Sukanya Samriddhi Yojana interest rate hiked for Jan-March quarter; check latest SSY rate
Sukanya Samriddhi Yojana (SSY) for the January-March quarter. Sukanya Samriddhi is a unique program designed specifically for girls. A girl's natural or legal guardian can create an account in her name from the time of her birth until she turns ten years old. This program will help parents to fund their girl child’s higher education and/or marriage as well as ensure her financial future because it offers guaranteed interest income and tax deductions.
Sukanya Samriddhi, 3-year post office FD rates hiked up to 20 bps; check latest small savings schemes interest rates
What is the latest SSY interest rate
The interest rate of Sukanya Samriddhi Yojana scheme was hiked by 20 bps for the January-March 2024 quarter. It has been hiked from 8% to 8.2% for the quarter.
Features of SSY
Age of Girl Child at time of Account Opening: Age should not be than 10 years.
Tenure of the Deposit: 21 years from the date of opening of the account
Maximum period upto which deposits can be made: 14 years from the date of opening of the account
Tax Rebate: As applicable under section 80C of the IT Act, 1961. Triple Tax Benefit — Principal invested, the interest earned as well as the maturity amount is tax free.
Premature Closure: Permitted in the event of the depositor's death or in situations involving deeply compassionate justifications, such as the need for medical care for conditions that pose a serious threat to life, as long as the Central Government issues an order authorising it.
Irregular Payment/ Revival of account: By payment of penalty of Rs.50 per year along with the minimum specified amount per year.
Withdrawal: For the purpose of higher study and marriage after turning 18 years old, 50% of the amount in the account as of the
