Rate of interest replace for April-June 2024 quarter
The rate of interest for the Sukanya Samriddhi Yojana scheme stays unchanged from the earlier quarter, standing at 8.2% for the April-June 2024 quarter.
Who can open a Sukanya Samriddhi Account?
Mother and father or authorized guardians can open an account for a lady youngster below ten years outdated, states an ET report. They’re permitted to open accounts for a most of two lady youngsters. Nevertheless, just one SSY account could be opened within the identify of every lady youngster, both by a pure or authorized guardian.
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Paperwork required for opening an SSY Account
- Passport dimension {photograph}
- Copy of ID proof
- Delivery certificates copy of the lady youngster
- Residence proof as per RBI KYC coverage
Untimely closure of SSY Account
An SSY account could be closed below sure circumstances:
- Within the occasion of the account holder’s loss of life.
- In circumstances of maximum compassionate grounds, resembling extreme medical circumstances threatening the account holder’s life or the loss of life of the guardian inflicting undue hardship to the account holder.
Nevertheless, untimely closure of an account below these circumstances just isn’t permitted earlier than completion of 5 years from the date of opening the account.
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Key particulars of SSY
The Sukanya Samriddhi Yojana requires a minimal annual deposit of Rs 250, as much as a most of Rs. 1,50,000. Failure to deposit the minimal quantity incurs a yearly penalty of Rs 50. The account matures after 21 years from opening and doesn’t supply mortgage services. Withdrawals are allowed after the account holder turns eighteen or completes the tenth grade, whichever occurs first. Deposits could be made till the account reaches fourteen years from its opening date.
Tax advantages
Underneath Part 80C of the Earnings Tax Act, traders can declare exemptions of as much as Rs 1.5 lakh for the Sukanya Samriddhi Yojana. The curiosity earned upon maturity is tax-free. Traders in SSY get pleasure from triple tax advantages: the principal invested, the curiosity earned, and the maturity quantity are all exempt from taxes. Nevertheless, it is essential to notice that choosing the brand new tax regime renders one ineligible for 80C deductions.