Will take oath as president on Thursday. ( My query has no links with 80-C ) Reply. However many people get confused about this fact. Can you open both Sukanya Samriddhi Account and PPF account for your minor child? While Sukanya Samriddhi Account can be opened only for the girl child, PPF can be used for both male and female child. Both PPF and Sukanya Samriddhi Account are backed by the Government of India and are highly preferred tax savings option for risk-averse investors. To sum it up, it is always better for your daughter and yourself to have both PPF account and Sukanya Samriddhi Account since this way you can invest up to a maximum of 3 lakhs per year and get tax benefit on the amount investment. I am 33. I am investing Rs 1.5 lakh in this account per annum. I have Rs 10 lakh in stocks and MFs and Rs 20 lakh in PF. Your Reason has been Reported to the admin. You can open both Sukanya Samriddhi Account and PPF account for your minor child. New Delhi: With the month of March, the look-out for tax savings investment options increases invariably across the salaried-class people ahead of the March 31 deadline to file income tax returns. I contribute Rs 36,000 a month towards fixed return schemes. The Public Provident Fund scheme and the Sukanya Samriddhi Yojana scheme are both backed by the Government of India. Tetra Pak's Latest Sustainability Report Highlights These Facts. Experts say PPF scores over Sukanya Samriddhi Account in terms of liquidity (partial withdrawal facility) and other flexibilities. And deposits can be made in lump-sum or in 12 installments.Maturity: The Sukanya Samriddhi Account can be closed after the girl child in whose name the account was opened completes the age of 21. Your PF, existing mutual funds, fixed return schemes and stocks will help you increase your overall capital over time. Since your daughter is below 18 years and she would be using your PAN card and PPF has a limit of depositing rs 1.5 Lakhs per year per PAN Card. The rate of interest which PPF offers is currently at 8.7 per cent, compounded annually. Interest rates . Our panel of experts answers reader's questions related to any aspect of personal finance every week. Further, Sukanya Samriddhi Account and PPF come with an ‘EEE’ status, which implies that interest earned on investment into PPF and Sukanya Samriddhi Account, amount withdrawn at the maturity are completely exempt from income tax and income tax deductions can be claimed at the time of investments. Why you should not take loan against PPF account, Personal finance basics: 5 things to know about PPF account, Inciting hatred against a certain community, A designation that builds successful career in short span. An account can be opened on behalf of a minor as well. As of now, there is no such clarity on this. Watch Leaders of Tomorrow Season 8 eAwards on 13th of September 2020, 5pm onwards on Times Network. After the girl turns 10 years of age, she can herself operate the account. Congress MLA’s gunman and driver thrashed by toll plaza staff, Businesses On Recovery Path? On the other hand, SSA has an altogether different … You can open PPF account for Boy child of any age and Girl child who have crossed age limit in SSY. Only one account can be opened under a girl child’s name. Your PF, existing mutual funds, fixed return schemes and stocks will help you increase your overall capital over time. Increased capital can also be utilised to raise monthly cash inflow. NSE Gainer-Large Cap . The SSA (Sukanya Samriddhi Account) offers quite a lucrative interest rate along with other benefits and is thus often compared with PPF (Public Provident Fund) in regards to tax saving aspects. How can I achieve that goal? A person can open only one PPF account in his name while all the Indian resident parents or legal guardians are eligible to open Sukanya Samriddhi Account for a maximum of two girl children before the age of 10 years. Aditya Birla Sun Life Tax Relief 96 Direct-Growt.. Can you open both Sukanya Samriddhi Account and PPF account for your minor child? In terms of growth of money, they both are more or less equally efficient, when it comes to investment and their tenures too are more or less the same number of years. The rules say that one family can opt for two accounts for two girl children. All the resident individuals are allowed to open PPF account for themselves and on behalf of their minors while Sukanya Samriddhi Account can be only opened for the eligible girl child. Click here for real-life stories of successful investors. SSA, which stands for Sukanya Samriddhi Account is launched for the welfare of girl child in India and an account for all the girl children below 10 years can be opened by their parents. The money matured in SSA can be withdrawn by the account holder, i.e. As far as investment in PPF and Sukanya Samriddhi Account is concerned, both the tax investment options offer risk-free returns and are completely safe from the market volatility. The idea is to initially invest in equity-oriented funds for 8 years, then shift the corpus to dynamic asset al .. years, then shift the corpus to dynamic asset allocation funds for 3 years. But remember,the investments made on minor’s name are clubbed with a parent’s and Rs 1.5 lakh invest limit needs to be split with father or mother acting as guardian. Notably, a maximum of three Sukanya Samriddhi Accounts can be opened only if the firstborn or the second born are twin girls. Their parents can get this account opened for them when they are young enough and contribute whatever they can every time during a fiscal year, to a maximum of 1.5 lakhs. Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. Can I open a PPF account as well in her name to invest another Rs 1.5 lakh?Ankur Choudhary, Co-Founder and CIO, Goalwise replies: You can open a PPF account as well in your daughter’s name and invest another Rs 1.5 lakh in it, but you won’t get any additional tax benefit under Section 80C for this amount. I returned in August 2020 and got a job here. A person can open only one PPF account in his name while all the Indian resident parents or legal guardians are eligible to open Sukanya Samriddhi Account for a maximum of two girl children before the age of 10 years.

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