Sukanya Samriddhi Yojana(SSY): The central government has started many schemes for girls in India. The central government has several micro savings schemes, including the Sukanya Samriddhi Yojana, which was launched specifically for the girl child. The central government has given very good news regarding this project. The government has increased the interest rate of this project in 2024 (Sukanya Samriddhyoyojana 2024 interest rate increase). Read full story for details.
This deposit scheme is introduced by the Indian Government after the “BetiBachaoBetiPadhao” campaign. The account can be opened in any nearby post office and also in the division of commercial banks. It’s the best scheme as it gets mature at the age of 21 and if a girl wants to go for higher studies after 18, she can withdraw 50% of the balance available in the account.
Sukanya Samriddhi Yojana New Interest Rate 2024
The interest rates of all micro savings schemes run by the central government are revised every 3 months. Sukanya Samriddhi Yojana New Interest Rate 2024 Hike Earlier this scheme was paying 8 percent interest per annum which has been increased to 8.2 percent. This is why it has been the highest interest-paying scheme among all the micro-savings schemes of the government. This scheme has a guarantee of more than three times the return.
If you have a daughter then you can invest in SSY scheme for her higher education or marriage. You can apply for this scheme in the name of a daughter below 10 years of age. But remember that SSY account can be opened in the name of only 2 daughters of a family. You can open an account for this scheme by visiting any bank or post office.
In this scheme, you will get the benefit of tax exemption along with high returns. It provides tax relief at three different levels i.e. EEE. Annual investments up to Rs 1.50 lakh will get an exemption as per Section 80C of the Income Tax Act. You will also not have to pay any tax on the returns received from it. Also, deposits received after maturity are fully tax-free.
Benefits of Sukanya Samriddhi Yojana 2024
Currently, 8.2 percent annual interest is being paid. In this scheme, you can deposit from Rs 250 to Rs 1.5 lakh every year. The lock-in period of SSY is 21 years, but here you don’t have to deposit till 21 years. Investment must be made up to 15 years from the time of account opening. Now suppose you are depositing 1.50 lakh rupees every year for your daughter, then you will get 70 lakh rupees on maturity. Thus, if you have a daughter in your house, you will get 70 lakh rupees.
You will get more than 3 times the return of the money deposited here. But if you want to withdraw it before 21 years, there may be problems. Because you cannot withdraw the money deposited in it before the expiry date. After your daughter turns 18, you can withdraw 50 percent i.e. half the amount for her education. In case of sudden death of the account holder, the money can be withdrawn before the maturity.
Sukanya Samriddhi Yojana Documents
- Parent’s Aadhaar Card
- PAN Card
- Daughter’s Aadhaar Card
- Birth Certificate
- Residence Certificate
- Passport-sized Photos
- Mobile Number
Sukanya Samriddhi Yojana accounts at the listed banks, as they are authorized to offer the scheme:
Sukanya Samriddhi Yojana can primarily be initiated at post offices. Additionally, you can invest in this scheme by opening an account through the medium of government banks. Some prominent banks where you can start an account for Sukanya Samriddhi Yojana are listed below.
- State Bank of India (SBI)
- SBI (Mysore, Hyderabad, Travancore, Bikaner & Jaipur, Patiala)
- Vijaya Bank
- Union Bank of India
- Indian Overseas Bank
- Punjab National Bank
- Axis Bank
- Allahabad Bank
- United Bank of India
The increased interest rate of 8.2 percent in the Sukanya Samriddhi Yojana by the Central Government signifies a significant step towards the financial empowerment of young girls. This initiative not only promotes savings but also ensures substantial returns over time.