Happy Children’s Day 2018: The current interest rate on Sukanya Samriddhi is 8.5% per annum.

On this Children’s Day, the best gift you can give your children is to make them financially independent. To do this, good financial planning from an early age can ensure the future of your children. When it comes to a girl, the government runs a special program that supports the well-being of the girls. The Sukanya Samriddhi program, under which money can be invested on behalf of a girl, can be opened at any bank or post office. The Sukanya Samriddhi account, which matures in 15 years, pays an attractive interest rate and also offers tax benefits.

(Also read: You Can Gift Your Child This Bank Account On Childhood Day)

Here’s everything you want to know about the Sukanya Samriddhi program

Who can open the Sukanya Samriddhi Scheme account? A natural / legal guardian on behalf of the girl can open this account.

Minimum and maximum deposit amount:A minimum of Rs 250 must be deposited each year. The maximum investment is capped at Rs 1,50,000 per year.

Tenure of the Sukanya Samriddhi deposit: The duration of the account is 21 years from the date of opening the account. Deposits can be made up to 15 years from the date of opening the account.

Interest rate on the Sukanya Samriddhi program: The current interest rate on Sukanya Samriddhi is 8.5% per annum for the quarter ending in December. Interest is calculated and compounded on an annual basis.

Tax refund: There is no tax on the amount invested, the amount earned in interest and the amount withdrawn.

Premature closure:Sukanya Samriddhi’s accounts may be closed prematurely in the event of the death of the depositor or in the event of extreme humanitarian reasons such as medical support in the event of fatal illness, but this must be authorized by a central government order.

Withdrawal: Fifty percent of the Sukanya Samriddhi account balance at the end of the previous fiscal year may be withdrawn for the purpose of the girl’s higher education and marriage after reaching the age of 18.

Irregular payment / Account restoration: Sukanya Samriddhi account can be reactivated upon payment of a fine of Rs. 50 per year with the specified minimum amount per year.

Source link