Sukanya Samriddhi Yojana: I'm I getting the ben...

Sukanya Samriddhi Yojana: I'm I getting the benefit of the schema [Please Help]

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Deal Cadet
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Hello Dimers

On 05-Aug-2018 I started Sukanya Samriddhi Yojana account for my daughter, I deposited 50000 on the account.
On 31-Mar-2019 got interest credit of Rs 2800 So total amount till 31-Mar-2019 is 52800.

On 31-Aug-2019 again i deposited 50000 So total amount becomes 102800
On 31-Mar-2020 got interest credit of Rs 7248 So total amount till 31-Mar-2020 is 110048.

So I’m doing in good way? If depositing every year gives maximum benefit of the scheme?

Do i need to submit PAN card?

Please provide your suggestions.

6 Comments  |  
6 Dimers
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Deal Cadet
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Yes, you are doing right .. for Max benefit, you can deposit upto 1.5L in a FY.  Try n deposit in April so that interest is accumulated for whole year..

Also, you can claim tax benefit for new deposit in SSY  under section 80c if you are not claiming full 1.5L under 80c  already

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indiansoul wrote:

Yes, you are doing right .. for Max benefit, you can deposit upto 1.5L in a FY.  Try n deposit in April so that interest is accumulated for whole year..

Also, you can claim tax benefit for new deposit in SSY  under section 80c if you are not claiming full 1.5L under 80c  already

Thanks for the suggestions. Didn’t understand what is the benefit for depositing in April instead of August.

Can you explain in detail.

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Subhodayam wrote:

Thanks for the suggestions. Didn’t understand what is the benefit for depositing in April instead of August.

Can you explain in detail.

Financial year ends in march and from April it is considered as new financial year.

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Critic
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SSY has the highest rate of interest among all high security deposits. Interest is calculated monthly, on the balance available from 5th to end of the month. Maximum deposit of 1.50 Lakh can be made in a financial year. So to get maximum benefit, deposit 1.50 Lakh at one go every year on or after 1st April and before 5th April.
The interest on SSY is tax free exempted interest under Income Tax act.

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panchabhut wrote:

SSY has the highest rate of interest among all high security deposits. Interest is calculated monthly, on the balance available from 5th to end of the month. Maximum deposit of 1.50 Lakh can be made in a financial year. So to get maximum benefit, deposit 1.50 Lakh at one go every year on or after 1st April and before 5th April.
The interest on SSY is tax free exempted interest under Income Tax act.

How much interest now

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Vijay33 wrote:

How much interest now

7.6 now. Was 8.4 before.

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