Latest news with #Section80C.WHO

India Today

SSY scheme: How your daughter can get Rs 71 lakh at 21

The government runs many schemes to secure the future of daughters, and Sukanya Samriddhi Yojana (SSY) is one of the most popular. It supports parents in saving money for their daughter's higher education and marriage, helping her receive around Rs 71 lakh when she reaches 21 if planned well. LAUNCHED IN 2015Sukanya Samriddhi Yojana was launched in January 2015 under the 'Beti Bachao, Beti Padhao' is a small savings scheme backed by the government, which offers high interest rates, tax benefits under Section 80C, and tax-free returns on maturity. Over 4.1 crore accounts have been opened so far under this INTEREST AND TAX SAVINGSSSY offers an attractive interest rate of 8.2%, which is usually more than what banks offer on FDs. The government guarantees the money you invest, so it is completely safe. Also, you can claim up to Rs 1.5 lakh in tax deductions every year under Section CAN OPEN AN SSY ACCOUNT?Parents or legal guardians can open an SSY account for a girl child up to the age of 10. Only one account can be opened for one daughter.A birth certificate, an ID proof and an address proof are needed to open the account. The account can be opened easily at the nearest post office or any bank AND HOW TO USE THE MONEYThe SSY account matures 15 years after opening. Money can be partially withdrawn for higher education once the girl turns account reaches full maturity when she turns 21, but if she gets married before that, the account must be closed at the time of TO GET Rs 71 LAKHIf you deposit Rs 1.5 lakh every year for 15 years, then on maturity, the amount grows to nearly Rs 71,82, of this, Rs 22.5 lakh is your saving, while the remaining Rs 49.32 lakh is the interest earned. The best part is, the entire amount is tax-free when you withdraw it must be mentioned that from October 1, 2024, only parents or legal guardians can manage an SSY account. If someone else opened the account, it must be transferred to the legal guardian or parents, or it will be closed.(Disclaimer: This article is for general informational purposes only and does not constitute financial advice. Readers are encouraged to consult a certified financial advisor before making any investment or financial decisions. The views expressed are independent and do not reflect the official position of the India Today Group.)- Ends