As we know, every year ends with the tax saving season, after every tax filer pays their tax. To keep the accounts operating, there are many tax savings investment plans that need account holders to keep a minimum amount in their account and keep it active. One of the best and most famous investment schemes is the Sukanya Samriddhi Yojana. The regulation of this scheme requires minimum yearly deposits to keep the bank accounts in operation. If you do not keep a minimum amount in accounts, then their accounts are inactive, or they may pay a penalty.
The deadline to make the minimum deposits in the Sukanya Samriddhi accounts for the current year is 31 March 2024. Otherwise, your account may blocked. In this blog, we are going to tell you about the minimum amount of money that individual can deposit in their accounts every year by 31 March to avoid penalties.
Sukanya Samriddhi Yojana
Have you ever invest in Sukanya Samriddhi Yojana? Sukanya Samriddhi Yojana is a tax savings investment option, an option in which many people invest to save money for their girl child. The SSY plan regulations need account holders to make a deposit of Rs 250 per fiscal year. If they do not made initial deposit of Rs 250 in financial year, then their SSC account may provide defaulted or blocked by management. The regulations of this scheme allow the defaulted account to be restored after maturity.
If their account is proven defaulted, then they need to pay RS 50 every year. In addition to default costs, individuals are asked to make the minimum payment of Rs 250 for every default year. If the defaulted SSY account is not resurrected, then their account funds will be due at maturity. The account matures 21 years after the account was opened, or the girl child marries after 18 years of age.
How long should the minimum balance in the SSY account be maintained
The account holder needs to keep the minimum amount in their SSY account till 31 March. If they do not keep the minimum amount in their account, then their account is defaulted or inactive. After you are inactive, you are not able to access your account or pay a penalty
How much amount you should keep in your SSY account
It is suggested to SSY account holders to keep minimum amount of Rs 250 in their account, to avoid it from penalty. If he do not deposit the Rs 250 in their account, then their account may blocked or they unable to get access to it. The government gives an interest rate of 8.2% to account holders. Under this scheme, the investor needs to invest the Rs 250 minimum amount and a maximum amount of 1.50 lakh in their account. The mature of this scheme is after 21 years. When the girl child turns 18 years old, she is able to withdraw 50% of the account amount under the Sukanya Samriddhi Yojana.
Tax benefits offered by Sukanya Samriddhi Yojana
Under the Sukanya Samriddhi Yojana, the government provides many tax benefits. The tax is exempt on this at the three levels. Under the Income Tax Act 80C, you can get a tax deduction on a 1.50 lakh annual investment. Along with this, there is no tax on returns that you get from this scheme. Through Sukanya Samriddhi Yojana, there is no tax on the amount that a girl child receives on maturity because it is a tax-free scheme.
Conclusion
The account holders of tax savings investment schemes, like Sukanya Samriddhi Yojana, check whether you keep the minimum amount of Rs 250 in your account or not. You should keep the minimum deposits in your account to avoid penalties.
