Question: Plz suggest best policy for baby girl
Answer: Hi dear there is one called Sukanya Samriddhi which is introduced by the government.. For those of my friends who have been blessed with a daughter ...... more details available at any post office or SBI Bank. Sukanya Samriddhi Yojana was launched by the Prime Minister Mr. Narendra Modi on 21st January 2015; under the Beti Bachao, Beti Padhao Campaign. This scheme was launched to meet the expense of the Girl child’s higher education and marriage. A sterling initiative by Government of India. This scheme has finally been launched and it’s a good scheme for parents of girl child to invest in. Let us have a look at the basic features of this scheme Who is eligible under this scheme? Gender: Girl child only Citizenship: Child should be Indian citizen Age limit: On the date of opening the account, the child’s age should 10 years or younger. Who can Invest: Parent, or Legal Guardian of the eligible Girl child. Investment limit: In 1 year, minimum Rs 1000/- needs to be invested., thereafter in multiples of 100/- Maximum of Rs 1, 50,000/- can be invested. Deposits can be made in lump-sum or spread out manner. No limit on number of deposits either in a month or in a financial year. Mode of Deposit/Investment: Cash, Cheque or Demand draft, currently no online payment method is available. Operation of the account: The account will be opened and operated by the guardian of a girl child till the girl child, in whose name the account has been opened, attains the age of 10 years. On attaining age of 10 years, the girl child may herself operate the account Tenure of the Scheme: Deposit needs to made until 14 years from opening of account. Deposit under scheme will mature 21 year after opening of the account. Withdrawal under the scheme: No Premature Withdrawal is permitted. However, maximum up to 50% of deposit amount can be withdrawn for marriage or higher education of girl child, once she reaches 18 years of age. Termination of the Scheme: Scheme Tenure is 21 years from date of opening, or when the marriage of the girl child happens; whichever happens earlier. Account will compulsorily have to be closed after marriage of the girl child. In case after maturity of the account (21 years) the girl child does not marry, and if account is not closed after maturity, balance will continue to earn interest as specified for the scheme from time to time. A guardian can open only one account in the name of one girl child 4 A gaurdian is allowed to open maximum two accounts in the name of two different Girl children. One guardian can open maximum 3 accounts, only in case he/she has 3 girl child in 1st birth or twin girl child in 2nd birth. Penalty under the Scheme: If minimum Rs 1000/- is not deposited in a financial year, account will become discontinued and can be revived with a penalty of Rs 50/- per year with minimum amount required for deposit for that year. Where can I open account under this Scheme: As per government documentation, account under this scheme can be opened in any public sector bank, or post office. (Refer list of banks where you can open SSY account) Once opened the account can be transferred to any city in India, wherever the girl child resides. Documentation required to open account under this scheme: Birth certificate of the girl child Identity proof of the depositor Residence proof of the depositor Interest Income: Interest income is tax free and will accumulate inn the SSA itself. Tax Implication: Deposit under this scheme is eligible for deduction u/s 80C. Maximum Rs 1,50,000/- p.a can be claimed as deduction u/s 80C. Maturity as well as Interest amount of the scheme will be paid to the girl child and will be entirely tax free in her hands. Loan Facility: There is no loan facility under this scheme Safety/ Insurance feature: This scheme offers no insurance feature. Hope this helps!