Quick Answer: What Is SSA In Post Office?

Can I invest more than 1.5 lakh in Sukanya samriddhi Yojana?

A Sukanya Samriddhi Account can be opened any time after the birth of a girl child till she turns 10, where you will have to deposit a minimum of Rs 250.

You have to deposit a minimum of Rs 250 in a financial year, but the total money deposited in an account cannot exceed Rs 1.5 lakh..

What is Sukanya samriddhi account in post office?

Sukanya Samriddhi Yojana (SSY) is a savings scheme launched back in 2015 as part of the Government initiative Beti Bachao, Beti Padhao campaign. This scheme enables guardians to open a savings account for their girl child with an authorised commercial bank or India Post branch.

How can I check my Sukanya samriddhi account in post office?

Here is how you can check your SSY account balance online:Apply to your respective bank and collect the login credentials of your SSY account. … Using your login credentials, log in to the internet banking portal of the bank.Once you are logged in, go to the homepage, and you can check the balance there.More items…•

Can I transfer SSA from post office to bank?

Even though the process of transferring the account is simple, account holders need to visit both the old and the new post office or bank branch to transfer their accounts. Transfer from a Post office to banks or vice versa comes with a charge of Rs. 100 and can be done only once in a year.

What is the current interest rate for Sukanya samriddhi account?

7.6%A Sukanya Samriddhi Account has a tenure of 21 years or until the girl child marries after the age of 18. From April 2020, this scheme offers an interest rate of 7.6% compounded annually.

Is Sukanya samriddhi better than PPF?

For PPF, the minimum deposit limit is Rs. 500 and the maximum is Rs. 1,50,000. For Sukanya Samriddhi Account, the minimum deposit limit is Rs….Sukanya Samriddhi Account VS Public Provident Fund.ParametersPublic Provident FundSukanya Samriddhi AccountRate of Interest7.1% (Q3, Oct-Dec. 2020)7.6% (Q3, Oct-Dec. 2020)Entry Age15 YearsBirth8 more rows•Sep 1, 2020

Which scheme is best in post office?

3. Comparison of the various Post office savings schemesSchemeInterest RatePost Office Monthly Income Scheme Account (MIS)7.6% per annum payable monthlySenior Citizen Savings Scheme (SCSS)8.6% p.a. (Compounded annually)15-year Public Provident Fund Account (PPF)7.9% p.a. (Compounded annually)5 more rows•Nov 4, 2020

Can I open both PPF and Sukanya samriddhi account?

You can open both Sukanya Samriddhi Account and PPF account for your minor child.

Which is better Sukanya samriddhi or sip?

According to Harshvardhan Roongta, Principal Financial Planner at Roongta Securities, SIP done in equities over a period of 10 years and beyond will definitely give better returns than what a fixed deposit or Sukanya Samriddhi, for that matter, will give you.

How many times we can deposit money in Sukanya Yojana?

Eligibility of Sukanya Samriddhi YojanaParticularEligibilityMaximum limit for deposit per yearINR 1.5 lakhWithdrawal age18 yearsMaturity duration of account21 yearsMode of paymentCheque, cash, DD or online3 more rows

Is Sukanya samriddhi maturity tax free?

Investments made in the SSY scheme are eligible for deductions under Section 80C, subject to a maximum cap of Rs 1.5 lakhs. The interest that accrues against this account which gets compounded annually is also exempt from tax. … The proceeds received upon maturity/withdrawal are also exempt from income tax.

Which is best FD or PPF?

Both FDs and PPF offer tax benefits under Section 80C of the Income Tax Act, but PPF offers more benefits. For FDs, after 5 years of lock-in, the amount invested in FDs can be claimed for deduction up to a limit of ₹1.5 lakhs. … On the other hand, PPF falls under Exempt-Exempt-Exempt (EEE) status.