Savings scheme

small savings plan interest rate 2021 Sukanya Samriddhi yojana post office bank interest rate 2021 tax benefits

New Delhi: The central government offers the Sukanya Samriddhi program as part of small savings programs. One can open a Sukanya Samriddhi account at post offices and banks. The objective of the Sukanya Samriddhi program is to empower the girl within the framework of the “Beti Bachao Beti Padhao” campaign.Read also – IPL 2021: Gautam Gambhir questions the BCCI coaches on the place of Hardik Pandya for the T20 World Cup

Sukanya Samriddhi Yojana Post Office Bank Interest rate 2021, Sukanya Samriddhi Yojana Tax benefits

  • The Sukanya Samriddhi account can be opened by the guardian on behalf of a girl under 10 years old.
  • The Sukanya Samriddhi account can be opened for a maximum of two girls in a family. In the event of the birth of twins or triplets, more than two accounts can be opened.
  • It must be remembered that only one account can be opened in the country either at the Post Office or in any bank in the name of a girl.
  • The Sukanya Samriddhi program offers an interest rate of 7.6% per annum calculated on an annual basis, compounded annually.
  • You can invest a minimum of Rs 25 0 and a maximum of Rs 1 50,000 during an exercise.
  • Sukanya Samriddhi account can be opened with a minimum initial deposit of Rs 250.
  • Notably, deposits to the Sukanya Samriddhi account are eligible for deduction under Section 80C of the Income Tax Act.
  • Under the Sukanya Samriddhi program, interest will be credited to the account at the end of each financial year.
  • Interest earned on Sukanya Samriddhi Account is exempt from tax under the Income Tax Act.
  • The Sukanya Samriddhi account will be managed by the guardian until the girl reaches the age of majority, i.e. 18 years old.
  • Withdrawal can be made to Sukanya Samriddhi account after the girl turns 18 or above the 10th standard.
  • Sukanya Samriddhi account can be closed prematurely after 5 years of opening an account depending on a number of conditions.
  • The account can be closed at maturity after 21 years from the date the account is opened or at the time of the girl’s marriage after reaching the age of 18. (1 month before or 3 months after the date of the wedding), indicated the post.

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