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Tax benefits through Sukanya Samriddhi Yojana

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Tax benefits through Sukanya Samriddhi Yojana
May 13, 2019

As a mode of financial inclusion and empowerment of the girl child, the incumbent government has introduced a series of initiatives, one of which is the Sukanya Samriddhi Yojana. It is an integral part of the Prime Minister’s “Beti Bachao Beti Padhao” scheme and reflects the sincere efforts of the incumbent government’s commitment towards building a societal structure that is rooted firmly in the ideal of true social justice irrespective of gender-based dividing lines. Sukanya Samriddhi Yojana is a girl child-specific governmental scheme that focuses on the economic welfare of a girl, by allowing her parents to create a sufficient corpus that will take due care of her needs. This scheme is open for all such eligible parents who have a daughter below the age of 10 years and are willing to create a systematic plan for her financial coverage.

The scheme can be availed by simply visiting a nearest post office or even a nearest bank (some listed banks have been listed as eligible for providing this coverage). For offline application you simply have to go to the nearest post office or an assigned bank, ask for the requisite form and fill the details pertaining to the girl child. This information will be kept as a record and you can avail of the savings benefits under the scheme. Alternately, you can log-on to the online portal of the listed bank and can then check the link pertaining to this scheme. Again, you will be required to fill in certain important details, after which, the Sukanya Samriddhi Yojana account will be set up and registered.

The maturity term of Sukanya Samriddhi Yojana is 21 years and a girl child below the age of 10 years is eligible for receiving the due benefits. Under this scheme, the offered rate of interest is 8.5 percent in any given fiscal. The tax benefits are also due and are covered under Sections 80C and 10D of the Income Tax Act, 1961. The option of partial withdrawals is also there and this facility can be availed to an upper capping of 50% of the accumulated corpus and that too if the child has crossed 18 years of age. The purposes listed are also restricted to clauses like marriage or higher education. This not only ensures a total utilization of accumulated funds but also guarantees a directed and precise approach towards retaining sufficient coverage for the girl child.

HDFC Life presents HDFC Life YoungStar Udaan – a child specific plan that is meant for providing directed and specific benefits for your child’s aspirations.

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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