Daughters Benefit Scheme: Sukanya Samriddhi Yojana (SSY) is one of the various welfare schemes run by the Government of India. This plan not only provides risk-free returns but also helps in planning for bigger goals like marriage of their daughters.
Sukanya Samriddhi Account can be opened by natural or legal guardian for a girl child below the age of 10 years. However, an individual can open only one account in the name of the girl child. Only two girl children can be covered per family in this scheme, thus, one account can be opened for both the girl children.
However, a parent or guardian who has three children can also open a third account, provided they fulfill the criteria specified by the government.
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The government has said that Sukanya Samriddhi account can be opened for twin girls during first delivery and second girl child during second delivery and vice versa. So, if a person has three girls and two of them are twins, all three will be covered under Sukanya Samriddhi Yojana (SSY).
Sukanya Samriddhi Yojana Interest Rate, Tenure, Other Key Features:
The SSY scheme offers an attractive interest rate of 7.6 percent. The interest income earned from the scheme is completely tax free under Section-10 of the Income Tax Act 1961. Also, the investment made in the scheme is eligible for deduction under section 80-C of the Act.
When it comes to the minimum investment amount, one can invest a minimum of Rs 250 in the account and a maximum of Rs 1,50,000 per year for a period of 15 years. The deposit will mature in 21 years.
