The government runs several schemes for women, which give them financial freedom. Some of these schemes are operated by the post office, including Sukanya Samriddhi Yojana (SSY) and Women’s Honor Savings Certificate. Under these schemes, the government provides huge interest to eligible applicants. If you are also thinking of investing in any of these schemes, then let us know which of these schemes can be best for you?
When was Sukanya Samriddhi Yojana implemented?
Sukanya Samriddhi Yojana was implemented in January 2015 and is still going on. While the Women’s Honor Savings Certificate was launched for 2 years in April 2023. The scheme is valid only till 31 March 2025. The government has not yet issued any information to pursue it.
Sukanya knows about Samriddhi Yojana?
Under Sukanya Samriddhi Yojana (SSY), parents can open an account in the name of their 10-year-old daughter. This account can be opened for a maximum of two girls in a family and only one account can be opened in the name of a girl. These three accounts can be opened in the case of twin girls.
Know how much interest you get?
The SSY account can be opened with an investment of a minimum of Rs 250. In this, the minimum deposit amount of Rs 250 and a maximum of Rs 1.5 lakh has been fixed in a financial year. Currently, the interest rate in this scheme is 8.2% per year. As per the requirement, the account can be transferred from one bank branch to another bank branch, from one bank to another, from one post office to another, from the bank to post office and from the post office to the bank.
It is not taxed.
Under this scheme, investment can be made for a maximum period of 15 years. The account can be closed only after the age of the girl is 21 years. However, some money can be withdrawn when the child turns 18. Partial withdrawal of up to 50 percent can be done through this account. The amount deposited in SSY under Section 80C of the Income Tax Act is taxed at Rs 10. Tax deduction of up to Rs 1.5 lakh can be claimed.
Women’s honor savings certificate
This scheme is also available in all 1.59 lakh post offices in the country. Under this scheme, investment can be made at an interest rate of 7.5 percent. The current maturity period of this scheme is 2 years. Any woman can invest under this scheme. Parents can invest in the name of a minor girl. In this scheme you can invest a minimum of Rs 1,000 and a maximum of Rs 2 lakh. If you eat more than one in the name of a woman, then she gets an interest of Rs 2 lakh by mixing them all. There should be a gap of 3 months between opening the second account. This provides an opportunity for partial withdrawal. After one year from the date of opening the account, 40 percent of the remaining amount can be withdrawn. You can close this account after 6 months, but 2 percent interest will be deducted for this.
