This January saw a new ray of hope for girls as Prime Minister Narendra Modi, introduced a small deposit scheme, Sukanya Samriddhi account under Beti Bachao, Beti padhao campaign. The best art being not the scheme itself but the reason behind introducing such a scheme. With the shocking graph of sex ratio, GOI (Government of India, took this step to improve the gender imbalance in the society. This programme is sure to turn the environment of the society positive. The scheme is supposed to change the mindset of people from girl child being a financial burden to securer of her own future as well as that of the family.
Two or three things or benefits that is necessary to keep in mind while talking about Sukanya Samriddhi scheme.
Being a small deposit scheme, the initial amount to open an account being Rs 1000, can go up to Rs 1,50,000. Besides this, you can open maximum upto two accounts, maximum age of the girl child being 10 years. This year one year relaxation period has been added by the GOI. Account can be opened in post offices or any authorized bank branches. The account can be transferred anywhere in India depending upon the change location or the reason that follow.
Rate of interest for this scheme is higher than any other saving schemes introduced till date in India. This year the rate of interest being 9.1 percent interest. Every year GOI will declare the rate of interest for the scheme.
Account is opened and can be operated by the guardian of the girl child till the age of 10. After the age of 10 the child will be able to operate it herself. Account matures on the completion of 21 years from the date of opening the account or the date of marriage of the girl child, whichever comes earlier. Fifty percent of the money can be withdrawn at the age of 18 for the higher studies of the child.
( image credit : Economic Times )
The most important factor in all is that it gives immense tax saving advantages to the account holder. Investments under Sukanya Samriddhi scheme gives one good tax benefits under Section 80C of the income tax Act, 1991. This has been done with a sole purpose to encourage people to take part in the scheme. The tax exemption will also be available on interest income and at the time of withdrawal. This art is under consideration of Department of revenue (DOR). To make this scheme the most tax efficient scheme (DOR is soon to bring legislative amendment to this effect.
This scheme ensures a lot of point. One of them being that for a marriage girl child has to be at least 18 years old. The scheme in itself is very flexible and has lots of option for the future of the girl child the main motive of the programme being that marriage or education of a girl child cannot and should not be taken as a financial burden. The only need is to plan well enough to avoid any financial glitches in bad hour.
Are NRI eligible to open this account in name of their kids
As per RBI guidelines, a Non-Resident Indian (NRI) may not be eligible to invest in Small Savings schemes.
Good News that Interest income under Sukanya Samridhi Scheme will be exempt from tax, says FM in todays budget announcement.
Investment in Sukanya Samridhi Yojna will be eligible for deduction under overall 80C of Rs 15K
I thing its better than the usual R D
Moreover you get income tax benifits as well!
Thank you so much Sir for giving complete information to us. I have one question related to deposit scheme. How many deposits I can made in one year in Sukanya Samriddhi Account ???
One more question Sir. What us meant by interest is taxable and maturity amount in not taxable in Sukanya Samriddhi Account ???