New Delhi: Sukanya Samriddhi Yojana vs PPF: Are you considering contributing for the fate of kids? Then, this news is of your utilization. Indeed, by putting resources into both Sukanya Samriddhi Yojana (SSY) and Public Provident Fund (PPF), your cash is protected and great returns are additionally accessible. Yet, many individuals are confounded imagining that wherein plan to contribute, where will get more returns? Allow us to talk exhaustively on this further.
Both well known government plans
Sukanya Samriddhi Yojana (SSY) is a well known plan of the central government. In this, you can put resources into the name of the girl as it were. In any case, in PPF, you can put resources into anybody’s name. Tell us which plan is more useful among Sukanya Samriddhi Yojana and PPF?
Sukanya Samriddhi Yojana or PPF
The current interest rate on Public Provident Fund is 7.1 percent. Simultaneously, the premium of 7.6 percent is accessible on Sukanya Samriddhi Yojana (SSY). As per this, you will say that putting resources into Sukanya Samriddhi Yojana (SSY) will be great.
Yet, specialists prompt that you ought to put resources into both the plans. In spite of getting less interest in PPF, he continued to put a piece of his profit in PPF also.
Interest in PPF
There is a lock-in time of 15 years in PPF. Following 15 years, you can expand it further for 5-5 years.If you put resources into both the plans, you get exclusion on investment up to 1.5 lakh under segment 80C of Income Tax. You can deposit at least Rs 500 and a limit of Rs 1.50 lakh in PPF account every year.
Interest in Sukanya Samriddhi Yojana
The minimum add up to put resources into Sukanya Samriddhi Yojana (SSY) is Rs 250. In this plan, at least Rs 250 and a limit of Rs 1.50 lakh can be saved every year. This plan has been begun with the end goal of girl’s schooling/marriage.
Thus, a higher rate has been kept in it than PPF. It can likewise be contributed till the girl achieves the age of 15 years. No deposit is permitted between sixteenth to 21st year. However, the account holder gets interest on the deposit sum.
Where could the maximum amount on maturity be?
If you deposit Rs 1.50 lakh in PPF account consistently, you will get Rs 40.68 lakh on maturity of 15 years at the current pace of interest (7.1 percent). Then again, on the maturity of 21 years, you get 63.65 thousand rupees by keeping 1.50 lakh rupees consistently in Sukanya Samriddhi Yojana (SSY). This account can be opened uniquely till the kid achieves the age of 10 years.
