Before the new year 2024, the government has given a gift to those investing in Sukanya Samriddhi Yojana. The interest rate for this scheme has been increased to 8.2 percent for the fourth quarter of the financial year 2023-24. Earlier, investors were given 8 percent interest on this scheme. However, the government has not increased the interest rates of other schemes.
New Delhi. The government has given a gift to investors by increasing the interest rate of Small Savings Scheme before the New Year. The interest rate for Sukanya Samriddhi Yojana has been increased to 8.2 percent for the fourth quarter of this financial year 2023-24. Earlier, investors were given 8 percent interest on this scheme. However, the government has not increased the interest rates of other schemes.
The government has announced the interest rates of small savings schemes for the fourth quarter of the financial year 2023-24. Except Sukanya Samriddhi Yojana, the interest rates of any scheme have not been increased. The interest rate for Sukanya Samriddhi Yojana has been increased to 8.2 percent during the January to March quarter.
Interest rates increased for the second time
This is the second time in this financial year that the government has increased the interest rates for this scheme.
Earlier during the first quarter, the government had increased the interest rate of Sukanya Samriddhi Yojana from 7.6 percent to 8 percent.
If seen in this way, in the current financial year, the government has increased the interest rates of this scheme for daughters by .6 percent.
Increase in interest rates of fixed deposit scheme also
Along with Sukanya Samriddhi Yojana, the current interest rate on three-year fixed deposits will increase from seven percent to 7.1 percent. On the other hand, interest rates on PPF and savings deposits have been maintained at 7.1 percent and four percent respectively.
The interest rate on Kisan Vikas Patra is 7.5 percent and its maturity period is 115 months. The interest rate on National Savings Certificate (NSC) remains the same at 7.7 per cent for the period January 1 to March 31, 2024. There has been no increase in the interest rate (7.4 percent) for Monthly Income Scheme (MIS).
Sukanya Samriddhi Yojana is a government supported savings scheme launched for the benefit of the girl child. It is a part of the “Beti Bachao, Beti Padhao” scheme and parents of girl children below 10 years of age can open an account for the girl child under this scheme. This account can be opened in banks and post offices and the account can be operated till the age of 21 years or till the person gets married after the age of 18 years.
Eligibility for Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana account can be opened only by parents or legal guardians in the name of the girl child
The age of the girl child should be less than 10 years at the time of opening the account.
More than one Sukanya Samriddhi account cannot be opened for a girl child
A family is allowed to open only two SSY accounts
Note: Sukanya Samriddhi Account can be opened for more than two girls in some special cases which are given below-
If a girl child is born before the birth of twins or triplets or if triplets are born together, a third account can be opened.
If a girl child is born after the birth of twins or triplets, the third SSY account cannot be opened.
Benefits of investing in Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana, launched as part of the Beti Bachao Beti Padhao scheme, offers a variety of benefits. Some of the major benefits of this scheme are as follows:
Higher interest rate- SSY is a scheme with better interest rate compared to other government schemes like PPF. In this scheme, currently i.e. as per Q3 financial year 2023-24, interest is being given at the rate of 8%.
Guaranteed Returns- Since Sukanya Samriddhi Yojana is a government scheme, it offers guaranteed returns.
Tax Benefit- Rs 1.5 lakh annually under Section 80C of Sukanya Samriddhi Yojana. Tax exemption is available up to.
Invest as per your convenience – Any person can invest a minimum of Rs 250 in a year. And maximum Rs 1.5 lakh. Can deposit annually. This ensures that no matter what your financial situation is, you can invest in this scheme accordingly.
Benefit of Compounding- Sukanya Samriddhi Yojana (SSY) is a long term investment plan as it offers the benefit of annual compounding interest. Therefore, even if you invest less, you will get good returns in the long run.
Easy Transfer – Sukanya Samriddhi account can be freely transferred from one part of the country to another (bank/post office).
Sukanya Samriddhi Yojana (SSY) Deposit Limit
Any person can earn minimum Rs 250 in a year. And maximum Rs 1.5 lakh. Can deposit annually. You will have to deposit at least the minimum amount in the account every year for 15 years from the date of account opening. After this, interest will continue to be received in the account till maturity.
Sukanya Samriddhi Yojana (SSY) Duration / Maturity Period
The duration of Sukanya Samriddhi Yojana is till the girl turns 21 or gets married after the age of 18. However, you have to make this investment only for 15 years from the date of account opening. After this, interest will continue to be received in the account till maturity, even if no deposit has been made in it.
Other key features of Sukanya Samriddhi Yojana (SSY)
If an SSY account holder deposits Rs 250. If a person is not able to deposit even the minimum amount, his account will be called ‘Default Account’. But even on this default account, applicable interest will continue till the date of maturity. However, the defaulted account must have a minimum balance of Rs 250 before completion of 15 years from the date of account opening. Re-opening can be done by investing + Rs 50 (penalty).
After a girl turns 18, she can manage her SSY account by submitting all the required documents to the post office/bank where she has her account.
If the girl is above 18 years of age or after she passes 10th, up to 50% of the money can be withdrawn from the account for further studies. The money can be received all at once or in installments. Money can be taken only once in a year and in installments for a maximum of five years.
Premature closure of SSY account
After attaining the age of 18 years, the SSY account can be closed prematurely by the girl child for marriage expenses. However, apart from this, the account can be closed and the related amount can be withdrawn in some special circumstances:
Sudden death of the account holder: If the girl child registered in the scheme unfortunately dies, the parents or legal guardian can withdraw the amount and interest deposited in the account
Are. This amount will be immediately deposited in the nominee’s account. Additionally, the parents or legal guardian will have to submit documents related to the death of the account holder which should be verified by the concerned authorities.
Inability to continue the account: Sukanya Samriddhi Account can be closed prematurely if there is any direction from the Central Government that the investor is not eligible to invest in the account. If the depositor is facing any kind of financial difficulty due to investment in the account, it can be closed. Apart from this, it is necessary to take permission from the concerned authorities to close the account.
It should be noted that the account will be closed under Sukanya Samriddhi Yojana only in special cases like medical emergency.