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Saturday, March 13, 2021

Personal Finance

Mutual funds are being considered as a good investment option in our country. In the last few years, many funds have paid good returns. In such a situation, many people are confused about whether investing in the Sukanya Srichdhi Yojana or mutual funds for their own daughter. Today, we will share with you about both these plans so that you can choose the right choice according to your self.
Sukanya Prosperity Scheme


Under the Sukanya Samriddhi Yojana, an account can be opened at the age of 10 after the birth of a child. This scheme can be opened anywhere in the bank or post office. The Sukanya Srichdhi Yojana is currently offering interest at 7.6% per annum.
Account can be opened at Rs. 2500

The account can be opened at Rs. 250. Under the Sukanya Samriddhi Yojana, an account can be opened only after the birth of a child at the age of 10 years. The account will mature after the daughter turns 21 or after the girl gets married and you will get full payment with interest.
Account can also be closed after 5 years

Account can be closed for 5 years after opening. If a serious illness occurs or the account is being closed for some other reason, it is allowed to be closed. But the interest on it will be paid as per the savings account.
Half the money can be withdrawn when the daughter turns 18

After the age of 18, 50% of the expenditure for higher education of a child can be withdrawn in the sukanya srichdhi yojana account. To open an account, it is necessary to provide a birth certificate for the daughter. Proof of identity and address of the child and parents is required. This account can be transferred anywhere in the country. This feature is available to the account holder if it migrates from the original location of opening the account to another location. There is no charge for this. If the account is being closed before the end of 21 years, the account holder must make an affidavit that the daughter is not under 18 years of age when she closes the account.
Benefits from tax exemption

A maximum deposit of Rs 1.5 lakh can be made under the Sukanya Samriddhi Yojana in the current financial year. Tax exemption can also be availed on deposits under Sukanya Samriddhi Yojana under Section 80C of the Income Tax Act.
Mutual Funds


Mutual funds can offer more returns

The Sukanya Samriddhi Yojana may have tax benefits but you get fixed interest in it, in which you cannot earn more than that. Considering the rising inflation ary problem over time, investing in equity mutual funds can be good for the future of children. Equity Mutual Funds can choose an option as required from index funds, large cap funds and mid cap funds. Investment plan in equity fund can be selected according to risk profile. According to experts, investing in an equity mutual fund is the best option for investing for 10 years or more.