Have you missed SSY investment contribution? Here's how to reactivate an inactive account

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Sukanya Samriddhi Scheme (SSY). This shift is primarily driven by apprehension regarding the freezing of investments in the latter. For those unfamiliar, SSY is a government-backed savings program specifically crafted to safeguard the future of girls.

It provides a variety of advantages, including: Elevated interest rate: The present annual interest rate for SSY stands at 8%, compounded annually. This rate is notably higher compared to the interest rates provided by the majority of other savings schemes. Tax advantages: Contributions to an SSY account qualify for tax deductions under Section 80C of the Income Tax Act, 1961.

Furthermore, the total amount received upon maturity is exempt from taxation. Extended investment horizon: The scheme is a long-term investment plan, featuring a maturity period of 21 years. This characteristic renders it well-suited for strategically planning for significant expenses like a daughter’s education or marriage.

Adaptable investment option: Parents have the flexibility to deposit any sum ranging from ₹250 to Rs. 1.5 lakh annually into an SSY account. Additionally, they can opt for monthly installment payments.

Convenient initiation: Opening SSY accounts is hassle-free and can be done at any post office or bank branch that provides the scheme. Persisting with substantial investments in this scheme enables the accumulation of a significant fund for your child’s future. Yet, if you cannot make the minimum annual deposit in your SSY account, the account will go inactive.