Sukanya samridhi account -7 Benefits of Sukanya Samridhi Account

Sukanya samridhi account -7 Benefits of Sukanya Samridhi Account

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  • Sukanya Samriddhi Account, Govt is trying to give a social message that Girl Child is not a financial burden if parents of a Girl child secure their future through proper financial planning.
  • Interest rate of 9.2% –2015-16
  • The maturity of account is 21 years from the date of opening of the account or Marriage of the Girl Child
  • Initial deposit of Rs 1000 and thereafter any amount in multiple of Rs 100 can be deposited subject to max limit of 1.5 lakh & Age of 10 years, a girl child can operate her account
  • Launched – 22 January 2015
  • location –Haryana, panipat
  • Brand ambassador — Madhuri dixit

7 Benefits of Sukanya Samriddhi Account

1. Highest Interest Rate among all Small Savings Schemes offered by Govt of India

  • Highest Interest rate offered by the Government of india  for Sukanya Samridhi Account
  • It is highest among all Small Savings Schemes.
  • The rate of interest for this scheme will be market linked.
  • The Interest Rate applicable for the Financial Year will be declared every year by the Govt of India.
  • Interest will be compounded yearly i.e. will be credited on yearly basis.
  • It will be accrued on monthly basis on the lowest balance between 5th and last day of the month.

2. Tax Savings

  • In order to encourage people to open Sukanya Samriddhi Account, Govt has exempted contribution to this account u/s 80C of the Income Tax Act, 1961.
  • In all probability this scheme will be EEE i.e. exemption will also be available on interest income and at the time of withdrawal.
  • This Will save money of Account holder and It Will help In financial inclusion .

3-Flexibility to operate Sukanya Samriddhi Account

Based on past experience, Government of India has given lot of flexibility in terms of account operations. Account can be operated from any place of india.

  • Account can be opened with initial deposit of Rs 1000 and thereafter any amount in multiple of Rs 100 can be deposited subject to max limit of 1.5 lakh during financial year. Every FY, a min sum of Rs 1000 should be deposited to keep account operative.
  • On attaining age of 10 years, a girl child can operate her account
  • Account can be closed if it is proved that account is causing undue hardship to the account holder
  • Account can be transferred anywhere in India.
  • Very low Amount Needed for Opening This Account

4-Interest to be paid even after Maturity

  • Unlike other financial schemes where interest is not paid after maturity of the deposit / investment scheme.
  • Unique feature of Sukanya Samriddhi Account is that even after maturity, if the account is not closed by the account holder, Interest shall be payable in the account till final closure of the account.
  • It will Help in Generating Some Extra Income for the account Holder. Most of the Customer do not close account after Maturity .

5. Maturity Proceeds to be Paid to Girl Child

  • On maturity of Sukanya Samriddhi Account, the account balance along with accrued interest will be paid directly to the account holder i.e. Girl Child.
  • It will Make Girls Financial Independent .

6-Purpose of Sukanya Samriddhi Account – No balance Withdrawn from Account for any Other Purpose Except education or Marriage

  • The parents cannot withdraw the money for any other purpose except marriage or for higher education of Girl Child.
  • This is One of the Main Point You need to know about the Scheme .

7- Lock-in Period

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  • The maturity of account is 21 years from the date of opening of the account or Marriage of the Girl Child, Which ever is earlier.
  • For Marriage, Girl should be of 18 years at the time of marriage.
  • The operation of account is not permitted beyond date of marriage.
  • One Premature withdrawal is allowed on attaining the age of 18 years by girl child only if funds are required for Higher Education.
  • Premature withdrawal is restricted to 50% of the balance at the end of preceding financial year.
  • The deposits in the account can be made till completion of 14 years from the date of opening of the account through maturity is 21 years from date of opening of the account.