Which bank is best for Sukanya samriddhi Yojana?
Which bank is best for Sukanya samriddhi Yojana?
Which bank is the best to open a sukanya samriddhi yojana account?
- United Bank of India.
- Punjab National Bank.
- Union Bank of India.
- Oriental Bank of Commerce.
- IDBI Bank.
- Vijaya Bank.
- Axis Bank.
- ICICI Bank.
Who is eligible for Sukanya samriddhi Yojana?
The eligibility for Sukanya Samriddhi account includes: Only girl children are eligible to hold Sukanya Samriddhi account. The maximum age of a girl child should not be more than 10 years. A proof of age of the girl child needs to be attached.
How many years need to pay for Sukanya samriddhi Yojana?
What is the duration of the sukanya samriddhi yojana account? The payment period for SSY accounts is 15 years, while the maturity period of the account is a minimum of 21 years.
What is the minimum amount of Sukanya scheme?
Rs 250
When can the account be opened? A Sukanya Samriddhi Account can be opened any time after the birth of a girl child till she turns 10, where you will have to deposit a minimum of Rs 250. In subsequent years, a minimum of Rs 250 and a maximum of Rs 1.5 lakh can be deposited during the ongoing financial year.
Can we have 2 Sukanya samriddhi account?
The Guardian can open only two sukanya samriddhi account under the Rules with any bank or post office. However, Guardian can open third sukanya samriddhi account under the Rules if the second birth is of twin girls or first birth is of triplets.
How is Ssy interest calculated?
Let us use the mathematical formula: A = P(1+r/n)^nt P = Initial Deposit r = Rate of interest n = Number of years the interest compounds t = Number of years A = Amount at maturity For example, you deposit Rs 1,50,000 each year for 15 years in the SSY account.
How many times we can deposit money in Sukanya Yojana?
How much can be deposited? To keep the account active, a minimum contribution of Rs 250 is mandatory in each financial year (and in multiples of Rs 100 thereafter). Maximum investment allowed per annum under the Sukanya Samriddhi Yojana is Rs 1.5 lakh up to the end of 15th year from the opening of the account.
Who are eligible for ssy?
Eligibility of Sukanya Samriddhi Yojana
| Particular | Eligibility |
|---|---|
| Entry age | From birth |
| Maximum entry age | 10 years |
| Minimum limit for deposits per year | INR 1000 |
| Maximum limit for deposit per year | INR 1.5 lakh |
What is the maturity amount of Sukanya samriddhi account?
21 Years
Calculation of Maturity Value under SSY after 21 Years
| Year | Investment Amount (Yearly) | Maturity Amount (21 Years) |
|---|---|---|
| 1 | Rs.1,000 | Rs.43,949 |
| 2 | Rs.2,000 | Rs.87,911 |
| 3 | Rs.5,000 | Rs.2,19,769 |
| 4 | Rs.10,000 | Rs.4,39,542 |
Is Sukanya tax free?
The Sukanya Samriddhi Yojana enjoys exempt-exempt-exempt status under the Income-tax Act, 1961. The deposits made under the scheme offers deduction under section 80C. The interest earned on the deposits and the maturity amount is exempted from tax.
Is Ssy tax free?
The Sukanya Samriddhi Yojana (SSY) is a government-backed small deposit scheme for a girl child and her financial needs. It was launched as part of the ‘Beti Bachao Beti Padhao’ campaign. The scheme comes with income-tax benefit under section 80C. The returns are tax-free as well.
Is Ssy interest calculated monthly?
Based on the Government Security (G-sec) yields, the Indian Government decides the rate of interest for Sukanya Samriddhi scheme on a quarterly basis. The interest rate is compounded on a yearly basis and is credited to the account. Subscribers can also opt for monthly interest.