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Business News/ Money / Personal-finance/  Explained: Sukanya Samriddhi Account
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Explained: Sukanya Samriddhi Account

Sukanya Samriddhi offers a tax free annual interest of 8.1% compounded annually

Contribution to Sukanya Samriddhi Account qualifies for tax deduction under Section 80C. Photo: MintPremium
Contribution to Sukanya Samriddhi Account qualifies for tax deduction under Section 80C. Photo: Mint

Sukanya Samriddhi Account (SSA) is a social welfare scheme to promote the interests of a girl child such as her education and marriage. The scheme was launched in December 2014.

For investment, under this scheme, parents or legal guardians can open only one account in the name of one girl child and maximum two accounts in the name of two different girl children. It offer a tax free annual interest of 8.1% compounded annually.

A minimum of 250 and maximum of 1.5 lakh can be invested in a financial year in one account. The account can be opened up to the age of 10 years only from the date of birth of the girl child, whereas investment can be made till the child attains the age of 15 years.

Contribution to SSA qualifies for tax deduction under Section 80C. When compared to it’s peers, SSA is a good option to invest.

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Published: 10 Sep 2018, 09:33 AM IST
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