Some good schemes from Govt of India like PPF and SSY:
1. At age of 35 years open PPF account on self with 10000/- per month contribution for 15 years yields 36,00,000/- at the age of 50 Years. The money you will get is EEE (contributed amount is Exempted from tax, Accrual Interest is Exempted from tax, withdrawal amount after 15 years is also exempted from wealth tax).
https://www.icicibank.com/Personal-Banking/investments/ppf/index.html
2. At age of 35 years open SSY account on girl child with 10000/- per month contribution for 15 years yields 57,00,000/- after 21 years from account opening date. The money you will get is EEE (contributed amount is Exempted from tax, Accrual Interest is Exempted from tax, withdrawal amount after 21 years is also exempted from wealth tax).
Terms and Conditions of SSY :
Deposit threshold and tenure:
Minimum of Rs 250 (this amount was previously Rs 1,000) and maximum of Rs 1,50,000 in every financial year, up to 15 years
Closure on maturity
Account matures after completion of tenure of 21 years and balance in SSA including interest is paid to the child on submitting an application and proof of identity, residence, and citizenship documents
Premature Closure Allowed only in the following situations:
Reasons of intended marriage after a girl child attains the age of 18 years makes an application between one month prior to marriage and 3 months after marriage along with her age proof documents
Death of girl child on the production of the death certificate and balance in the SSA will be paid to the guardian
Deemed closure in case of a change in the status of girl child i.e., girl child either becomes non-resident or non-citizen of India. Such status change shall be communicated by girl child or guardian within one month of status change
After completion of 5 years from the opening of SSA, if post office or Bank is satisfied that operation or continuation of SSA is causing undue hardship to the girl child (such as the death of the guardian, medical reasons of girl child), the girl child or guardian may order for premature closure
For any other reasons, if SSA is to be closed anytime after the opening of SSA, it will be permitted, but the entire deposit would earn interest rate applicable to post office savings bank
Withdrawal is allowed for higher education purpose if girl child has either attained 18 years or completed 10th standard for meeting actual fee or other charges required at the time of admission
Documentary proof by way of a confirmed offer of admission in an educational institution or fee slip shall accompany the application for withdrawal
Withdrawal has a maximum cap of 50% of the balance in SSA at the end of preceding financial year and can be made in either one lump sum or in 5 installments not exceeding one installment per year
Transfer of Balance in SSA : Balance in SSA can be transferred anywhere in India and from or to post offices, from or to banks, and between post offices and banks for free of cost, upon furnishing of proof of change of residence of either guardian or girl child. Under any other circumstance, such transfer can be made by paying a fee of Rs 100.
1. At age of 35 years open PPF account on self with 10000/- per month contribution for 15 years yields 36,00,000/- at the age of 50 Years. The money you will get is EEE (contributed amount is Exempted from tax, Accrual Interest is Exempted from tax, withdrawal amount after 15 years is also exempted from wealth tax).
https://www.icicibank.com/Personal-Banking/investments/ppf/index.html
2. At age of 35 years open SSY account on girl child with 10000/- per month contribution for 15 years yields 57,00,000/- after 21 years from account opening date. The money you will get is EEE (contributed amount is Exempted from tax, Accrual Interest is Exempted from tax, withdrawal amount after 21 years is also exempted from wealth tax).
Terms and Conditions of SSY :
Deposit threshold and tenure:
Minimum of Rs 250 (this amount was previously Rs 1,000) and maximum of Rs 1,50,000 in every financial year, up to 15 years
Closure on maturity
Account matures after completion of tenure of 21 years and balance in SSA including interest is paid to the child on submitting an application and proof of identity, residence, and citizenship documents
Premature Closure Allowed only in the following situations:
Reasons of intended marriage after a girl child attains the age of 18 years makes an application between one month prior to marriage and 3 months after marriage along with her age proof documents
Death of girl child on the production of the death certificate and balance in the SSA will be paid to the guardian
Deemed closure in case of a change in the status of girl child i.e., girl child either becomes non-resident or non-citizen of India. Such status change shall be communicated by girl child or guardian within one month of status change
After completion of 5 years from the opening of SSA, if post office or Bank is satisfied that operation or continuation of SSA is causing undue hardship to the girl child (such as the death of the guardian, medical reasons of girl child), the girl child or guardian may order for premature closure
For any other reasons, if SSA is to be closed anytime after the opening of SSA, it will be permitted, but the entire deposit would earn interest rate applicable to post office savings bank
Withdrawal is allowed for higher education purpose if girl child has either attained 18 years or completed 10th standard for meeting actual fee or other charges required at the time of admission
Documentary proof by way of a confirmed offer of admission in an educational institution or fee slip shall accompany the application for withdrawal
Withdrawal has a maximum cap of 50% of the balance in SSA at the end of preceding financial year and can be made in either one lump sum or in 5 installments not exceeding one installment per year
Transfer of Balance in SSA : Balance in SSA can be transferred anywhere in India and from or to post offices, from or to banks, and between post offices and banks for free of cost, upon furnishing of proof of change of residence of either guardian or girl child. Under any other circumstance, such transfer can be made by paying a fee of Rs 100.
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