Our Prime Minister, Narendra Modi launched the scheme named ‘Sukanya Samriddhi Yojana’ as a part of Beti Bachao Beti Padhao campaign. The government of India launched a social campaign on 22nd January, 2015.The Beti Bachao Beti Padhao campaign gives awareness about ‘Save Girls, Educate the Girl Child’.
WHAT IS THE SUKANYA SAMRIDDHI YOJANA SCHEME?
The scheme basically talks about the major issues related to girl child education and marriage. So the scheme provides the fund to the parents of a girl child for proper education and for marriage expenses so that their girl child can have the brilliant future. For providing fund this scheme has initiate an account called Sukanya Samriddhi Yojana Account.
WHAT ARE THE TAX BENEFIT PROVIDED UNDER SUKANYA SAMRIDDHI YOJANA SCHEME?
The account opened under this scheme has provided under many tax benefits which is as under:
1. Investment made under Sukanya Samriddhi Yojana Scheme is eligible for deduction under Section 80C, conditional on maximum of Rs. 1.5 lakh.
2. The interest accrued on the investment is also eligible for tax exemption.
3. The amount which will be received on the maturity or withdrawn is also exempt from tax.
INTEREST RATE FOR SUKANYA SAMRIDDHI YOJANA SCHEME:
Provided that the default shall not be under the death of the person who opened an account under the scheme.
HOW YOU CAN CALCULATE THE INTEREST UNDER SUKANYA SAMRIDDHI YOJANA SCHEME?
The interest under this scheme is compounded on a yearly basis, so the interest for Sukanya Samriddhi Yojana Account is calculated on the lowest balance for the calendar month which means between the 5th day of the month and the end of the month. The interest accrued on this account is credited in the account at the end of the financial year.
For calculating the interest you can follow the below formula:
In which it says,
A = Amount at maturity
P = Initial deposit
r = Rate of interest
n = Number of years the interest compounded
t = Number of years.
WHO CAN WITHDRAW MONEY FROM SUKANYA SAMRIDDHI YOJANA ACCOUNT?
The Girl Child in whose name the account has opened can only withdraw the amount from the account on maturity and until the girl child attains the age of 18 years her guardian can withdraw the amount from the account.
WHAT IS THE MINIMUM AMOUNT CAN BE INVEST IN SUKANYA SAMRIDDHI YOJANA ACCOUNT?
The guardian of a girl child who opened an account in Sukanya Samriddhi Yojana Scheme can deposit any amount from Rs. 250 to Rs. 1.5 lakh in a financial year.
Author- Adv.Shivam Kumar | Legel and content Executive, Taxblock India Pvt. Ltd