Small savings schemes are run for low-income people with the aim of increasing their income. The government also provides tax exemption on these schemes under section 80C of the Income Tax Act 1961.
New Delhi: For some time now, there has been a huge jump in the number of investors in small savings schemes in the country. The reason behind this is good returns and safe investment. One such small savings scheme is Sukanya Samriddhi Yojana, which is attracting a lot of investors. In this scheme, accounts of girls below 10 years of age are opened. Apart from this, income tax exemption is also available on investing under this scheme.
Tax exemption with higher interest
Actually, small savings schemes are run for low-income people with the aim of increasing their income. The government also gives tax exemption on these schemes under Section 80C of the Income Tax Act 1961. It can be opened in any bank or post office. At present, Sukanya Samriddhi Yojana is getting an interest rate of 8.2% (July-September quarter). Let us tell you that the central government revises the interest rates on these schemes every quarter. The interest rates of Sukanya Samriddhi Yojana were last revised in the December quarter. Since then there has been no change till the July-September quarter.
Who can open their account in SSY?
In Sukanya Samriddhi Scheme, only girls’ accounts are opened and their age should be less than 10 years. Under this scheme, only two Sukanya Samriddhi accounts are allowed to be opened from one family. But three accounts can be opened if there are twins. This investment will be completed when the beneficiary turns 21 years old or will be fully matured in case of marriage after 18 years.
Documents required to open an account
1. SSY account opening form.
2) Birth certificate of the beneficiary (daughter).
3) Address proof of guardian or parents.
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