Can Sukanya samriddhi account be opened for boy child?

Which scheme is best for boy child?

Which Scheme is Best for a Boy Child?

  • Ponmagan Podhuvaippu Nidhi Scheme.
  • Kisan Vikas Patra (KVP)
  • Post Office Monthly Income Scheme (POMIS)
  • Public Provident Fund.

Who is eligible for Sukanya samriddhi Yojana?

The account can be opened by the natural or legal guardian for a girl child of age below 10 years. A depositor can open and operate only one account in the name of a girl child under the scheme rules. Natural or legal guardian of a girl child are allowed to open the account for two girl children only.

Can I open two Sukanya samriddhi account for one child?

Rules for opening Sukanya Samriddhi Account

You can only open and operate one account in the name of the girl child. You can’t open two accounts for one girl. The parents or legal guardians of a girl child (up to 10 years old) can open this account with a notified bank or post office in the name of the girl.

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How can I double my money in 5 years?

Double Money in 5 Years

If you want to double your money in 5 years, then you can apply the thumb rule in a reverse way. Divide the 72 by the number of years in which you want to double your money. So to double your money in 5 years you will have to invest money at the rate of 72/5 = 14.40% p.a. to achieve your target.

Which plan is best for child?

Best Child Investment Plans

Plan Name Entry Age
HDFC SL Youngstar Super Premium Child Plan Life option- 18/65 years Life & Health Option-18/55 years
ICICI Pru Smart Kid’s Regular Premium 20/54 years
Kotak Head start Child Assure Plan 18/60 years
LIC – New Children’s Money Back Plan 0/12 years

Which plan is best for child education?

Best Child Plans in India

Plans Entry Age Minimum Annual Premium
IndiaFirst Happy India Plan 18-50 years Rs 12,000/-
Kotak HeadStart Child Assure 18-60 years Regular pay – Rs 20, 0005 Pay – Rs.50, 00010 Pay – Rs.20, 000
Max Life Shiksha Plus Super 21-50 years Rs 25000/-
PNB MetLife College Plan 20-45 years Rs 18,000/-

Where should I invest for kids?

Best Investment Plans for a Child’s Future

  1. 529 Plans. For those lucky enough not to have noticed, college now costs a small private fortune to attend. …
  2. Custodial Accounts (UTMA vs UGMA) Custodial accounts act as a great means to provide long-term investing options for your child. …
  3. Custodial IRAs.

Which is better MIS or FD?

The cash flow earnings from an MIS can vary over time as the earnings vary with market fluctuations. So, if you are looking to get surety in terms of interest, an FD is right for you. If you are open to ups and downs in the money you make, choose an MIS.

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How many years need to pay for Sukanya samriddhi Yojana?

You can deposit money in an SSY account either once per financial year or in smaller, regular instalments. However, you need to make a minimum payment of Rs. 250 per financial year to keep the account active and running and follow this criterion for a minimum payment period of 15 years.

Which bank is best for Sukanya Samriddhi account?

Which bank is the best to open a sukanya samriddhi yojana account?

  • United Bank of India.
  • Punjab National Bank.
  • Union Bank of India.
  • Oriental Bank of Commerce.
  • IDBI Bank.
  • Vijaya Bank.
  • Axis Bank.
  • ICICI Bank.

Can I have 2 Sukanya samriddhi account?

The Guardian can open only two sukanya samriddhi account under the Rules with any bank or post office. However, Guardian can open third sukanya samriddhi account under the Rules if the second birth is of twin girls or first birth is of triplets.

Who are eligible for ssy?

To be eligible for opening a Sukanya Samriddhi Account, the maximum age of a girl child cannot be more than 10 years. However, a grace period of 1 year is allowed. For instance, a 10 years old girl can still hold a Sukanya Samriddhi Account, provided it is opened within a year of her turning 10 years of age.

Can both parents claim Sukanya samriddhi Yojana?

While contributions towards this scheme are eligible for tax deductions, only one depositor can claim tax exemptions under Section 80C of the Income Tax Act. This means that either a parent or a legal guardian can claim exemptions, not both.

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