The Narendra Modi government has recently raised the interest rates on the Sukanya Samriddhi Yojana (SSY) scheme by 20 basis points for the January-March quarter, ahead of Lok Sabha polls 2024. The SSY scheme is a small savings scheme aimed at promoting the welfare of girl children and was launched in 2015 under the Beti Bachao Beti Padhao initiative. The scheme has since been a popular choice among parents and guardians who wish to secure their daughter's future.
As per the latest announcement, the interest rate for the Sukanya Samriddhi Yojana scheme has been increased to 8.2%. This is a significant hike from the previous rate of 8%. The new rates are effective from the start of the new financial year, i.e., January-March 2024 quarter.
The Sukanya Samriddhi Yojana scheme is a government-backed deposit scheme that offers guaranteed returns to investors. It is open to parents or guardians of girl children below the age of ten years. The scheme allows investors to claim income tax benefits on up to ₹1.50 lakh invested in an SSY account in a single financial year under Section 80C of the Income Tax Act.
The scheme has been designed to help parents and guardians plan for their child's future and reduce their financial burden. The account can be opened in any post office across the country. The minimum amount of deposit is ₹250, and the maximum amount of deposit is ₹150,000 in one financial year. Subsequent deposits should be made in multiples of ₹100. There is no limit on the number of deposits made, and the option of lump-sum deposit is also available to the investor.
The Sukanya Samriddhi Yojana scheme is a girl child-focused scheme that can be used to save money for the daughter's higher education and marriage expenses. The scheme offers tax savings and attractive interest rates, making it an ideal investment option for parents and guardians. The interest rate is compounded on a yearly basis and is exempted from tax.
Interest rates for Jan-March 2024
Savings Deposit: 4 per cent
1-Year Post Office Time Deposits: 6.9 per cent
2-Year Post Office Time Deposits: 7.0 per cent
3-Year Post Office Time Deposits: 7.1 per cent
5-Year Post Office Time Deposits: 7.5 per cent
5-Year Recurring Deposits: 6.7 per cent (6.5 per cent earlier)
National Saving Certificates (NSC): 7.7 per cent
Kisan Vikas Patra: 7.5 per cent (will mature in 115 months)
Public Provident Fund: 7.1 per cent
Sukanya Samriddhi Account: 8.2 per cent
Senior Citizens Savings Scheme: 8.2 per cent
Monthly Income Account: 7.4 per cent.
The scheme has been a popular choice among parents and guardians since its launch in 2015. The government has been making regular adjustments to the interest rates of the scheme to keep up with the changing economic conditions. The latest hike in interest rates is expected to make the scheme even more attractive to investors.
In conclusion, the Sukanya Samriddhi Yojana scheme is a great investment option for parents and guardians who wish to secure their daughter's future. The scheme offers guaranteed returns, tax savings, and attractive interest rates, making it an ideal choice for long-term investments. The recent hike in interest rates is a welcome move that will benefit investors and promote the welfare of girl children in India.
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