250/-. The plan will mature after the end of 21 years from the date of opening of the account. For instance, it is really easy to open an account at any Post Office or participating public or private bank. As Senior Vice President of Research, he needs to be up to date with all the developments in the financial sector. Yet, you will be earning interest on the first deposits made. His advice protects our clients from rampant mis-selling and helps them make smarter financial decisions. His love for working in systematic processes makes him a perfect fit at IMMPL; helping us keep the client’s best interest at the core of everything we do. At this time, one withdrawal of up to 50% of the funds, towards meeting the costs of higher education is permitted. His charismatic leadership inspires every IMMPL member to truly commit to the customer-first approach that he is well-known for. Control of the account is transferred to the daughter at the time of her 18. birthday. The account can be carried anywhere in India. Currently, we are looking at an interest rate of 8.4% being given to investors. . The only basic criterion for availing this scheme is that the girl must be below the age of 10 years. If the least deposit of ₹250, (initially which was 1000) is not executed in a year, a fine of ₹50 will be put on. All parents know that raising a child is neither easy nor cheap. It is compounded yearly and the amount is credited to the account. The girl can run her account after she touches the age of 10. Further, since the overall tenure of the scheme lasts until the girl gets married beyond the minimum age of 18 or reaches the age of 21 years irrespective of her marital status, investors can look at good returns beyond the 15 years for which they are expected to make deposits into the savings scheme. The attractive interest rate of 7.6%, that is completely free from tax under section 80C. The interest rate is usually high, at around 7.6% currently, but is subject to change by notification from the government. As a result, traditional approaches grow obsolete. Interest estimates of future periods are based on prevailing interest rates. All contributions made towards the scheme, till the maximum of INR 1.5 lakhs per annum, can be claimed as deductions from taxable income under Section 80C of the Income Tax Act. Tax benefits: The Sukanya Samriddhi Yojana falls in the exempt-exempt-exempt (EEE) investment category, which means you do not have to pay any taxes on your investment, the interest earned and on maturity. “Here I get the autonomy to innovate, collaborate with the best minds be a part of experiences that the client seeks to create. 1,000 can be funded in one financial year. You are allowed to open only one SSY account for each daughter. The rate of interest is determined by the government and is arranged every quarter. Since that is the maximum amount which can be invested in Sukanya Samriddhi Yojana anyway, investors can expect complete tax exemption on all their yearly investments in the scheme. Yet, the maximum deposit limit is ₹150,000. The deposit criteria on Sukanya Samriddhi Yojana is quite simplistic. After this time the account will earn only the appropriate rate of interest. In addition to this, the interest earned over time and the final amount upon maturity are exempt from taxes. If you compare with even the government’s flagship PPF (Public Provident Fund) savings scheme, you will find the rate of return on Sukanya Samriddhi Yojana to be higher. Benefits of the Sukanya Samriddhi Yojana . Devanshu has always had an instinctive intrigue for tracking financial markets and managing money. Here, the calculator estimates that you have made all the deposits every year of the same amount as selected by you. Currently, the interest rate of the SSY scheme was decreased from 8.4% to 7.6% and it is increased every year. The Sukanya Calculator, based on the number entered by you, calculates the estimated value that will be received by you at maturity. Here are the key points that you need to know about operating an SSY account for your daughter(s). राहुल गांधी ने साधा मोदी सरकार पर निशाना. What are the salient features of the scheme? A financial maven, and a yoga enthusiast, Shantala Kumble is the ball of energy in our organization. The excess interest that has been credited already will be reversed. Raghavan is workaholic. You simply need to fill out the form available at these places for this scheme along with the initial deposit amount paid either by draft or cheque. The trademarks, names and logos are the property of their respective companies. Clearly, Sukanya Samriddhi Yojana comes with so many powerful benefits that all parents of girl children in India should consider investing in the scheme for a better, brighter future. Among various drivers for this campaign is the dwindling sex ratio in India, which as per the last 2011 census, stands at 918 girls for every 1,000 boys in the country. Parents can open the height of two accounts for each of their children. High Interest . Shantala brings a whole new energy to the workplace that remains unmatched till date. We hope that now you have a clear picture in mind, about the scheme. A Sukanya Samriddhi Account has a tenure of 21 years or until the girl child marries after the age of 18. Another great benefit of Sukanya Samriddhi Yojana is that the account can be transferred easily to another Post Office or bank, from where you initially opened it, say in case of a job transfer. The minimum amount you can invest is Rs 1,000 and the maximum is Rs 1.5 lakh in a single business year. Deposits in an account can be performed till completion of 14 years, from the date of availability of the account. It comes with a maximum tax benefit of Rs 1.5 lakh following section 80C of the Income-tax Act. Usually, you need to start saving early to work towards amassing sufficient funds to see them through. Just one account is allowed per child. Over the course of his career, he has worked with a host of revered organisations, including the likes of NELCO, Alpic Finance, Cipla, and Microland. You can make deposits through cash, cheque or demand draft. Now. We encourage them to visualize new possibilities and offer them the support to realise the same.”. His career growth in IMMPL has been as remarkable as his client’s portfolio growth. In fact, it is higher than some of the government’s other savings schemes as well! She ensures the company functions in a legal and ethical manner while meeting its business goals. ● To meet the financial terms of the account holder for the idea of higher education and marriage, the account holder can avail incomplete withdrawal facility after attaining 18 years of age.