SUKANYA SAMRIDDHI ACCOUNT, SAVE TAX ON DAUGHTER’S ACCOUNT
SUKANYA SAMRIDDHI ACCOUNT, SAVE TAX ON DAUGHTER’S ACCOUNT
Sukanya Samriddhi Account literally translated to Girl Child Prosperity Account, is a small savings scheme backed by the Government of India targeted at the parents of girl children to encourage build a fund for the future education and marriage expenses for their female child.
In a country where still there is a dependence of the girl child on her parents, it is a scheme launched by Prime Minister Narendra Modi on 22 January 2015 as a part of the Beti Bachao, Beti Padhao (Save Girl Child, Educate Girl Child) campaign.
When it comes to the Sukanya Samriddhi Account interest rate scheme currently provides an interest rate of 7.1% for the April-June 2020 quarter which is a drastic cut from what it was before COVID-19 situation.
Yes, the account can be opened at any India Post office or branch of authorised commercial banks.
One of the reasons why this Sukanya Samriddhi Yojana (SSY) become popular is due to its tax benefit which can have a maximum tax benefit of Rs 1.5 lakh under section 80C of the Income-tax Act. Further, the interest accrued and maturity amount are exempt from tax as well.
So, that is where the Sukanya Samriddhi Yojana calculator comes into the scene for those who are planning on investing in the scheme, you can use to calculate the maturity amount at the end of the tenure and find out how much you can approximately save via this scheme for the daughter's higher education and/or marriage.
To use the Sukanya Samridhi Account calculator, one must satisfy the eligibility conditions, which are:
a) Age of girl child should not exceed 10 years
b) She should be a resident citizen of India
c) The account cannot be opened for more than two girl children in a single-family
If you satisfy eligibility conditions, then the calculator will ask you to provide the age of your daughter/s and amount that you want to invest in the scheme.
You can put any number ranging between the minimum amount you can invest is Rs 250 (with effect from 5 July 2018) and maximum is Rs 1.5 lakh in a single financial year.
Then based on the amount entered by you, it will calculate the approximate value that will be received by you at maturity which is after 21 years from the date of opening of the account.
According to the scheme rules, a depositor is required to make deposits every year till the completion of 15 years as between the 15th year and 21st year, no deposits are required to be made.
However, you will be earning interest on the earlier deposits made. The calculator takes into account the interest that will be accrued to you during those years and shows the year in which the account matures, the maturity value, interest rate using which the maturity value is arrived at.
It also shows the break-up of the amount that you can invest monthly in the scheme.
What would you need to open an account for maximum two of your daughters in SBI? Well, the bank allows the opening of an SSY account in an easy and hassle-free way. If you do not have an account with SBI, you can open an SSY account by submitting the following documents:
Documents required to open an SSY account in SBI
Firstly, Birth certificate of the girl child
Secondly, Photo ID of parents or legal guardian
Thirdly, Address proof of parents or legal guardian
And lastly, Photograph of the child and parent
After you have these documents ready, get started with the process:
Fill up the form at the SBI branch
Submit the documents along with photos
Deposit cash (Minimum of Rs 250)
After opening the account, one can make deposits by cash, cheque or demand draft.
To get more information on the same, visit https://www.sbi.co.in/web/personal-banking/investments-deposits/govt-schemes/sukanya-samriddhi-yojana
For that, you can apply and collect Login credentials from the bank of your SSY account to check it online
Then, you can use your login credentials, and log in to the internet banking portal of the bank.
Visit the homepage after logging in to the account, and you can check the balance there. It could also be displayed on the dashboard of the account.
After following this process, you will only be able to view the balance in your account, transactions through this portal can't be made.
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