Are you looking for a dependable savings plan for your girl kid under the age of ten to ensure her future while also saving money on income taxes? If so, you should immediately begin investing in the Sukanya Samriddhi Yojana (SSY). Presently, the plan offers an annual interest rate of 7.6%, which is higher than the interest rate on a standard Savings Account. Moreover, it provides tax relief on the principal amount invested up to 1.5 lakhs per annum under Section 80C of the Income Tax Act of 1961. To figure out how much you should spend in SSY depending on the other investments you've already made to save money on income taxes, you may take suggestions from CA Chandan Agarwal & Co., a reputable CA business in Kolkata further. But, to make you aware of the scheme, we are going to give a quick overview of it today.
Eligibility for Opening a Sukanya Samriddhi Yojana Account
• Sukanya Samriddhi accounts can only be created in the girl child's name by her parents or legal guardians.
• The girl child must be under the age of ten while the account will be open.
• A single girl child cannot have several Sukanya Samridhhi accounts.
• A family is permitted to maintain two SSY accounts, one for each girl kid.
Advantages of Investing in Sukanya Samriddhi Yojana
SSY investments are commonly known as EEE investments (Exempt, Exempt, Exempt). That means that the principle, interest, and maturity amounts are all tax-free.
Affordable investment option with a minimum deposit of Rs 250 per month (maximum of 1.5 lacks per year)
Investment with guaranteed returns supported by the Government of India.
A higher fixed rate of return as compared to other existing government-sponsored tax-saving plans.
Conclusion
Before investment, it is better to utilize the online Sukanya Samriddhi Yojana calculator, which is available on the websites of several participating organizations, to get an estimate of the returns. To learn more about the schemes, contact CA Chandan Agarwal & Co. right once to obtain a better knowledge of the scheme.