INSUBCONTINENT EXCLUSIVE:
Post office Sukanya Samriddhi Account offers an interest rate of 8.5 per cent per annumApart from banks, which offer a a host of financial
instruments, the post office also offers several savings schemes with different interest rates
The Sukanya Samriddhi Account, one of the savings scheme offered by India Post - which has a network of more than 1.5 lakh post offices
across the country - is a deposit scheme for the girl child
For the first quarter of financial year 2019-20, the government has left the small savings schemes' interest rates unchanged at existing
Eligibility: The Sukanya Samriddhi account can be opened by a natural or legal guardian in the name of a girl child
A person can open and operate only one account in the name of a girl child and maximum two accounts in the name of two different girl
Amount: One is allowed to set up a Sukanya Samriddhi account at a minimum investment of Rs
1,50,000 a financial year
The subsequent deposits in the account can be made in multiples of Rs
However, there is no limit on the number of deposits either in a month or in a financial year, according to the India Post website.3
Penalty: If a minimum amount of Rs
250 is not deposited in a financial year, the account will be discontinued and can be revived with a penalty of Rs
50 per year along with the minimum amount required for deposit for that year, according to India Post's website.5
Income Tax Benefit: The deposits made to the Sukanya Samriddhi account, the proceeds and maturity amount are fully exempted from tax under
section 80C of the Income Tax Act.Get the latest election news, live updates and election schedule for Lok Sabha Elections 2019 on
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