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Assisting Investors in Wealth Creation 💵💰🎯
05-Dec-2018
Sukanya Samriddhi Yojana (SSY) Account is a Government of India backed saving scheme to ensure a bright future for girl children in India.  The pull factor being, the tax benefits under section 80C, and also exemption for the interest accrued and maturity amount. The scheme offer interest rates of 8.5% which was increased in Sept 2018 (up from 8.1%) making it more attractive. The interest rates are revised annually. A minimum of ₹250 must be deposited in the account initially. Annual minimum deposit that required to be deposited is also ₹250. Thereafter, any amount in multiples of ₹ 100 can be deposited. Penalty of ₹50 is levied if this minimum amount is not credited. Maximum deposit limit per year is ₹150,000 The account allows maximum of 50% withdrawal at the age of 18 for higher education purposes or on marriage expenses. The account reaches maturity after time period of 21 year from date of opening. #SSY #Girlchild #knowledgeenhancement #Tax #InvestSmart #financialliteracy Read More...
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05-Dec-2018
Just to add on The account can be opened at any India Post office or branch of authorized commercial banks. List of banks is given below. The Reserve Bank of India has authorized the following banks to open Sukanya Samriddhi Savings accounts :- Allahabad Bank Andhra Bank Axis Bank Bank of Baroda (BoB) Bank of India (BoI) Bank of Maharashtra (BoM) Canara Bank Central Bank of India (CBI) Corporation Bank Dena Bank ICICI Bank IDBI Bank Indian Bank Indian Overeas Bank (IOB) Oriental Bank of Commerce (OBC) Punjab National Bank (PNB) Punjab & Sind Bank (PSB) Syndicate Bank UCO Bank Union Bank of India United Bank of India Vijaya Bank State Bank of India (SBI) Read More...
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