Sukanya Samriddhi Account is launched few months back under Govt. of India “Beti Bachao Beti Padao” initiative. After launch it has been couple of months but not much clarity on the income tax benefits for opening Sukanya Samriddhi Account. But it is expected that Finance Minister Arun Jetly may address this savings scheme during Budget 2015-16 and declare more income tax relaxation. But again it is expected, nothing is sure about.
Sukanya Samriddhi Account budget 2015-16 expectation
Actually Sukanya Samriddhi Account benefits are almost similar to popular savings scheme PPF account. But when you compare with PPF account regarding income tax benefit, you will find under SSA the interest earned is taxable. Like PPF account one can get tax exemption one money deposited every year under section 80C. In fact maturity value is also tax free, but not 100% sure about this rule. This is one biggest drawback of Sukanya Samriddhi Account. With 9.1% interest rate and completely tax free return Sukanya Samriddhi Account could be one of the best savings scheme for an individual after budget 2015-16.
This is the reason it is advised not open Sukanya Samriddhi Account immediately. In fact you can open this account but don’t invest much amount at this time. May be maintaining a minimum balance would be best. Anyway wait for few more days till 28th Feb 2015. After that many facts will be clear and we can explore more benefits of this deposit scheme if FM changes any. You can also check out the list of banks where you can open Sukanya Samriddhi Account besides post-office. Besides nationalized banks one can open SSA scheme in ICICI, HDFC, and Axis bank as well.
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