Government lowers minimum annual deposit in Sukanya Samriddhi Yojana to Rs 250
Money
The minimum amount, Rs 250, can now be deposited each year as opposed to Rs 1,000.
In a move to promote financial savings among citizens, especially for the girl child, the Modi government has decided to reduce the minimum amount required to start a girl-child welfare scheme from Rs 1,000 to Rs 250.
According to the reports, investors can now buy the plan for just Rs 250 and ensure financial security for their girl-child under the Sukanya Samriddhi Yojana.
The minimum amount, Rs 250, can now be deposited each year as opposed to Rs 1,000. Investors can deposit as much as Rs 1.5 lakh in a financial year, PTI reported.
A Sukanya Samriddhi Yojanaaccount can easily be opened at post office branch or any commercial banks. An investor can buy the scheme until the girl-child turn 10. The scheme remains valid for 21 years from the date of its commencement or until the girl gets married.
Investing in Sukanya SamriddhiYojanaalso provides tax exemption. The invested amount, as well as the maturity amount, is fully tax exempted under section 80C of the Income Tax Act.
The amount invested in Sukanya SamriddhiYojanacan be pre-withdrawn only by the girl child who is the beneficiary of the scheme after she turns 18.
The withdrawal shall also be limited to 50 per cent of the balance at the end of the last financial year. The request for withdrawal will only be entertained if the amount requested for is to be used for the girl's higher education or for her marriage.
The scheme fetches an annual fixed interest of 8.1 per cent for the September quarter. The interest is calculated on a yearly basis and compounded annually.