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Which one of the following statements about the Sukanya Samridhi Scheme is NOT correct ?

Which one of the following statements about the Sukanya Samridhi Scheme is NOT correct ? Correct Answer Interest earned thereon is exempted up to Rs. 1500 per annum

The correct answer is option 3 i.e. Interest earned thereon is exempted up to Rs. 1500 per annum.

  • Sukanya Samriddhi Account is a GoI backed saving scheme targeted at the parents of girl children. The scheme encourages parents to build a fund for education and marriage for their girl child by the opening of an account on their daughter's name up to the age of 10. Hence, statement 1 is correct.
  • The scheme was launched by Prime Minister Shri Narendra Modi on 22 January 2015 in Panipat, Haryana.
  • Currently, for Apr-July 2020 quarter, the interest rate is 7.6%.
  • A minimum of ₹250 (earlier Rs. 1000) and a maximum of ₹1.5 lakh can be invested in a financial year in one account. Hence, statement 4 is correct.
  • The account will mature on completion of 21 years from the date of opening of an account.
  • Contribution to this account qualifies for tax deduction under Section 80C. Hence, statement 2 is correct.
  • Tax exemption on the interest from the account and on withdrawal from the fund after maturity, making the tax benefits similar to that of the Public Provident Fund. Hence, statement 3 is incorrect.

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