Sep 232015
 

Loans in Sukanya Samriddhi Yojana

This Scheme was formally launched with the name of Sukanya Samriddhi Yojana by the Prime Minister Narendra Modi and has been welcomed well by the parents of girl child in India.

There are various benefits of Sukanya Samriddhi Account, the most prominent among them being that the proceeds of the account would go directly to the girl child after she becomes 21 years or age and whatever the parents contribute towards the account every year would be completely exempted from Income Tax under section 80C.

With so many benefits coming out of this scheme, a lot of parents have started considering this investment scheme and have also started comparing it with other schemes like RD and PPF.  While the comparison starts, many often wonder if they can avail loan out of the investments they make to Sukanya Samriddhi Account.  We will cover this subject in the article.

Loans in Sukanya Samriddhi Yojana

As a matter of fact, there can’t be any loan taken against investment made towards Sukanya Samriddhi Account.  Or maybe, the feature could be started in near future.  However, as of now, there is no such provision attached to Sukanya Samriddhi Account.

At the most, what one can do is make partial withdrawals after the girl child attains an age of 18 years up to the amount of 50 per cent of the accumulated amount.  This money can in turn be used for the higher education of the girl child.  This is one excellent feature that is calling a lot of parents to get an account opened for their girl child.

Sukanya Samriddhi Account is an excellent choice for parents who want to secure the future of their girl child by saving whatever little they earn extra every month.  One of the other good features about Sukanya Samriddhi account is that there is no limit on the number of investments that could be made during a given financial year.

As of now, there are only two institutions that are facilitating the opening of Sukanya Samriddhi Account.  Post office already facilitates Sukanya Samriddhi Account. There are 28 banks which are authorized by the scheme, out of which Punjab National Bank has started its operation for Sukanya Samriddhi Account.

The maximum amount that a parent or guardian can deposit in  Sukanya Samriddhi account during a given financial year is Rs 1.5 lakh and the minimum amount that has to be deposited in the account is just Rs 100 but remember the first deposit of each financial year has to be rs 1000.  Moreover, there is no limit on the number of times money can be deposited towards the Sukanya Samriddhi Account.

This simply means that the parents or guardian of Sukanya Samriddhi Account can deposit whatever they have and anytime they have some spare money with them.  The flexibility of operation of account has made Sukanya Samriddhi Yojana one of the favorite investment instruments for the parents/guardians of a girl child.

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