PPF, Sukanya Samriddhi Scheme: Best bets for a safe and secure future of your kids
New Delhi: In occasions of disaster, it’s your financial savings that will get you crusing. If you correctly make investments or make financial savings, it won’t solely profit you however your subsequent technology too.
Small Savings Schemes are the most effective choices that may be made in your kids to make a buffer or cushion for his or her future.
Small Savings Schemes embrace Post Office Savings Account, National Savings Monthly Income (Account), National Savings Recurring Deposit, PPF and Sukanya Samriddhi Account.
Here are two funding choices for a secure and safe way forward for your youngsters
Public Provident Fund
You can open your Public Provident Fund (PPF) account in your individual identify in addition to on behalf of a minor. PPF is a 15-year funding scheme below which an investor enjoys tax exemption on the time of deposit, accrual of curiosity and withdrawal.
The PPF Scheme, launched by the National Savings Organization in 1968 was aimed toward making small financial savings a profitable funding choice.
PPF presently provides an rate of interest of seven.1 per cent.
A minimal of Rs 500 and a most of Rs 1.5 lakh each year could be deposited yearly in a PPF account at current. Deposits could be performed most in 12 transactions. However, you have to observe that for those who deposit greater than Rs1.5 lakh in your PPF account each year, the surplus quantity will neither earn any curiosity nor shall be eligible for rebate below Income Tax Act.
Sukanya Samriddhi Scheme
Sukanya Samriddhi Scheme account could be opened within the identify of a woman little one until she attains the age of 10 years. The deposits fetch 7.6 per cent. Account could be opened with a minimal of Rs 250 – and thereafter any quantity in a number of of Rs 100- could be deposited. The deposits made to the account, and likewise the proceeds and maturity quantity, could be absolutely exempted from tax below part 80C of the Income Tax Act.
Maximum Rs 1,50,000 could be deposited in monetary yr. Deposits could be made as much as 14 years from the date of opening of the account. After this era, the account will solely earn curiosity as per relevant charges.
One withdrawal shall be allowed on attaining the age of 18 years of account holder to satisfy schooling/marriage bills on the price of 50 % of the stability on the credit score of previous monetary yr.
The rate of interest on Sukanya Samriddhi account is revised each quarter, similar to different small financial savings schemes and PPF.
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