Is Sukanya Samriddhi Better Than PPF?

Is Sukanya samriddhi good?

Being part of government’s small savings schemes, the SSY often gets compared with products such as the PPF (public provident fund).

The SSY does give higher returns, of 8.4 per cent, than PPF (7.9 per cent).

But ‘higher returns’ alone shouldn’t sway your investment decision..

Which bank PPF is best?

A PPF account can be opened in only designated bank branches of SBI and its subsidiaries, ICICI Bank, Axis Bank. Other banks where you can open a PPF account include: HDFC Bank, Central Bank of India, Bank of India (BOI), IDBI, Central Bank of India, Punjab National Bank, Indian Overseas Bank, and few others.

How many years need to pay for Sukanya samriddhi Yojana?

Sukanya Samriddhi Yojana has a tenure equal to the time the girl child is 21 years of age or upon her marriage attaining the age of majority (18 years). However contributions only need to be made for 15 years. Thereafter the account continues to earn interest until maturity even if no deposits are made into it.

How many times we can deposit money in Sukanya Yojana?

Eligibility of Sukanya Samriddhi YojanaParticularEligibilityMaximum limit for deposit per yearINR 1.5 lakhWithdrawal age18 yearsMaturity duration of account21 yearsMode of paymentCheque, cash, DD or online3 more rows

How can I get maximum PPF benefit?

So as a PPF subscriber, if you wish to maximise your interest earnings, you should deposit your PPF contributions on or before the 5th of every month. The ideal option would be to invest Rs 1.5 lakh between April 1 and April 5 (total limit for investing in a year is Rs 1.5 lakh) at the start of the financial year.

Is Sukanya samriddhi maturity tax free?

Investments made in the SSY scheme are eligible for deductions under Section 80C, subject to a maximum cap of Rs 1.5 lakhs. The interest that accrues against this account which gets compounded annually is also exempt from tax. … The proceeds received upon maturity/withdrawal are also exempt from income tax.

Which one is better PPF or Sukanya Yojana?

Comparison between SSY and PPF scheme Only one account can be opened under a girl child’s name. … So, now you know all about Sukanya Samriddhi Yojana and Public Provident Fund. If you are looking for a plan to secure your girl child’s future, then SSY is the best option with higher returns and tax benefits.

Can I open both PPF and Sukanya samriddhi account?

You can open both Sukanya Samriddhi Account and PPF account for your minor child.

What is the best time to deposit money in PPF account?

Therefore, if you are planning to invest a lump sum in your PPF account, financial planners recommend that you do it before April 5, in order to get the maximum amount of interest for your deposits. For monthly investments, you must deposit the money in your PPF account before fifth of every month.

What is the maturity amount of Sukanya samriddhi account?

21 yearsThe maturity period of an SSY account is 21 years. However, you only have to make deposits for 14 years. The deposited corpus will earn interest between the 14th and 21st year.

Can I have 2 PPF accounts?

“PPF rules are very clear that one can’t open more than one account if someone still opens a second account, he or she will not be eligible for any interest on invested amount,” said Rajan Pathak, Mumbai-based independent financial advisor. “The second account will have to be closed down.

How much I will get in PPF after 15 years?

1,00,000 towards your PPF investment for 15 years at 7.1%, your maturity proceeds at the end of 15 years would be Rs. 31,17,276 .