1,000 should be invested, in multiples of Rs. Additionally, the reinvested interest qualifies for a Section 80C deduction (except for in the 5th year). In this case, interest is reinvested rather than paid. In accordance with Section 80C of the Income Tax Act, the plan is also eligible for an income tax deduction. You can invest alone, jointly, or on behalf of a minor in this plan. The lock-in term for National Savings Certificates (NSC) is five years. To learn more about the Sukanya Samriddhi Yojana, click here. If the minimum amount necessary is not deposited in a single financial year, a penalty will be assessed. Only one account may be opened in the name of each girl child by parents or legal guardians, with a total of two accounts permitted. The investment amount, interest generated, and maturity amount are all tax-exempt as a result. Sukanya Samriddhi is a programme that falls under the "Beti Bachao Beti Padhao" initiative and has exempt-exempt-exempt (EEE) tax status. Interest rate for this quarter January- March 2023 is 8%. Under Section 80C, the plan is eligible for a tax break. Only cheques will be allowed for deposits above Rs 1 lakh. You and your spouse can open the SCSS account separately or jointly. The principal has a five-year lock-in term, but after a year has passed, premature withdrawal is permitted-but only after paying a penalty. This programme pays interest on deposits at intervals of four quarters. Senior Citizen Savings scheme (SCSS) maximum investment limit has been increased from Rs 15 lakh to Rs 30 lakh in Budget 2023. Senior citizens, defined as those 60 years of age and older, can invest in the Senior Citizen Savings Scheme and receive a consistent interest payment. Spend P2P Data Center Fuel Rates Diesel Rates Petrol Rates Bank Pan Number Bank holidays Penny Stocks MF Ratings & NAV Top Performing Schemes Top Star Rated Schemes Top Tax Saving Schemes Highest Risk Adjusted Return New Fund Offers Forthcoming Dividends NPS Top Performing NPS Scheme Most Consistent NPS schemes ETF Perfomance Latest Prices Listed Bonds Traded in Cash Market ULIPs ULIP Schemes Calculators Recurring Deposit Calculator Fixed Deposit Calculator LTCG Tax Calculator Income Tax Calculator Rent Receipt Generator SIP Calculator IFSC Bank Code NPS Calculator Invoice Generator EPF Calculator House Property Income HRA Calculator Sukanya Samriddhi Calculator Education Loan Calculator Car Loan Calculator Home Loan Calculator Personal Loan Calculator Risk Tolerance Calculator Financial Fitness Calculator Buy Online Health Insurance Car Insurance 2 Wheeler Insurance Interest Rates Recurring Deposit Rates Fixed Deposit Rates Bank Fixed Deposits Rates Post Office Schemes Rates MCLR Loan EMI Participate & Win Stocks & Shares ET Wealth ET Wealth Editions Buy Wealth Magazine ET Wealth Newsletter
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