Sage-Tips

Can HUF invest in ssy?

An HUF is allowed to make investments in tax-saving Fixed Deposits and Equity Linked Savings Scheme (ELSS) to earn tax benefits of up to Rs 1.5 lakh under Section 80C.

Can grandparents contribute to Sukanya samriddhi account?

Can grandparents open Sukanya Samriddhi Account? Other than parents, only legal guardians can open Sukanya Samriddhi Accounts on behalf of their girl child. If a grandparent is the legal guardian of a girl child, he/she can open an account for the girl child.

Who can contribute to Sukanya samriddhi account?

Only parents or legal guardians of a girl child can open an account on her behalf. A family can invest for up to 2 girls only. The family must open the SSY account before the girl child attains the age of 10 years and the account matures after 21 years from the date of opening the account.

Can both mother and father open Sukanya samriddhi Yojana?

You can only open and operate one account in the name of the girl child. You can’t open two accounts for one girl. The parents or legal guardians of a girl child (up to 10 years old) can open this account with a notified bank or post office in the name of the girl.

Can HUF open ssy?

ELIGIBILITY: Only Individuals and Hindu Undivided Families (HUFs) can invest in tax saving FD scheme. RATE OF INTEREST: Interest rate depends on bank to bank. Current interest rate is 5.5\% to 7.0\%. INVESTMENT LIMIT: Minimum investment limit is Rs.

Can HUF Buy NSC?

Small schemes: The HUF as an entity cannot invest in government’s small savings schemes, such as the PPF, NSC, monthly income schemes, recurring deposits and other time deposits.

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

How much should I invest in sukanya samriddhi yojana? You can invest any amount from Rs. 250 up to Rs. 1.5 lakh per financial year in the SSY account.

How beneficial is Sukanya samriddhi Yojana?

Sukanya Samriddhi Account provides a higher rate of interest than other Savings Plans that offer financial security for the girl child. Each financial year, the government declares the applicable interest rate for that year, while the interest on your investments is compounded yearly.

How many years should we pay for Sukanya samriddhi Yojana?

What is the duration of the sukanya samriddhi yojana account? The payment period for SSY accounts is 15 years, while the maturity period of the account is a minimum of 21 years.

Can HUF invest in NPS?

There are several instances, which have been reported to PFRDA regarding opening of NPS accounts for ineligible categories like HUF/OCI/PIO by PoPs. As per the extant guidelines, NPS account cannot be opened under these categories.

Why should you invest in Sukanya Samriddhi Yojana (SSY)?

This ensures people with different financial standing can invest in the scheme. Benefit of Compounding- Sukanya Samriddhi Yojana (SSY) is a great long-term investment scheme as it provides the benefit of annual compounding. So, even small investments will give great returns over the long term.

What is the penalty for defaulting in Sukanya Yojana?

As per the Sukanya Yojana details, your account can be considered default if you fail to deposit the minimum deposit amount of Rs. 250 in a year. For activating a default account, you’ll be required to pay a penalty of Rs. 50 for every year you fail to deposit along with the minimum deposit amount for all those years.

What is the minimum amount to invest in Sukanya Samriddhi Account?

The minimum annual contribution to the Sukanya Samriddhi Account is Rs.250 and the maximum of Rs.1.50 lakh in a financial year. You have to invest at least the minimum amount every year for up to 15 years from the date of account opening. Thereafter the account will continue to earn interest till maturity.

When can a girl child withdraw money from Sukanya Samriddhi Yojana?

Once the girl child is 18 years old, she can make an early withdrawal of up to 50\% of the balance in the Sukanya Samriddhi Yojana Scheme account before the maximum maturity tenure of 21 years. However, this amount can only be withdrawn for her higher studies or marriage.