Advantages of Sukanya Samriddhi Account Yojana
The fate of girl child is certainly an issue that catches everyone’s attention in India. The female feticide and inappropriate sex ratio are two big issues that government agencies have been trying to address since decades. Sukanya Samriddhi Account is one step in ensuring a better future for the girl child and thus proves that daughters could not be burden on parents, if they plan their daughter’s future well in advance.
Sukanya Samriddhi Account offers a wide range of Benefits through which a parent can rest assured about the future of their daughters.
Advantages of Sukanya Samriddhi Account Yojana
- SSA offers the highest rate of interest Amougst small saving schemes.. No other small saving schemes could match Sukanya Samriddhi scheme.
- With this scheme you can save taxes completely along with securing a good future for the girl child
- Investment with a lock-in period
- A great social initiative to secure the future of girl child in India
- Maturity proceeds would only be paid to the girl child and no one else
- Even after maturity of the account, if the account-holder wishes to continue the account, the same ROI would apply to the account
- Very easy processes to operate Sukanya Samriddhi Account is one of the key benefit
The rate of interest is one thing that sets SSA at the top among all other small saving schemes. During the current financial year, it is offering a high interest rate of 8.6% for FY 2016-17 and that’s quite high comparable to PPF. However, the interest rate for SSA would be linked to the market rates and thus would keep changing.
There could be no better scheme that this in which you get such a high rate of interest in secure savings and the entire amount you deposit in such account becomes exempted from taxes. Not only the deposited amount is exempted from taxes under section 80C, but even the interest accrued and the final proceeds would be fully exempted from income tax.
In SSA, the deposits would go against the financial security of the girl child and the parent or the child would only be allowed to withdraw the proceeds when it matures at the time of marriage or higher education of the girl child. Thus, no matter what the urgency could be, the money for the girl child would lie secure in the account.
Last but not the least; Sukanya Samriddhi Scheme comes with a noble social cause. It ensures that the education and marriage of a girl child is not a financial burden on the parents and thus parents could promote their daughters accordingly. This way, over a period of time, we could create a better environment for girl child in the society.
Other Important Articles
- Drawbacks of Sukanya Samriddhi Yojana
- Interest Rates of Sukanya Samriddhi Yojana
- Tax Benefits of sukanya samriddhi account scheme