Sukanya Samriddhi Yojana: People are looking for ways to save money on taxes and make plans for the next fiscal year as the 2022-23 fiscal year comes to an end. The Sukanya Samriddhi Yojana (SSY) is an investment program that not only lets people save money on taxes but also ensures the financial future of their girls.
The plan is reviewed every three months and has an annual interest rate of 7.6 percent from January to March 2023. The SSY conspire is completely without risk as the public authority is supporting it, and it offers preferable returns over most of other little investment funds plans.
The guardian might open a SSY account for the sake of a girl under the age of 10 years. The daughter will keep control of the account until she turns 18 years old. A maximum of two girls can open an account in a household; assuming there are twins or trios, multiple records might be opened.
A significant advantage of the SSY plan is the ease with which an account can be transferred to another bank branch or post office or opened at any bank or post office. The investment period for this project is 15 years, and the maturity period is 21 years.
To open an SSY account, a minimum initial deposit of Rs 250 is required, and the annual deposit limit is Rs 1.5 lakh. Between Rs 250 and Rs 1.5 lakh, subsequent deposits can be made in multiples of Rs 50. You can choose to pay the deposit all at once or every month. If the minimum amount is not kept up, there will be a Rs 50 fine and the account will be considered in default.
The defaulted account can be revived by making a minimum payment of Rs 250 and Rs 50 for each year of default before 15 years have passed since the account was opened.
The SSY subscriber received a 7.6% interest rate for the JanuaryâMarch 2023 quarter. According to Section 80C of the Income Tax Act of 1961, interest is not subject to taxation when credited to the account at the conclusion of each fiscal year. The same provision also exempts the amount of the deposit.
A yearly deposit of Rs 6,000 will be made by opening an SSY account with Rs 250 and continuing to deposit Rs 500. If the daughter opened the account when she was just one year old, the investment will be Rs 90,000 and the interest will be worth Rs 1,64,606 by the time she is 22. This indicates that the account’s maturity value will be Rs 2,54,606 after 21 years.
