can i open both ppf and sukanya samriddhi account
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can i open both ppf and sukanya samriddhi account

can i open both ppf and sukanya samriddhi account

And there is no limit on number of deposits either in a month or in a financial year.In case of PPF, an individual but has to deposit a minimum of Rs 500 in a financial year while the maximum limit is Rs 1,50,000. Notably, a maximum of three Sukanya Samriddhi Accounts can be opened only if the firstborn or the second born are twin girls. If account is not closed after maturity, the balance will continue to earn interest as specified for the scheme from time to time. On the other hand, SSA has an altogether different intent and purpose of operation and investment. I have a Sukanya Samriddhi Account in the name of my 3-year-old daughter. Getty Images. PPF comes with a lock-in period of 15 years while Sukanya Samriddhi Account has a mandatory lock-in period of 21 years. Pl also inform if both parents can open separate accounts for girl child or only 1 parent can open for same girl child. 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. The recently launched Sukanya Samriddhi Account and Public Provident Fund (PPF) can be useful instruments for saving for the future needs of the children. Basavaraj Tonagatti on June 29, 2015 at 1:07 PM . Therefore, any contributions made towards the scheme are safe and secure. On the other hand, SSA has an altogether different … I have a Sukanya Samriddhi Account in the name of my 3-year-old daughter. Reply. Prableen Bajpai, Founder FinFix® Research & Analytics, replies: You cannot open a PPF account as a nonresident Indian. 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. HDFC 2,017.50 68.25. ( My query has no links with 80-C ) Reply. 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with an ‘EEE’ status, which implies that interest earned on investment into PPF and Sukanya Samriddhi Account, amount withdrawn at the maturity are completely exempt from income tax and income tax deductions can be claimed at the time of investments. 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? I am investing Rs 1.5 lakh in this account per annum. Sukanya Samriddhi Account and PPF come with an ‘EEE’ status.  |  Photo Credit: BCCL, Farmers' protest intensify; Special quota for lingayats in Karnataka? The facts and opinions expressed here do not reflect the views of. I am investing Rs 1.5 lakh in this account per annum. The rate of interest which PPF offers is currently at 8.7 per cent, compounded annually. As of now, there is no such clarity on this. Experts say PPF scores over Sukanya Samriddhi Account in terms of liquidity (partial withdrawal facility) and other flexibilities. Not All Are 20-Years-Old, This website follows the DNPA Code of Ethics. I want to earn Rs 1.5 lakh from my savings when I retire in 12 years. 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. Can I open both PPF and SSY for my daughter? 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. PPF can be opened for any Indian national and thus your daughter at any age can be eligible for a PPF Account, even if she is a minor. 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. After 12 years, opt for a Systematic Withdrawal Plan of up to 0.50% of the corpus, which will translate into Rs 35,000 per month. I am 33. Your PF, existing mutual funds, fixed return schemes and stocks will help you increase your overall capital over time. There is no limit on how many times a parent can invest in Sukanya Samriddhi Account. I returned in August 2020 and got a job here. I have a Sukanya Samriddhi Account in the name of my 3-year-old daughter. 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. Under Section 80C of the Income Tax Act, 1961, tax benefits can be claimed for any contributions made towards both the schemes. Your Reason has been Reported to the admin. But regarding Sukanya Samriddhi Scheme, the same rule applies. Here's How, 1st ODI LIVE: Shami Gives India The Breakthrough As Warner Departs, MiG-29K Trainer Jet Crashes Into Sea, Pilot Saved, Search On For Other, Trump Says He Will Concede To Biden, On One Condition, 10 Things To Know About First Budget Of Independent India, Finance Bill 2020 Proposes Amendment To Levy 5% Tax On Overseas Remittance, Haryana Digs Trenches To Block Protesting Farmers From Entering Delhi, Farmer Protest: Police Eye Delhi Stadiums As Prisons, AAP Leaders Oppose, Chhattisgarh State Service Exam In February, 2021, Watch What Happened When A Bull Shark Came Face To Face With A Crocodile, Pics: A Look At Gul Panag's Swimsuit Collection. Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. Either father or mother can open PPF account on behalf of his / her minor child, but both cannot open the account for same child. I am 33. Increased capital can also be utilised to raise monthly cash inflow. PPF can be opened for any Indian national and thus your daughter at any age can be eligible for a PPF Account, even if she is a minor. Watch Leaders of Tomorrow Season 8 eAwards on 13th of September 2020, 5pm onwards on Times Network. Age criteria: An account can be opened under the name of a girl child until she attains the age of 10 years. I am investing Rs 1.5 lakh in this account per annum. I have a Sukanya Samriddhi Account in the name of my 3-year-old daughter. I am 46 and earn Rs 2 lakh a month. Both these accounts can be opened at post offices and banks.A charge of Rs 50 will be levied both in Sukanya Samriddhi Account and PPF if the minimum contribution is not made every year.Minimum and maximum contribution: In an Sukanya Samriddhi Account, a minimum of Rs 1,000 has to be deposited every year and the maximum limit is Rs 1.5 lakh. Can you open both Sukanya Samriddhi Account and PPF account for your minor child? The maturity period of a PPF account is 15 years but it can be extended in blocks of five years. Tomorrow is different. Yes, off course. As a matter of fact, both these scheme we are going to talk in this article are different from each other in many respects, technicalities and intent. However many people get confused about this fact. Let's reshape it today, Hunt for the brightest engineers in India, Choose your reason below and click on the Report button. SSA offers a high rate of interest, i.e. 9.1 per cent per annum. The Sukanya Samriddhi Account can only be opened in the name of the girl child while PPF scheme can be availed by all. For reprint rights:Times Syndication Service, Donald Trumph wins US presidential elections, (Disclaimer: The opinions expressed in this column are that of the writer. I have a personal loan ending in May 2020 which will allow me to save Rs 26,000. Makhanlal-Your understanding about PPF is correct. I contribute Rs 36,000 a month towards fixed return schemes. Only one account can be opened under a girl child’s name. Parents can open this account for a maximum of two children.Limit: An investor can open PPF accounts in the name of minors but a maximum of Rs 1.5 lakh can be deposited every year including all the accounts. Can I open a PPF account as well in her name to invest another Rs 1.5 lakh? Nifty 11,917.60 83.0. An individual can open only one account under his name. An account can be opened on behalf of a minor as well. Track Latest News Live on NDTV.com. Can you open both PPF and SSA for your daughter? According to the guidelines of the Sukanya Samriddhi Yojana Account, maximum two accounts can be opened for a single family. I am investing Rs 1.5 lakh in this account per annum. I have an FD of Rs 8 lakh. 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. | Top Headlines, MiG-29K trainer aircraft ditched at sea; Search operation launched for missing pilot, Rajasthan SHOCKER! PPF account should be maintained for fifteen years to get matured amount out of the investments made towards the account. Get the latest investment tips at Times Now and also for more news on money saving tips, follow us on Google news. 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. It is always a win-win situation for the entire family and would ensure a wealthy and carefree future. 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.

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