Sukanya Samriddhi Yojna By SBI | Sukanya Samriddhi Yojana Account Benefits
Sukanya Samriddhi Yojna By SBI
Sukanya Samriddhi Yojna by SBI is a significant part of “Beti Bachao-Beti Padhao”, launched by our honorable prime minister to promote the girls child. It is a micro deposit scheme for girl’s higher education or marriage requirements. There are several aspects of this scheme, who are wandering best saving option. Sukanya Samriddhi Yojana Account Benefits are tremendous, so you can get pleasure from the government scheme after becoming the part of it.
We have presented most vital facts regarding this scheme so that you can decide you should acquire this or not? We can say it is one of the noblest, well-thought out schemes initiated by state bank of India. It is such a scheme which will assist deprived, that they can also enjoy their basic rights. Under this scheme there are 28 authorized banks which allow to you to open an account.
Age Limit Of Sukanya Samriddhi Yojana
An account can be opened only by the girl child’s biological guardian or by a legally assigned guardian in case the parents are not alive. A girl is also eligible to open the saving account under this scheme by herself.
|Minimum||0 years – new born or infants are included in this scheme.|
|Maximum Age||10 years at the time of opening the account|
|Minimum deposit||Rs 100|
|Maximum deposit||1.5 lakh till the financial year|
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Sukanya Samriddhi Yojana Account Benefits
It is not correct to compare Sukanya Samriddhi Account with any other scheme because it is great step for girl children, launched by Indian government. We are mentioned Sukanya Samriddhi Account benefits financial as well as non-financial.
Highest Interest Rate
Under this scheme, account holder can acquire 9.1% interest rate for current financial year which is the highest interest rate rather than other Savings Schemes. Government of India will declare The Interest Rate of each year in the Financial Year. Interest will be compounded annually which means that it will be credited on the basis of year. Interest rate will be ensues on per month basis as per balance between 5th and last day of the month.
The great feature of this scheme is its locking period. It contains 21 years maturity of account as of the date of open an account or Girl Child’s marriage. Girls’ age must be 18 years or more than it at the marriage’s time. The procedure of this account is not allowable further than the marriage’s date. Withdrawal from an account is only allowed when the account holder attains the age of 18 years and she needs financial support for Higher Education.
Savings Of Tax
For the purpose of promote the people to open Sukanya Samriddhi Account Indian government has exempted contribution to this account u/s 80C of the Income Tax Act. At the time of withdrawal, exemption will accessible on interest income. Consideration of Department of Revenue (DOR) will soon bring a lawmaking modification to this effect, which will be a most tax well-organized scheme.
|Tax benefits on amounts deposited||Any amount deposited in this scheme gets tax exemptions under section 80C subject to maximum exemption limit*|
|Tax benefits on interest earned||No taxes are applicable. Interest earnings are totally tax-free in the hands of the parents or guardians.|
|Tax benefit on maturity amount||This too is totally tax free and is applicable also for premature withdrawal of 50% when the girl attains the age of 18.|
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Flexibility Of Account
Indian government has provided lots of flexibility in terms operations of accounts. Some of them are presented here;
- Applier needs only Rs 1000 to open an account under this scheme.
- The minimum deposit limit is Rs 100 and maximum limit is 1.5 lakh throughout the financial year.
- When the child attain the age of 10 years she can operate the account by herself.
- Account holder is eligible to transfer her account anywhere in India.
Interest To Be Paid Even After Maturity
An exclusive feature of Sukanya Samriddhi Account is that account holder can obtain Interest after Maturity if the account is not closed by the girl child. Interest will be payable in the account of girl child till final closure of the account. While on the other hand, in other saving schemes interest is not payable on maturity of the deposit.
Deposit Limit Of Sukanya Samriddhi Yojana
Under this scheme, girl child needs to submit INR 1000 per account. You can also deposit this amount with in small installments which is INR 100 that means there 10 installments are allowed per account.
|Number of Accounts||Minimum yearly deposit||Minimum deposit allowed||Maximum number of deposits allowed||Minimum number of deposits allowed|
|1||INR 1000||INR 100||10||1|
|2||INR 2000||INR 100 per account||10 per account||1 per account|
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Documents Required For Sukanya Samriddhi Yojana
- For age verification Date of Birth certificate of girl child.
- Identity proof of depositor is required for opening an account.
- You will have to submit Address proof of depositor.
- 1 or two photograph of applier is essential.
What Is Tax Benefit Of This Scheme?
Assume a girl has INR 60,000 in his fixed deposit and she invests INR 100,000 in this Scheme. So, now total investment becomes 160,000 but under section 80C it is greater than maximum exemption limit of INR 150,000. The additional amount is (160,000 – 150,000 =10,000) which will be taxed. Now she need to pay on tax 10,000 instead of (100,000 – 10,000 = 90,000).
For How Long Do You Need To Keep Investing In This Account?
This account will stay for 21 years from the date of an opening account. For instance, if the girl has an account at the age of 0 that means her parents open the account, the account stay active till the age of 21 years. If another girl having the age 10 years on the date of opens an account, the account will stay active until the girl attain the age limit of 31 years.
How Many Accounts Can Be Opened Under The Scheme?
|Condition||Number of accounts|
|If parents have just one daughter||1 account|
|If parents have two daughters||Maximum 2 accounts – one for each daughter|
|If parents have triplets at first birth or twin daughters at second birth**||Maximum 3 accounts – one for each daughter|
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It is admirable that our prime minister has taken the great step to change the mindset of people towards Girl Children. If you wish to make India a Safer Place for Women then you have to make proper balance in mentality and society. Each one has an important role to create positive environment in favor of Girls.