The Sukanya Samriddhi Account, also known as SSA, is a special saving scheme for girls in India piloted by the government. It urges parents to take their girl children through school and get them married to achieve financial security. Any parent or guardian may open the account for a girl child until she is 10 years of age. The account is valid for 21 years from the date when the account is opened or from the time the account holder reaches the age of 18 years of marriage, whichever is earlier. 

Here we are presenting the top 10 tips that may help you manage your Sukanya Samriddhi account in the best possible manner.

1. Learn the basics of the account and its regulations.

It is useful to familiarize oneself with the general working procedure of the particular scheme before officially opening the account or making the investment. It is also important that the client acquaint himself with the documents required to open an account, the minimum and maximum amount of deposit that can be made, and the period of the account. This information will enable you to make wise decisions and is therefore likely to run your account well.

2. Select a good bank or post office.

Sukanya Samriddhi Accounts can be opened by any branch of any scheduled commercial bank, nationalized bank, or post office. Choose a bank or a post office that has been recognized for good services and fast money transactions, account opening, and closure.

3. Make regular contributions.

To build a robust corpus in your SSA account, consistency is crucial. Contribute to the account frequently, if possible, on a monthly basis to get value for the increasing interest rates. The interest rate applicable on the SSA is 7.6 percent per annum, effective, and compounding is done on a monthly basis. 

4. Invest within the maximum limit

This account has a provision that there is a maximum limit for the deposit in the SSA each financial year of Rs. 1.5 lakhs. As indicated above, it is high time that you invest up to this limit with the aim of making the most of your profits. However, in the case of a shortfall, you can carry forward an amount to the subsequent financial years.

5. Maintain records of useful investments.

Keep proper documentation of all the investments made in the Sukanya Sampidhi Account with the proper date and cash value. This record will enable you to compile your contributions’ record and, in effect, calculate your returns.

6. Utilize tax benefits

The Sukanya Samriddhi Account also has other advantages, but one of the most important is the tax advantage. The account is EEE, where investments, interest rates, and the maturity amount are all tax-exempt accounts. Make sure that you benefit from this tax relief and reduce your taxes by getting this right.

7. Nominate a beneficiary

All it is mandatory that an account holder should nominate a beneficiary at the time of opening this account, and it should be the girl child for whom the account is being opened. This nomination will make sure that the account benefits are transferred to the rightful owner in case of any incidences.

8. Renew the account

After the maturity of the Sukanya Samriddhi account, it is important to extend the account for another five years. Such renewal can be done online or by physically visiting the bank or post office where your account is located. Remember to always renew your account so that you will not be penalized or even have your account closed.

9. It must be used for education and marriage expenses.

The primary objective of the Sukanya Samriddhi Account is to meet the education and marriage needs of the girl child. When the account has grown to maturity, it is essential to use the money in these particular areas to warrant the safety of the girl child’s finances.

10. Be prepared for regulatory changes.

Every now and then the government may come up with various rules, policies, and regulations under the Sukanya Samriddhi Accounts scheme. He ensures these changes and ways to work with the accounts.

Conclusion

Here are the rules that you need to follow to ensure your daughter’s financial future through the Sukanya Samriddhi Account (SSA). First of all, learn about the features of the scheme, its advantages, and the criteria that you can rely on. The fact of regularly making contributions to the account to grow it, grow it further, and save as much as possible from the account. It will help you know what is happening to your investments and the current balance of your account.

To manage your finances, try to use the tax savings options of section 80C. Also, it is possible to make an appointment for someone to transfer money to a new account if required. A person must therefore ensure that he is up to date on any change of law or regulation governing the scheme. By this, you ensure that your daughter’s financial status will be well taken care of. This disciplined approach not only saves you a lot of money but also makes your child well-prepared for her future, and she will be able to achieve what she wants on her own.

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