What is the maximum that can be deposited under sukanya samriddhi accounts in a financial year?

What is the maximum that can be deposited under sukanya samriddhi accounts in a financial year?

The maximum amount that can be deposited under the Sukanya Samriddhi Account scheme is Rs. 1.5 lakh.

The Sukanya Samriddhi Account (SSA) is a government-backed savings scheme introduced by the Government of India as part of the "Beti Bachao, Beti Padhao" initiative. It aims to promote the welfare and financial security of the girl child in the country. The scheme offers a long-term investment option with attractive interest rates and tax benefits.

Under the SSA scheme, parents or legal guardians can open an account in the name of a girl child below the age of 10 years. The account can be opened in any post office or authorized commercial bank in India. The account matures after 21 years from the date of opening or when the girl child gets married, whichever is earlier.

the maximum amount that can be deposited under the Sukanya Samriddhi Account scheme is Rs. 1.5 lakh. This means that in a given financial year, a person can deposit up to a maximum of Rs. 1.5 lakh into the account.

It is important to note that the deposit should be made in multiples of Rs. 100, and the total annual deposit should not exceed the maximum limit. If a higher amount is deposited, it will not be eligible for any interest. It is advisable to deposit the maximum allowable amount of Rs. 1.5 lakh each year to maximize the benefits of the scheme.

Furthermore, the SSA scheme offers an attractive interest rate, which is notified by the government on a quarterly basis. The interest rate is compounded annually and credited to the account. The interest earned on the deposits is tax-free and is currently higher than many other savings schemes in India.

Additionally, the SSA scheme provides tax benefits under Section 80C of the Income Tax Act, 1961. The deposits made in the account are eligible for a deduction from taxable income, up to a maximum limit of Rs. 1.5 lakh in a financial year. The interest earned and the maturity amount are also tax-free.

To summarize, the maximum amount that can be deposited under the Sukanya Samriddhi Account scheme in a financial year is Rs. 1.5 lakh. It is advisable to take advantage of this maximum limit to maximize the benefits of the scheme, such as attractive interest rates, tax benefits, and long-term financial security for the girl child.

It is always recommended to refer to the official sources or consult with relevant authorities for the most up-to-date and accurate information regarding the Sukanya Samriddhi Account scheme.

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