The Sukanya Samrudhi Yojana is a good scheme for adding money for the future of daughters. More interest is available on this and it is also helpful in tax planning.
The Sukanya Samrudhi Yojana is a good scheme for adding money for the future of daughters. This scheme will not only get more interest than public provident fund (PPF), but it also helps parents in tax planning. You can open this account for your 10 year old daughter. It is currently getting 8.1 percent annual interest which is more than PPF. Let’s know how its account is opened and what is its process.
What is the procedure for opening an account of Sukanya Samriddhi Yojana
- You can open the account of Sukanya Samrudhi Yojana in any post office or authorized branch of banks.
- Generally, whatever banks provide facility to open PPF accounts, they also open an account of Sukanya Samrudhi Yojana.
- These documents need to be opened to open an account
- Sukanya Prosperity Account Opening Form.
- Child’s birth certificate.
- Identity card of depositor (parent or guardian) such as PAN card, ration card, driving license, passport etc.
- Certificate of depositor’s address such as passport, ration card, electricity bill, telephone bill etc.
- You can get the form of Sukanya Samrudhi Yojana from the post office or bank or https://rbidocs.rbi.org.in/rdocs/content/pdfs/494SSAC110315_A3.pdf can be downloaded from here.
- The post office or bank where you have opened an account when the account opens, gives you a pass book.
- You can also use NetBanking to deposit money.
Who can open Sukanya Samrudhi Account
- You can open this account only when you are the natural or legal guardian of the girl.
- You can open such a single account in the name of a daughter.
- In total, you can open this account in the name of two daughters, but if you have a twin daughter at the time of the second daughter’s birth, then you can also open a third account.
- These benefits will be from the Sukanya Samrudhi Yojna.
- Ever since the Modi government has announced the Sukanya Samrudhi Yojna, it has been getting more interest from the PF.
- You get the benefit of deduction under Section 80C of the Income Tax Act on the amount deposited in it.
- Not only is the interest paid on this, but the amount on maturity is also tax free.
How much money can you make
In the account of Sukanya Samrudhi Yojana, you can initially deposit a minimum of Rs. 1,000.
A maximum of one and a half lakh rupees can be deposited in a year. If you do not deposit the minimum amount in any year, the next time you deposit the money, you will have to pay 50 rupees.
Can you withdraw money
- You can not withdraw money before the daughter turns 18
- At the age of 21, the account becomes maturing.
- After completing 18 years of daughter, you get partial withdrawal facility.
- This means that you can withdraw up to 50% of the amount in the account.
- Unfortunately if the child dies, the account will stop immediately.
- In this case, the amount in the account is given to the guardian.