Since independence, India has come struggling with several political, social, and economic issues. The current ruling party has launched this scheme in 2015 for the girl child of the nation.
Sukanya Samaraddhi Yojana is a scheme by the central government of India under Beti-Bachao, Beti-Padhao. It is a government scheme for girl children to open a savings account with just Rs 250 unless she is ten years old.
The money which will become an amount after a certain period will benefit her in marriage or higher education. This account does not involve itself in the stock market. Hence, its interest rate is steady.
Sukanya Samaraddhi Yojana is a scheme by the central government of India under Beti-Bachao, Beti-Padhao. It is a government scheme for girl children to open a savings account with just Rs 250 unless she is ten years old.
The money which will become an amount after a certain period will benefit her in marriage or higher education. This account does not involve itself in the stock market. Hence, its interest rate is steady.
The procedure to open Sukanya Samaraddhi Yojana account:
The SBI branch holds the commercial account; from her birth to ten years of age, a person can have this particular scheme. With the minimum amount of Rs 250 to Rs, 1.5l is the maximum amount that can be a deposit. It can be a good investment for her future endeavors.
Plans for the Sukanya prosperity account
The legal parents of the daughter must have to hold the account before she turns ten years old. According to the scheme, one name account is acceptable, not more than that.
This account will run till she turns 21 years or after 18 years of her marriage.
This account will run till she turns 21 years or after 18 years of her marriage.
Norms of Sukanya Samaraddhi Yojana
In any financial year, the account can carry Rs 250, Rs 100 multiplies along with it. The account’s tenure is 15 years. In the case of 9 years old daughter can carry on till she turns 24-30 years old. The interest is paid according to the amount it has on the current date.
Sukanya Samaraddhi Yojana account before
If the legal account holder fails to pay an amount every year, the account holder must pay a penalty of 50 Rs annually. These deposits should have regular updates to maintain the account.
If the penalty is not paid, then the account will bear interest as the savings account or post office pays interest. Therefore, they will get bank interest by four percent instead of nine percent.
If the penalty is not paid, then the account will bear interest as the savings account or post office pays interest. Therefore, they will get bank interest by four percent instead of nine percent.
Amount calculation of Sukanya Samaraddhi Yojana
The interest rate of Sukanya Samaraddhi Yojana changes according to the G sec of every quarter past of the year. The interest percent of Sukanya Samaraddhi yojana is 75 points more than the basis points of regular bank or post office interest. The account holder can deposit money through any medium that the bank accepts. It can be through demand draft, cash, check, etc.
The interest rate of the scheme to date:
· The interest rate was 9.1% on 1 April 2014
· On 1 April 2015, the interest rate was 9.5%
· From 1 April 2016 to 30 April 2016, the interest rate was 8.6%
· From 1 July 2016 to 30 September 2016, the interest rate was 8.6%
· From 1 October 2016 to 30 December 2016, the interest rate was 8.5%
· From 1 July 2017 to 31 December 2017, the interest rate was 8.3%
· From 1 January 2018 to 31st march 2018, the interest rate was 8.1%
· From 1 April 2018 to 30 June 2018, the interest rate was 8.1%
· From 1 July 2018 to 30 September 2018, the interest rate was 8.1%
· From 1 October 2018 to 31 December 2018, the interest rate was 8.5%
· From 1 January 2019 to 31st march 2019, the interest rate was 8.5%
· On 1 April 2015, the interest rate was 9.5%
· From 1 April 2016 to 30 April 2016, the interest rate was 8.6%
· From 1 July 2016 to 30 September 2016, the interest rate was 8.6%
· From 1 October 2016 to 30 December 2016, the interest rate was 8.5%
· From 1 July 2017 to 31 December 2017, the interest rate was 8.3%
· From 1 January 2018 to 31st march 2018, the interest rate was 8.1%
· From 1 April 2018 to 30 June 2018, the interest rate was 8.1%
· From 1 July 2018 to 30 September 2018, the interest rate was 8.1%
· From 1 October 2018 to 31 December 2018, the interest rate was 8.5%
· From 1 January 2019 to 31st march 2019, the interest rate was 8.5%
Benefits in taxes
Under section 80C income tax, the tax deducted from 150,000 Rs in 2015-16. The former Finance Minister, Arun Jaitley, announces the budget during 2015 and established tax reduction after the money gets mature. Which was similar to the Public Provident Fund, which was started on 1 April 2015.
Circumstances under the Sukanya Samaraddhi Yojana account:
Life is unpredictable. Nobody knows what will happen next with us. Though the candidate will be a child, however, can face death. In case of death causes of the account holder, the legal guardian has to produce her daughter’s death certificate to close the account.
If she is suffering from any lethal disease, then the account will expire in five years. The legal guardian will get the money from that particular account. According to the policy, the guardian will get the interest rate the same as the savings account.
If she is suffering from any lethal disease, then the account will expire in five years. The legal guardian will get the money from that particular account. According to the policy, the guardian will get the interest rate the same as the savings account.
Results:
In 2015, there were 1,80,000 accounts from places like Karnataka, Andra Pradesh, and Tamil Nadu considered the highest throughout the country. The total number of opened accounts under Sukanya Samaraddhi Yojana was 76,19,668, which was Rs 28.38 Billion in the name of the nation’s daughters.
Penned By Piyali Das
Email: info@globalprofessionals.biz
Penned By Piyali Das
Email: info@globalprofessionals.biz