Quick Answer: What Is The Maturity Amount Of Sukanya Samriddhi Account?

What is the benefit of Sukanya samriddhi account?

Sukanya Samriddhi Yojana (SSY) is a small deposit scheme for the girl child launched as a part of the ‘Beti Bachao Beti Padhao’ campaign.

It is currently 8.1 per cent and provides income-tax benefit under section 80 C of the Income Tax Act,1961.

Even the returns are tax free in the scheme..

What is the age limit to open Sukanya samriddhi account?

10 yearsOtherwise, Sukanya Samriddhi accounts can only be opened up to age of 10 years only from the date of birth. Sukanya Samriddhi accounts currently fetch an interest rate of 7.6%, the highest among small savings schemes. In a financial year, a maximum of ₹1.5 lakh can be deposited in a Sukanya Samriddhi account.

Can I invest in both Ssy and PPF?

Getty Images You can open both Sukanya Samriddhi Account and PPF account for your minor child.

Is Sukanya samriddhi Yojana compound interest?

The Sukanya Samriddhi scheme will earn a higher interest rate of 9.2 per cent interest (yearly compounded) in the fiscal year 2015-16 (April to March). … Sukanya Samriddhi Scheme is a small savings scheme launched in January this year and is aimed at encouraging savings for a girl child’s education and marriage.

Is Sukanya samriddhi maturity tax free?

The scheme comes with the exempt-exempt-exempt (EEE) status. This means that: Your investments towards Sukanya Samriddhi Yojana are eligible for tax deductions under Section 80C of the Income Tax Act. … You do not have to pay any taxes on maturity or withdrawal.

Which is better PPF or Sukanya samriddhi Yojana?

In fact the SSY interest usually remains higher than the rate of interest of PPF. For example, currently the rate of interest on SSY is 8.4 per cent, while that of PPF is 7.9 per cent. On the other hand, most banks offer less than 7 per cent interest rates on long-term FDs.

Which is best saving scheme?

Here is a look at the top 10 investment avenues Indians look at while saving for their financial goals.Direct equity. … Equity mutual funds. … Debt mutual funds. … National Pension System (NPS) … Public Provident Fund (PPF) … Bank fixed deposit (FD) … Senior Citizens’ Saving Scheme (SCSS)More items…•

Is it worth investing in Sukanya samriddhi Yojana?

Small savings, higher returns Being part of government’s small savings schemes, the SSY often gets compared with products such as the PPF (public provident fund). The SSY does give higher returns, of 8.4 per cent, than PPF (7.9 per cent).

Can parents withdraw money from Sukanya samriddhi account?

Sukanya Samriddhi Yojana Withdrawal This account allows people to partially withdraw their money as and when they need it. However, the girl child will be required to be at an age of 18 years before her guardian or parents can withdraw the money from the account.

What will be the maturity amount in Sukanya samriddhi Yojana?

Overview of SSY Account CalculationAmount (Yearly)Amount (14 Years)Maturity Amount (21 Years)10001400046,82120002800093,6435000700002,34,107100001400004,68,2155 more rows•Sep 2, 2020

How is Sukanya samriddhi Yojana interest calculated?

The Sukanya Samriddhi Yojana offers an interest rate of 8.5% per annum. … The final amount is hence calculated based on your net contribution plus interest earned.

Which bank is best for Ssy account?

The Reserve Bank of India has authorized the following banks to open Sukanya Samriddhi Savings accounts (SSA).Axis Bank Sukanya Samriddhi Yojana.Andhra Bank Sukanya Samriddhi Yojana.Allahabad Bank Sukanya Samriddhi Yojana.State Bank of India Sukanya Samriddhi Yojana.Bank of Maharashtra Sukanya Samriddhi Yojana.More items…