New Delhi: Several special schemes are making a significant impact in securing a bright future for girls and improving their financial prospects. Among these, the Sukanya Samriddhi Yojana (SSY) is particularly noteworthy. This is a savings scheme that allows parents to invest money and be free from worries about their daughter’s marriage and education. Daughters can receive a substantial fund through the Sukanya Samriddhi Yojana. The government is currently offering an 8.2 per cent interest rate annually under this scheme.

The interest rate is revised every quarter. However, there has been no change in interest rates for a long time. An account must be opened and an initial investment made. The maturity period is 21 years. After this age, the entire fund can be withdrawn from the government. One can join this scheme with some necessary documents.

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Features of Sukanya Samriddhi Yojana

The Sukanya Samriddhi Yojana is an excellent option for daughters. Parents can open an account for their daughter. The account can only be opened until the daughter is 10 years old; there are no provisions for opening an account after this age. The account can be opened with a minimum deposit of just Rs. 250.

The account holder needs to deposit a minimum of Rs. 250 every financial year. The maximum deposit limit in the Sukanya Samriddhi Yojana is Rs. 1.50 lakh. This amount can be deposited in a lump sum or in multiple instalments. Investments can be made in the scheme until the daughter reaches the age of 15.

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If the account holder fails to deposit the minimum amount of Rs. 250 in any financial year, the account becomes defaulted. However, a defaulted account can be regularised within the 15-year deposit period by paying a penalty of Rs. 50 for each default year and depositing the minimum amount for those years. This scheme is excellent for making daughters financially secure.

Tax Benefits

This scheme also offers some significant tax benefits. According to the old income tax system, the amount deposited in the account is eligible for tax exemption under Section 80C of the Income Tax Act. Deposits can be made in cash or by check at the post office, or online through NEFT/RTGS or the India Post Payments Bank app. This doesn’t cause any problems.