TOPIC : By depositing money for 20 days, you are entitled to receive interest for the entire 30 days.
➤ Sukanya Samriddhi Account is saving account meant for the girl child.
➤ Currently, the rate of interest in case of Sukanya Samriddhi is 7.6 %.
➤ Investment in Sukanya Samriddhi is exempted from tax under section 80C.
Sukanya Samriddhi Yojana (SSY) is a small deposit scheme of the Government of India Started from January 2015 aimed to encourage people to save for the future of girl child. The scheme was launched by PM Modi three years ago to help depositors meet the education and marriage obligations of their girl child.
The SSY savings account remains operational for a maximum of 21 years,after which the account ceases to accrue interest.The account can be opened any time after the birth of girl,but only before she turns ten.Every year,the account holder must deposit a minimum of Rs 1,000.
The account can be opened with a post office or any authorised commercial bank such as State Bank of India (SBI) or ICICI Bank.However,This relates to the accrual of interest in a particular month for investing before a particular date.If you invest in Sukanya Samriddhi Yojana Account on or before the 10th of the month,you will be entitled to receive interest for that particular month.
For Example:
If you deposit Rs 10,000 on April 10 and Rs 40,000 on April 12 in Sukanya Samriddhi Yojana account that already has a balance of Rs 10,000,you will receive interest on Rs 20,000 for the month of April and not on Rs 60,000.
Another advantage that you stand to get is in the form of tax saving as you put money early in the month.In case you put Rs 20,000 in the Sukayna Samriddhi Yojana,the amount is deducted from your taxable income,reducing your tax outgo for that month in form of TDS (tax deducted at source).
For Example:
On Rs 20,000,If the tax outgo is 30%,you will stand to save Rs 6,000 + 240 as 4% surcharge = Rs 6,240 that will be saved as the lower TDS deducted for that month.This way,you will have more disposable money in hand that can be invested further for making more money.
For instance,on the tax savings of Rs 6,240 early in the year,you can earn a further 6-7% for the remaining 11 months if the saved money is deposited in a fixed deposit (FD) of a bank.
In case you have been operating an SSY account for fewer than 21 years,there is a scope of prematurely closing it in case the beneficiary (girl) is set to get married.
For instance,on the tax savings of Rs 6,240 early in the year,you can earn a further 6-7% for the remaining 11 months if the saved money is deposited in a fixed deposit (FD) of a bank.
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