What does SSY mean in UNCLASSIFIED
SSY (Sukanya Samriddhi Yojna) is a government-backed small savings scheme designed to encourage parents to save for their girl child's future. It offers attractive interest rates, tax benefits, and a flexible investment period.
SSY meaning in Unclassified in Miscellaneous
SSY mostly used in an acronym Unclassified in Category Miscellaneous that means Sukanya Samriddhi Yojna
Shorthand: SSY,
Full Form: Sukanya Samriddhi Yojna
For more information of "Sukanya Samriddhi Yojna", see the section below.
Features of SSY
- Eligibility: Only girl children below the age of 10 are eligible for SSY.
- Minimum and Maximum Deposit: The minimum annual deposit is Rs. 250, while the maximum is Rs. 1.5 lakh.
- Interest Rate: SSY currently offers an interest rate of 7.6%.
- Investment Period: The investment period is 21 years from the date of account opening.
- Tax Benefits: Deposits and interest earned are exempt from income tax under Section 80C and Section 10(11) of the Income Tax Act, respectively.
Benefits of SSY
- High Returns: SSY offers a higher interest rate compared to other small savings schemes.
- Tax Savings: Deposits and interest earned are eligible for tax deductions and exemptions.
- Long-Term Savings: SSY encourages long-term savings for the girl child's future.
- Government Guarantee: The scheme is backed by the Government of India, ensuring the safety of investments.
Essential Questions and Answers on Sukanya Samriddhi Yojna in "MISCELLANEOUS»UNFILED"
What is Sukanya Samriddhi Yojna (SSY)?
SSY is a government-backed savings scheme designed to promote savings and financial security for girl children in India. It offers attractive interest rates and tax benefits.
Who is eligible to open an SSY account?
Parents or legal guardians of a girl child below 10 years of age can open an SSY account in her name.
What is the minimum and maximum deposit amount for SSY?
The minimum deposit required to open an SSY account is INR 250. There is no maximum deposit limit, but the total balance cannot exceed INR 15 lakhs.
What is the interest rate offered on SSY accounts?
The interest rate on SSY accounts is currently 7.6%. It is subject to change from time to time by the government.
What are the tax benefits of SSY?
SSY offers triple tax benefits under Section 80C, 80D, and 10(11). Contributions made, interest earned, and maturity proceeds are all tax-free.
What is the maturity period of SSY?
The maturity period of SSY is 21 years from the date of account opening or the girl child's marriage, whichever is earlier.
What happens if the girl child gets married before maturity?
In the event of the girl child's marriage before maturity, the SSY account will mature automatically. The maturity proceeds can be withdrawn at that time.
Can I withdraw money from an SSY account before maturity?
Partial withdrawals from an SSY account are allowed after the girl child turns 18 years of age. However, a minimum of 50% of the balance must be maintained.
Final Words: SSY is an excellent investment option for parents looking to secure their girl child's financial future. It offers attractive returns, tax benefits, and a long-term investment horizon, making it a valuable tool for child savings and planning.
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