 80C of Income Tax Act for investing in Sukanya Samriddhi Yojana. The amount received on maturity is not taxed. It gets more interest as compared to all other schemes. Can save for higher education and marriage of the girl child.
Some Terms and Conditions:
- The account matures on completion of 21 years from the day of opening of the account, but the condition is that if the daughter’s marriage is completed before the completion of 21 years of the account, the account has to be closed there itself. No further operation is allowed
- Earlier only two daughters could open an account, but now you can open three accounts as well. He will have to submit an affidavit from the birth certificate
- Now the third account in the name of the daughter can be opened in case of the birth of twin girls in the second birth or if three girls are born in the first birth itself.
- If Rs 250 is not deposited annually in the account, then it will be considered as the default account but under the scheme, the interest rate in that account will continue to be added on the existing deposit amount.
- SSY account will not be allowed to be held till the daughter turns 18 (earlier age limit was 10 years)
- 100 percent security guarantee from the government
- Even after maturity, the same interest amount will continue to be paid on the deposit till the account is closed.
