The Sukanya Samriddhi Scheme has got tax-free status on interest income and withdrawal in the Budget. "Investments in Sukanya Samriddhi Scheme is already eligible for deduction under Section 80C. All payments to the beneficiaries including interest payment on deposit will also be fully exempt," Finance Minister Arun Jaitley said in his Budget Speech.
Sukanya Samriddhi Scheme is a small savings scheme which was launched in January this year and is aimed at encouraging savings for a girl child's education and marriage.
Government has introduced a new scheme for girl child below 10 years. The main features of this scheme are as follows.
# Account can be opened for girl child below 10 years.
# Interest rate 9.1% compound. (interest may vary)
# Minimum 1000 Rs and Maximum 1.5 Laksh Rs in a year.
# Income tax benefit under 80 C.
# Deposits may be made till completion of 14 years from the date of opening.
# The account shall mature on completion of 21 years from date of opening.
# Initial deposit 1000 Rs.
# A sample calculation is given below.
if 1.50 lakhs per year is deposited on an account for 14 years, then total deposit = 14*150000 = 21 laks
The maturiy amount after 21 years. around 75 laks.
Difference = 54 laks !!
Visit your nearest post office to get more information.
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