Question: Can I Open Both PPF And Sukanya Samriddhi Account?

Is Sukanya samriddhi maturity tax free?

The scheme comes with the exempt-exempt-exempt (EEE) status.

This means that: Your investments towards Sukanya Samriddhi Yojana are eligible for tax deductions under Section 80C of the Income Tax Act.

You do not have to pay any taxes on maturity or withdrawal..

How is Ssy interest calculated?

Calculation of Maturity ValueRate of Interest throughout the 21 years of scheme period is 8.4%Monthly contributions are made on the 1st of every month.Yearly contributions are made every year on the 1st of April.The amount for monthly and yearly contribution is fixed.More items…•

What is the best scheme for girl child?

Central Government Sponsored Girl Child SchemesBeti Bachao Beti Padhao.Sukanya Samriddhi Yojana.Balika Samriddhi Yojana.CBSE Udaan Scheme.National Scheme of Incentive to Girls for Secondary Education.Dhanalakshmi Scheme.Ladli Scheme of Haryana.Ladli Laxmi Yojana of Madhya Pradesh.More items…•

Can we deposit money in Sukanya samriddhi?

You may deposit cash/ cheque in Sukanya Samriddhi Yojana (SSY) account by visiting ICICI Bank branch or do fund transfer through the linked guardian’s account.

Can we open both PPF and Sukanya samriddhi account?

You can open both Sukanya Samriddhi Account and PPF account for your minor child.

Can both parents claim Sukanya samriddhi Yojana?

Yes, one parent or legal guardian can open a maximum of two Sukanya Samriddhi Accounts for two girl child. One parent or legal guardian can open a maximum of three accounts for twin or triplet girl children.

How many years need to pay for Sukanya samriddhi Yojana?

Even though the duration of SSY is 21 years, one has to deposit money only for the initial 15 years in the SSY scheme. Sukanya Samriddhi Yojana Interest Rate: To keep the SSY account active, one needs to make a minimum deposit of Rs 250 each year.

Which bank is best for Ssy account?

The Reserve Bank of India has authorized the following banks to open Sukanya Samriddhi Savings accounts (SSA).Axis Bank Sukanya Samriddhi Yojana.Andhra Bank Sukanya Samriddhi Yojana.Allahabad Bank Sukanya Samriddhi Yojana.State Bank of India Sukanya Samriddhi Yojana.Bank of Maharashtra Sukanya Samriddhi Yojana.More items…

Is Sukanya samriddhi Yojana better than PPF?

In fact the SSY interest usually remains higher than the rate of interest of PPF. For example, currently the rate of interest on SSY is 8.4 per cent, while that of PPF is 7.9 per cent. On the other hand, most banks offer less than 7 per cent interest rates on long-term FDs.

What is the maturity period of Sukanya samriddhi account?

21 yearsThe Sukanya Samriddhi Yojana offers an interest rate of 8.5% per annum. The tenure for maturity for the amount is 21 years. It is important to note that it is important for individuals to make minimum one contribution a year to keep the scheme alive till 14 years are completed.

Which is better Sukanya samriddhi vs LIC?

Differences Between Sukanya Samriddhi Yojna and LIC Kanyadan Policy. The scheme can be bought after the birth of a girl child under her name and before she is 10 years old. Outsiders can also buy. The girl child is the holder of the savings scheme account until her marriage.

Can parents withdraw money from Sukanya samriddhi account?

Sukanya Samriddhi Yojana Withdrawal This account allows people to partially withdraw their money as and when they need it. However, the girl child will be required to be at an age of 18 years before her guardian or parents can withdraw the money from the account.

How many times a PPF and SSA account can be renewed?

Although a PPF account can be extended in block of five years after the initial 15 years, the possibility of funds being used for other purposes exists. As per the rules, at any point of time, the interest rate of SSY will always be higher than that of PPF.

Which bank is best for Sukanya samriddhi Yojana?

List of Banks Offering Sukanya Samriddhi YojanaCanara bank.Dena Bank.State Bank of India.State Bank of Bikaner & Jaipur.State Bank of Patiala.State Bank of Mysore.State Bank of Travancore.State Bank of Hyderabad.More items…•

Can I open online Sukanya samriddhi account?

Presently, neither authorised bank branches nor post offices allow for opening an SSY Account online. But once the account is opened after submission of all the documents, you can set the standing instructions online. Do note that if deposit is not made every year, the account will fall under ‘Account under default’.