Sukanya Samriddhi Yojana (SSY) for FY25: Secure Your Daughter’s Future and Save Tax:

Suspense Crime,Digital Desk: Tax savings in FY25, SSY: For the tax savings purpose, the government’s scheme Sukanya Samriddhi Account Yojana (SSY) is also helpful. The account can be opened in the name of a daughter below ten years of age in post offices or authorized banks. His scheme was launched by the Modi government in 2015. Contibutors can put up to 1.5 lakhs every year under section 80C deduction scheme. Claiming deduction for this will be possible when the amount is deposited at the post office savings account. Are aware that currently two types of tax regimes exist in the country. A new tax regime and the old tax regime. In the case of post office savings account, the tax benefits of section 80C can only be availed under the old tax regime. Lets know the details of the scheme …

SSY: Included in EEE category

Sukanya Samriddhi Account has been included in the EEE category of investment. This signifies that the invested amount and earnings and maturity amount are tax free. Tax benefit under Sukanya Samriddhi Yojana and other provisions of Income Tax Act of 1961 are subject to deduction for principal payment up to 1.5 lakh.

SSY: Account Subsidiary Key Holder Permits
You can open an SSY account with a bank and post office. The account can also be maintained till the age of 21 or till the girl is married after the age of 18. An SSY account in the name of a girl child below 10 years of age can be opened by parents or legal guardians. The interest rates for SSY from January 1, 2024 is 8.2 percent per annum. The government reviews interest rates every quarter.

With regard to the girl child Sukanya Samriddhi account, the age cap is set to 10. An individual girl child cannot have more than 1 Sukanya Samriddhi account. At the same time for one family, it is capped to have only two SSY accounts.

There is however the stipulation that a third account can be opened if a girl is born prior to having twins or triplets, or if triplets are born first. A third SSY account cannot be opened if a girl is born after having twins or triplets.

SSY: What is the deposit limit

In an SSY account, a minimum deposit of Rs 250 and maximum of Rs 1.5 lakh per year is possible. You will have to deposit at least the minimum amount every year for 15 years from the date of opening the account. After this period, the account will continue to earn interest till maturity, even if no further deposits are made.

As noted, compounding makes SSY a long term investment scheme. In such circumstances, even with smaller investments, the long term returns are much higher. The account is freely transferable from any region of the country (bank/post office) to another.

SSY: How to invest

The Sukanya account can be opened at the nearest post office or any other designated bank branch. Submission of KYC documents such as passport, Aadhaar card is mandatory along with the form and cheque/draft for the initial deposit. Application forms are available at the post office or designated government/private bank. Alternatively, they can be downloaded from the RBI website.

The name of the parent or guardian who is going to open the account on behalf of the girl is equally important. In this case, the defendant’s birth certificate needs to be provided along with the parent's or guardian’s identity proof which could be a PAN card, Aadhaar card, driving license; address verification is also a requirement. All of these have to be submitted together with the application form.