Thread by @Finology_Quest

9 Important Things about Sukanya Samriddhi Yojana 👧

• Min Max Deposit
• Interest Rate
• Tax Benefits
• Eligibility Criteria
• Maturity Period
• Payment Period
• Withdrawals
• Loan Facility

Let's find out ⤵️

-- A Thread 🧵🪡 --

#investing #financialliteracy

▣ SSY was created to provide girl child 👨‍👩‍👧‍👧 with a
sound financial future. It’s a part of "Beti Bachao,
Beti Padhao Yojana". It comes with an interest rate
of 7.6% and tax benefits under 80C of Income-tax
Act, 1961.

#stocks #StockMarket

▣ The account can be opened by the parent or legal guardian in the name of a girl child from the birth till she is 10 and max 2 accounts can be opened.

❌If more than two daughters the 3rd account can not be opened.

*Exception: The 3rd account can be opened in the event of birth of twin girls, as 2nd birth or if the 1st birth itself results in three girl children.

▣ The minimum deposit amount is Rs 250 per FY and
the maximum amount is Rs 1,50,000 per FY.

▣ SSY account can be opened with Bank or Post office whomsoever you find suitable.

Documents 📝:

• Birth certificate of the girl child
• Photo ID of applicant parent or guardian
• Address proof
• Other KYC proofs like PAN, Voter ID.

▣ If the account holder fails to deposit ⚠️

A penalty of Rs 50 will be levied per year of default on the minimum deposit amount of Rs. 250 in a financial year. The account can be regularised post payment of penalty.

▣ The tenure of the SSY account lasts until 21 years from the date of opening the account; or till the account holder (gild child) gets married, whichever is earlier. 👰‍♀️🤵

While, the payment period for SSY accounts is 15 years.

▣ No withdrawals are permitted till the girl reaches the age of 18. After 18 years of age, partial withdrawal upto 50% of the account balance is allowed, to meet education expenses 👩‍🎓 or marriage expenses 👰‍♀️

🔐Account can be closed before maturity in follow circumstances:

• Death of account holder
• If Central Govt is satisfied that continuation of the
a/c is causing undue hardship
• If the account holder attains NRI/PIO status any time
prior to the maturity of the account

Interest on the deposits made will be calculated on lowest balance b/w 5th & end of the month.

Thus, to get higher interest amt, the depositor should ensure that deposit in the account is credited before 5th of the month. 🤑

And there is NO loan facility available in SSY a/c.

• Minimum Deposit - Rs.250
• Maximum Deposit - Rs.1.5 lakh
• Eligibility Criteria - Girl child below age of 10 yrs
• Maturity Period - 21 yrs
• Payment Period - 15 yrs
• Int Rate - 7.6%
• Tax Benefits - EEE benefit
• Premature Withdrawal - Upon girl child attains 18 yrs

Hit the Retweet button 🔄 if you liked the tweet & share it with you friends and family who have daughters 👨‍👩‍👧‍👧 below the age of 10 and join hands in securing their futures 😃

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