Sukanya Samridhi Yojna is a special deposit scheme for girl child only but one another popular scheme to benefit child (irrespective of girl or boy) is Public Provident Fund (PPF).
|Points of Difference||Sukanya Samriddhi Account (SSA)||Public Provident Fund (PPF)|
|For whom||Only for Girl Child.||For every Indian Citizen.|
|Age Limit||From the birth till she attains age of 10 years.||No age limit.|
|By whom||By the girl child who has attained the age of 10 years or by the natural or legal guardian.||By the Individual but by the natural or legal guardian for the minor child.|
|Where to open||Post office and nationalized banks but not private banks.||Post office and nationalized banks, including private banks.|
|Number of Account||One account for each girl child, maximum up to 2 or 3 accounts if twin girls are born in the second birth or triplets are born in the first birth.||Each Individual can hold only one account in his name.|
|Maximum Contribution||Rs.1.5 lakhs in all accounts.||Rs.1.5 lakhs in all accounts.|
|Interest Rate||9.1% per annum for fiscal year 2014-15.||8.70% per annum for fiscal year 2014-15.|
|Tax Benefit on the Contribution||Contributed Amount will be deductible u/s 80C.||Contributed Amount will be deductible u/s 80C.|
|Tax Benefit on the interest earned||At present no tax benefit is announced for the interest earned. A mere sum of Rs.1,5o0 will be deductible u/s 10(32) .||Interest Earned is tax free under PPF.|
|Time Period of contribution||Minimum tenure of contribution is 14 years from the date of opening of account.||Minimum 15 years and then in blocks of 5 years.|
|Maturity||21 years from the date of opening of account.||15 years from the fiscal year of opening of account.|
|Penalty||Rs.50 per year if minimum contribution is not made.||Rs.50 per year if minimum contribution is not made.|
|Mode of Deposit||Cash or Demand Draft or Cheque||Cash or Demand Draft or Cheque|
|Premature Withdrawal||Allowed up to 50% for the girl’s higher education and marriage after she attains 18 years of age||No premature withdrawal is allowed except in case of death of the account holder. However, a withdrawal upto 50% of 4th year balance or 50 per cent of the balance at the end of the immediate preceding year, whichever is lower, is allowed from the 7th year onwards.|
|Loan||No loan can be taken on the SSA balance.||Loan can be taken from the third year of opening of account to the sixth year.|
|Taxation on Maturity||No tax will be levied on the maturity amount.||No tax will be levied on the maturity amount.|
|Maturity Calculator||Sukanya Samridhhi Calculator||PPF Calculator|
- Interest rate under both the schemes will be notified each year by the Government.
- Interest will be compounded yearly under both schemes.
- Loan on the PPF balance is restricted to 25% of the balance at the end of 2nd year.
- At present interest earned on SSA account is taxable in the hands of guardian but it may get tax rebate in the upcoming budget.
- Contributed amount get deduction u/s 80c up to Rs.1.5 lakhs including all other eligible investments.
Incoming search terms:
- sukanya dev yojna in hindi
- suknya yojna
- sukanya samridhi calculator
- post office sukanya samridhi yojana
- sukanya samridhi
- sukanya samridhi account calculator
- brilliant pala aiims model 26-07-15 ranklist
- sukanya samridhi yojna bankers adda
- sukanya samridhi yojna toll free no
- suknya dev yojna in hindi
- sukanya samridhi yojna
- sukanya dev yojna com
- sukanya dev yojana com
- sukanya dev yojna hindi
- Sukanya Samridhi Scheme Calculator
- bankers adda toll free number
- sukanya samridhi account post office
- sukannya dev yojna
- Sukanya Samridhi Account in SBI
- sukanya samridhi yojana at sbi
- sukanya dev yojna up
- what is sukanya samridhi yojana toll free no
- Sukanya Samriddhi toll free number
- sukanya samridhi bank