Is Sukanya Samriddhi Better Than PPF?

Can I open both PPF and Sukanya samriddhi account?

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

Is Sukanya samriddhi good?

Being part of government’s small savings schemes, the SSY often gets compared with products such as the PPF (public provident fund). The SSY does give higher returns, of 8.4 per cent, than PPF (7.9 per cent). But ‘higher returns’ alone shouldn’t sway your investment decision.

How many times a PPF and SSA account can be renewed?

Although a PPF account can be extended in block of five years after the initial 15 years, the possibility of funds being used for other purposes exists. As per the rules, at any point of time, the interest rate of SSY will always be higher than that of PPF.

Is Sukanya samriddhi maturity tax free?

The scheme comes with the exempt-exempt-exempt (EEE) status. This means that: Your investments towards Sukanya Samriddhi Yojana are eligible for tax deductions under Section 80C of the Income Tax Act. … You do not have to pay any taxes on maturity or withdrawal.

How many years need to pay for Sukanya samriddhi Yojana?

Sukanya Samriddhi Yojana has a tenure equal to the time the girl child is 21 years of age or upon her marriage attaining the age of majority (18 years). However contributions only need to be made for 15 years. Thereafter the account continues to earn interest until maturity even if no deposits are made into it.

Can we increase the amount 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 the maturity amount of Sukanya samriddhi account?

Overview of SSY Account CalculationAmount (Yearly)Amount (14 Years)Maturity Amount (21 Years)10001400046,82120002800093,6435000700002,34,107100001400004,68,2155 more rows•Sep 2, 2020

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. … PPF offers deductions on deposit amounts up to ₹1.5 lakhs, no wealth tax, and tax-free returns.

Which bank is best for Sukanya samriddhi Yojana?

List of Banks Offering Sukanya Samriddhi YojanaCanara bank.Dena Bank.State Bank of India.State Bank of Bikaner & Jaipur.State Bank of Patiala.State Bank of Mysore.State Bank of Travancore.State Bank of Hyderabad.More items…•

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

Which is better Sukanya samriddhi vs LIC?

Differences Between Sukanya Samriddhi Yojna and LIC Kanyadan Policy. The scheme can be bought after the birth of a girl child under her name and before she is 10 years old. Outsiders can also buy. The girl child is the holder of the savings scheme account until her marriage.