New Delhi:
The Sukanya Samriddhi Yojana (SSY) has emerged as a lucrative small savings scheme, particularly beneficial for parents looking to secure their daughter’s future.
With the latest interest rate hike from 8% to 8.2% for the January to March quarter, this government-backed scheme promises substantial returns.
Here’s why you should consider investing in SSY:
Key Features:
1) Highest Interest Rate
SSY is currently the highest interest-paying small savings scheme, offering an attractive interest rate of 8.2% per annum.
2) Guaranteed Returns
The scheme guarantees a return of over 3 times the invested amount. For an annual investment of Rs 1.5 lakh, the maturity fund can reach Rs 70 lakh, making it a sound investment choice.
3) Flexible Investment
You can deposit a minimum of Rs 250 and a maximum of Rs 1.5 lakh annually. This flexibility allows you to align your investment with your financial capacity.
Tax Benefits:
1) Section 80C Exemption
The amount invested annually, up to Rs 1.5 lakh, qualifies for tax exemption under Section 80C of the Income Tax Act.
2) Tax-Free Returns
The returns generated from the scheme are tax-free, ensuring that your wealth accumulates without any tax implications.
3) Tax-Free Maturity Amount
The maturity amount is also exempt from taxation, providing a tax-free financial corpus for your daughter.
Withdrawal Guidelines:
1) Lock-in Period: The scheme has a lock-in period of 21 years, maturing when your daughter turns 21.
2) Partial Withdrawal: When your daughter reaches 18 years, she can withdraw 50% of the amount for education expenses.
3) Full Withdrawal: The entire amount can be withdrawn when she turns 21.
Deposit Duration:
The scheme requires deposits for 15 years from the account opening date, making it more accessible for parents.
Investing in Sukanya Samriddhi Yojana is not just a financial decision; it’s a commitment to securing your daughter’s future with a guaranteed and tax-efficient savings plan.
