Features of SSY (Sukanya Samriddhi Yojana)
Before investing in any scheme, we should know each & everything about it including the features of that particular scheme. Below are the features of the SSY:
- The SSY is considered to be the best saving scheme in India as it provides higher interest rates on the deposited amount.
- SSA can be opened at any time until your daughter is 10 years old from her birth.
- You need to pay the minimum amount of Rs. 250 annually and if you forget to deposit the minimum amount, then you would have to pay the penalty of Rs. 50 to continue an SSA.
- The maximum amount you can deposit in the SSA annually is Rs. 1.5 lakhs.
- You cannot open two accounts for the same girl child.
- After the age of 18, control over the account will be in the hands of the beneficiary.
- There are some conditions where early withdrawal or premature closure is allowed in this scheme.
- The account will be matured at the age of 21 after the date of opening.
- The SSY offers tax benefits under Section 80C of the Income Tax Act, 1961 and the maximum limit of tax exemption which can be availed is Rs. 1,50,000.
- An SSA can be transferred from one branch to another when the account holder is shifting anywhere in the country.
