'Finance for Teens' is a great idea. The timing is also fantastic as the kids have holidays. Can you please plan for a virtual session as well so that kids outside of Pune can also participate and benefit from it.
Mam I think you need to work on thumbnail because its not professional thumbnail and I think its not much creative... Please make some changes on design... ~with great regards from priyansh
Hey Rachana, thanks for this informative video. I have one question. What happens in a scenario where the parents of a girl child pass away say after few years but before the completion of tenure of 15 years of payment term? Does the account get closed? Or the payments are waived off and the account stays put till the child turns 18?
Very well explained.. all my doubts are clear.. and I got know many new points which I wasn't aware of..Thank you so much for such detailed information.
Best channel on any finance related topic!!! Not a single second of non sense info, just to the point and very clear!!! Keep going!!! Please make more video to educate people on best available way to save money for themselves and to there families!!!
Couldn't open SSY account because useless service by our banking system 1. We are working professional 6 days Monday to Saturday. 2. I took holiday one day and go to open account they will ask come tomorrow. 3. Went to post office there system in down they asked to come next day 4. After some day again took holiday and gone to bank they asked girl's Aadhar card 5. Visited to other banks they asked to open first saving account. After so much frustration I don't have any interest to open SSY
The thumbnail was so so innovative that I couldn't believe on my eyes 😂🙏🙏 I saw it again and then started watching the video. Too good, Great piece of creativity!!! Knowledge was served as ever... Fabulous...and fruitful..🙏👍👍
mam could u pls make a separate video on student loan , as i am planing for further studies to take student loan to study in abroad , strategies to repay it , for which bank i should go for ( private or public ) , which bank is flexible for students , what r the requirements , i knew that thier are a tons of videos over this topic on internet but we all know that they all are sugar coated i just wanted to know each and ever thing from u cause i trust u and ground reality of it
Madam, I have opened SSY account in SBI in 2017. I am investing Money in her account regularly on monthly basis. Is there any option in SBI to get online account statement?
Hello, Rachna. Very elaborative and well-explained. I just had one question and thought I'd ask you. You indicated in the video that if the account is started when a girl child is 10 years old, the SSY matures when the girl child reaches the age of 31. Does this mean we can continue to invest 1.5 lacs for the next 15 years, say, until the girl child reaches the age of 25?
Hi mam, all points of SSY were very clear. Thank you. Let me ask you my question: Can one open SSY account for someone else girl child showing essential documents by taking Gaurdian authority for the child with parents consent? Or only Parents of the child can open this account.
Very informative video. I have a doubt regarding the interest rate. The interest rate is updated by the government every year. If the interest rate keep on decreasing then will it be beneficial to invest in SSY.
Wht are the terms and conditions at the time of maturity after 21years. If at the time girl child is not pursuing any higher studies or not marrying anyone, will there be any restrictions for claiming the whole money??
SSY is not allowed for NRIs (non residents). Your videos are excellent. But just a small request to keep NRIs in your thoughts. You have lot of NRI viewers.
@@visupreddy I don’t know about SSY. But PPF is also not allowed for NRIs. In case of PPF if one becomes NRI after opening it then it is not allowed to contribute more into PPF account as long as person is NRI. Account can remain active. Person can again start contributing after getting resident status. This is the information I got when I consulted with my banker. Please verify before making any financial decision.
Firstly thank you, your videos are really informative. A couple of questions here. 1. Can one continue deposting money after 15 years too, till the age of 21? 2. Like PPF account can be extended for 5 years post maturity of 15 years, is there any extension to SSY account too?
After 18 year of age Child get the authority of account and can is it mandatory that the maturity amount is used for the purpose of marriage or higher education only ? Or can it be other purposes?
I have Read this on Groww Article , It says that The corpus withdrawn can be used to meet the expenses of higher education of the girl child "The amount can only be used to meet fee and admission charges. To prove that the amount is being utilised for educational purposes, the depositors are required to submit University admission documents as well as fee receipts" Please clear this madam
If the earning guardian or girl child demise before maturity (21 years) unfortunately .is the monthly/yearly premium will be waived or what is the next course of action?
Rachana madam, suppose the girl child moves outside india (with her parents) 10 years after opening of the SSY account and stays outside india. How can she get the money after maturity of SSY? Please give your opinion.
There are various rules for NRI / PIO / OCI people. Banks being the operational authorities, will be able to give you answers to intricate queries. However, it is said that once the status of the girl child becomes NRI, the account is deemed to be closed.
Thank you for the Video. I understand that the annual rate of interest is around 8% and it varies annually. However @Rachana could you please let us know the return on investment %. For eg if one invests 150,000 for 15 years and matures by 21 years what will be the return on investment? Should we consider ROI or CAGR? Kindly clarify. Thanks
Hi Rachana. Thanks for overview on SSY. I have a question what if the child turns into NRI citizen before the maturity will it be a problem during withdrawal as the child is no longer a citizen of india?
Hi Rachana ..can you post details regarding senior citizen scheme in PO.I am planning to invest 30 l from my savings on my mother name. Whether any tax issues or other question will come for her? or whether i need to provide my income details?
If parents got divorced at somepoint in future , lets say after 10 -15 years and Mother got the baby girl with her . How would the govt make sure that at time of maturity the money indeed will be used for her Education or Marriage and Not be taken advantage by any other . Please explain if you could throw some light under such circumstances.
Really informative Rachana ji. 2 things to note and of special mention that I dint know before watching this video. 1. the exemption on 2nd being twin girl children. 2. Once girl child turns 18 she is the primary account holder. For the 2nd do we have to do something or is it automatic? As the account is opened as a minor with guardian initially. Thanks for all your informative videos.
Could you please tell me which one is better either Index funds or SSY ?? Your videos are very clear to understand anyone, even though they're beginners😊
In the event of death of the account holder, the account shall be closed immediately on application in Form-2, on production of death certificate and the balance in the account and interest due thereon till the date of death shall be paid to the guardian.
Ma'am if some opens SSY account at the age of 10 yrs of child, he can also withdraw 50 % amount after girl child attains 18 yrs means after 8 yrs and close the account prematurely for marriage after attaining age of 21 yrs means after 11yrs. As per your video money can only be withdrawn after maturity means if someone opens account for 10 yr old girl child, then he can only withdraw money at her age of 31 yrs, however this is not true. If any other view pls clearify.
Hello Madam, can you please clarify this point. Amount can be withdrawn when a girl attains 18 years of age. Is it 18 years or 21 years. Because as per new rule minimum age of any girl's marriage is set to 21.
I would rather have mutual funds for my child which are more flexible in case you need money, you will get more or less same return after taxes but freedom of using money is important
Hi Rachana, Just wanted to know that in case of extreme emergency if the parents wants the money before the waiting period of 05 years, do we have any provision that he can withdraw the entire or part of the amount on which he won't be able to receive any interest.
Ma'am, i knew about this scheme deeply. But one question is there. Who can withdraw the money after 21 years ? Girl or father ? As far as I know , money will not be handed over to father
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Amazing methodology of simplifying required concepts..Thankyou Ma'am!!!!
'Finance for Teens' is a great idea. The timing is also fantastic as the kids have holidays. Can you please plan for a virtual session as well so that kids outside of Pune can also participate and benefit from it.
Informative ❤
But which are the other options for the girl child above age 10 ?
Superb. Really helpful in enhancing financial awareness. Thanks, ma'am.
Being a banker I always enjoy fulfilment in rural areas when I see parents tend to open ssy just after girl child's birth... 😊
Khup khup aabhar ma’am… apratim teaching ahe aapla..🙏🏻🙏🏻🙏🏻
Mam I think you need to work on thumbnail because its not professional thumbnail and I think its not much creative... Please make some changes on design...
~with great regards from priyansh
You have explained it easily and in a so so so simple manner that my 5m old child has also understood .
Really very informative. Thank u mam. Pls continue bringing such useful content.
Took it in 2016 for my princess born in 2015.
An exceptionally good video....thanks a lot
Waiting for this video from long time 🙏🙏
Hey Rachana, thanks for this informative video. I have one question. What happens in a scenario where the parents of a girl child pass away say after few years but before the completion of tenure of 15 years of payment term? Does the account get closed? Or the payments are waived off and the account stays put till the child turns 18?
Very well explained.. all my doubts are clear.. and I got know many new points which I wasn't aware of..Thank you so much for such detailed information.
Thank you, Rachana, for answering all my questions
Best channel on any finance related topic!!! Not a single second of non sense info, just to the point and very clear!!! Keep going!!! Please make more video to educate people on best available way to save money for themselves and to there families!!!
I think there is a mistake , its not 21 years from date of opening of account, its 21 years of girls age
Very informative video. Thank you
SSY came to know so much infn.explained very clean and detailed way thanks rachana ji.👌👍🙏
Thank you , This is very helpful
Couldn't open SSY account because useless service by our banking system
1. We are working professional 6 days Monday to Saturday.
2. I took holiday one day and go to open account they will ask come tomorrow.
3. Went to post office there system in down they asked to come next day
4. After some day again took holiday and gone to bank they asked girl's Aadhar card
5. Visited to other banks they asked to open first saving account.
After so much frustration I don't have any interest to open SSY
Great details on SSY , I was planning to open one and I got answers to most of my Queries 👌Thanks 👍
Excellent inputs. Thanks a lot.
The thumbnail was so so innovative that I couldn't believe on my eyes 😂🙏🙏 I saw it again and then started watching the video. Too good, Great piece of creativity!!!
Knowledge was served as ever... Fabulous...and fruitful..🙏👍👍
This is official C A Rachna team?
Your explaining techniques are really good
mam could u pls make a separate video on student loan , as i am planing for further studies to take student loan to study in abroad , strategies to repay it , for which bank i should go for ( private or public ) , which bank is flexible for students , what r the requirements , i knew that thier are a tons of videos over this topic on internet but we all know that they all are sugar coated i just wanted to know each and ever thing from u cause i trust u and ground reality of it
very useful and informative !!
SSY is good option but again if we look maturity period then whatever amount will get will that beat inflation rate ?
Such a great video. That’s why these finance influencers should be qualified ❤
Excellent session mam... ❤
Excellent video all doubts cleared👍
Hey Wassup Ma'am🎉 Love that thumbnail ❤😮
Madam,
I have opened SSY account in SBI in 2017.
I am investing Money in her account regularly on monthly basis.
Is there any option in SBI to get online account statement?
Very informative❤
Thankyou Ma'am
Being a father of a girl child I lacked so much of the Info.. Thanq for educating mam
Very informative content 👍✅
Instead of ppf can it be kvp of post office with less lockin 3years and same compound interest
Thank you mam
Thank you
your teaching and videos are very clear and easy to understand .. ma'am make a video about KSN coin in detail 🙏 please
65 lacs looks good ,but what will be the value of that money after 21 years considering the inflation.
Hello, Rachna. Very elaborative and well-explained. I just had one question and thought I'd ask you. You indicated in the video that if the account is started when a girl child is 10 years old, the SSY matures when the girl child reaches the age of 31. Does this mean we can continue to invest 1.5 lacs for the next 15 years, say, until the girl child reaches the age of 25?
Thanks for sharing your thoughts on SSY on right time 👍
All doubts are cleared. I am going to open SSY A/c for my new born baby girl.
Thanks for the video. Very nice explanation. 👍
Glad it was helpful!
Nicely explained ma'am
Hi mam, all points of SSY were very clear. Thank you. Let me ask you my question: Can one open SSY account for someone else girl child showing essential documents by taking Gaurdian authority for the child with parents consent? Or only Parents of the child can open this account.
Thank Mam informative,
One Correction.. Account matures when girl turns 21 and not after 21 years of account opening...
No account matures when it completes it's 21 years
wonderful presentation
Thanks a lot
Very informative video. I have a doubt regarding the interest rate. The interest rate is updated by the government every year. If the interest rate keep on decreasing then will it be beneficial to invest in SSY.
Wht are the terms and conditions at the time of maturity after 21years. If at the time girl child is not pursuing any higher studies or not marrying anyone, will there be any restrictions for claiming the whole money??
Madam good information thanks
One small doubt::When to deposit money...that is beginning of FY or Ending of FY.for interest calculation
Beginning of the year to get maximum interest possible.
The earlier you deposit, the more interest you get.
One distinguishing factor, between ppf and ssy , could be : ppf can be extended ;
Would could be other reasons for going with ppf instead of ssy ?
1 - Lower lock in period in PPF
2 - Loan facility against balance in PPF
3 - You don't have a girl child.
Mam me ssy account open kele theva 9% interest rate tha ab 7.9% hai aur aage kitna milega mahit nhi invest karna sahi hai
Mam..have it online class for the teens please..its a request..would love if my child attend this.
Good Video Thanks for sharing
Thanks. Vpf vs ssy please.
Well done, Rachana!!!
Nicely explained.....
SSY is not allowed for NRIs (non residents). Your videos are excellent. But just a small request to keep NRIs in your thoughts. You have lot of NRI viewers.
What if I become NRI after opening SSY? Can I still continue the SSY account?
@@visupreddy I don’t know about SSY. But PPF is also not allowed for NRIs. In case of PPF if one becomes NRI after opening it then it is not allowed to contribute more into PPF account as long as person is NRI. Account can remain active. Person can again start contributing after getting resident status. This is the information I got when I consulted with my banker. Please verify before making any financial decision.
Firstly thank you, your videos are really informative. A couple of questions here.
1. Can one continue deposting money after 15 years too, till the age of 21?
2. Like PPF account can be extended for 5 years post maturity of 15 years, is there any extension to SSY account too?
After 18 year of age Child get the authority of account and can is it mandatory that the maturity amount is used for the purpose of marriage or higher education only ? Or can it be other purposes?
Yearly diposits can we change . And is it beneficial.
Like 1st year 4000 second year 6000
I have Read this on Groww Article ,
It says that
The corpus withdrawn can be used to meet the expenses of higher education of the girl child
"The amount can only be used to meet fee and admission charges. To prove that the amount is being utilised for educational purposes, the depositors are required to submit University admission documents as well as fee receipts"
Please clear this madam
If the earning guardian or girl child demise before maturity (21 years) unfortunately .is the monthly/yearly premium will be waived or what is the next course of action?
Nikhil Kamath mentioned you in his recent podcast. Time stamp 57:00
Very informative video. Thank you :) Can an NRI open the SSY for the girl child who is an Indian citizen but born in a foreign country?
Suppose if the kids move abroad with their family when they were 10 years old, will the money will lock upto 18 years and still the money is safe.
Rachana madam, suppose the girl child moves outside india (with her parents) 10 years after opening of the SSY account and stays outside india. How can she get the money after maturity of SSY?
Please give your opinion.
There are various rules for NRI / PIO / OCI people. Banks being the operational authorities, will be able to give you answers to intricate queries. However, it is said that once the status of the girl child becomes NRI, the account is deemed to be closed.
I can see child plans on policybazaar also.. They give more returns..which will be more benifical..
Please do a comparative analysis and whichever plan is more suitable for your specific requirements, you can go ahead with the same.
Hope those are guaranteed returns like the insurance scheme.
@@raja-_- No they are market link plans.. Are they safe?
Thumbnail ❤️❤️❤️❤️❤️
Hiii,
Description about SSY is good
I have one doubt that, can NRI eligible for SSY?
Thank you for the Video. I understand that the annual rate of interest is around 8% and it varies annually. However @Rachana could you please let us know the return on investment %. For eg if one invests 150,000 for 15 years and matures by 21 years what will be the return on investment? Should we consider ROI or CAGR? Kindly clarify. Thanks
Very informative video. Can we open ssy account online ?
In your eg, you said upto 15 yrs money should be deposited 150000!! So that means any amount needs to be deposited for 15 yrs only?
Hi Rachana. Thanks for overview on SSY. I have a question what if the child turns into NRI citizen before the maturity will it be a problem during withdrawal as the child is no longer a citizen of india?
if we do open account in private bank ,If private banks go bankrupt then what will happen
My daughter is an NRI now. What is the process of closing the account?
If parent will get any risk in the time of paying will get any benefit in scheme maam
Hi Rachana ..can you post details regarding senior citizen scheme in PO.I am planning to invest 30 l from my savings on my mother name. Whether any tax issues or other question will come for her? or whether i need to provide my income details?
Can I keep investing in SSY as NRI if I moved to other country along with daughter?
If parents got divorced at somepoint in future , lets say after 10 -15 years and Mother got the baby girl with her . How would the govt make sure that at time of maturity the money indeed will be used for her Education or Marriage and Not be taken advantage by any other .
Please explain if you could throw some light under such circumstances.
The girl child can operate the account on her own once she turns the age of 18.
I have opened ssy account, and add 50k per year from last 5 year ,but can we add Randomly any amount as per our possibilities.
Yes u can have any number of deposits in a financial year provided the sum of deposits doesn’t exceed 1.5L
Yes, subject to minimum Rs. 250 and maximum Rs. 1,50,000 per year.
Question : The cap of 150,000 - is that for one single account? I have 2 girl kids - is the 150K limit for 1 account or both combined?
Really informative Rachana ji. 2 things to note and of special mention that I dint know before watching this video.
1. the exemption on 2nd being twin girl children.
2. Once girl child turns 18 she is the primary account holder.
For the 2nd do we have to do something or is it automatic? As the account is opened as a minor with guardian initially.
Thanks for all your informative videos.
Make a Video on PPF account. Most people need it.
What if either a parent or girl child (or both) becomes NRIs after opening the SSY? Whether they have to close their account? or how do they proceed?
Could you please tell me which one is better either Index funds or SSY ??
Your videos are very clear to understand anyone, even though they're beginners😊
Index funds do have risk involved but SSY not.
Index funds and SSY are two completely different instruments and which one is better depends upon your risk and return profile.
@@CARachanaRanade Thanks for your reply.
Risk mey ishq hai, compair to mf index funds better low risk...
Hello ma'am.....What is provision, in case any casualty happens at the age of 4 ?
In the event of death of the account holder, the account shall be closed immediately on application in Form-2, on production of death certificate and the balance in the account and interest due thereon till the date of death shall be paid to the guardian.
Ma'am if some opens SSY account at the age of 10 yrs of child, he can also withdraw 50 % amount after girl child attains 18 yrs means after 8 yrs and close the account prematurely for marriage after attaining age of 21 yrs means after 11yrs.
As per your video money can only be withdrawn after maturity means if someone opens account for 10 yr old girl child, then he can only withdraw money at her age of 31 yrs, however this is not true.
If any other view pls clearify.
If something happens to parents then what about this account.. how can child pay n get back...
Hello Madam, can you please clarify this point. Amount can be withdrawn when a girl attains 18 years of age. Is it 18 years or 21 years. Because as per new rule minimum age of any girl's marriage is set to 21.
I would rather have mutual funds for my child which are more flexible in case you need money, you will get more or less same return after taxes but freedom of using money is important
Just like the Educational expenses proof, what are the proofs that needs to be submitted for the marriage expenses??
Can I put the entire amount at once for that year and not every month?
Hi Rachana,
Just wanted to know that in case of extreme emergency if the parents wants the money before the waiting period of 05 years, do we have any provision that he can withdraw the entire or part of the amount on which he won't be able to receive any interest.
My daughter is an us citizen but staying with us in India. Can I open SSI account for her.
Ma'am, i knew about this scheme deeply. But one question is there. Who can withdraw the money after 21 years ? Girl or father ? As far as I know , money will not be handed over to father