Interest rate on Sukanya Samriddhi is set by the government along with other small savings schemes. For the quarter July-September 2023, the government has kept the rates unchanged at 8% calculated on yearly basis ,yearly compounded. The interest will be calculated for the calendar month on the lowest balance in the account between the close of the fifth day and the end of the month. Interest shall be credited to the account at the end of each Financial year.Features of SSY The annual minimum investment is Rs 250 while the annual maximum investment is Rs 1,50,000. The tenure of SSY is 21 years. Under Section 80C, the principle deposited, interest generated during the whole term, and maturity benefits are all tax-exempt. Anywhere in India, from one post office or bank to another, the account can be transferred. Even after maturity, if the account is not closed, interest is paid.
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Deposit Maximum deposits are permitted up to 15 years after the date of opening. If a minimum deposit of Rs. 250 is not made in a given FY, the account is said to be in default. Defaulted accounts can be revived before 15 years completion by paying a minimum of Rs. 250 plus Rs. 50 for each year that was in default.SSY withdrawal (i) After a girl child becomes 18 or has completed the 10th grade, withdrawals can be made from the account. (ii) Withdrawals are permitted up to 50% of the balance that was available at the conclusion of the last F.Y. (iii) Withdrawals may be made in full or in a maximum of five equal payments, up to the stipulated ceiling and subject to the real necessity
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