International Girl Child Day 2022: International Day of the Girl Child is an annual and internationally recognized one on 11 October. On this day, let’s look at the benefits of Sukanya Samriddhi Yojana (SSY). Though the government raised interest rates for several small savings schemes starting this month (October 1), the SSY interest rate remained unchanged. SSY will continue to offer 7.6% on accounts. The interest rate on small savings schemes was last revised during the first quarter of 2020-21, when the rates were reduced.
Interest rates for small savings schemes are notified on a quarterly basis.
What is Sukanya Samriddhi?
Sukanya Samriddhi Yojana There is a savings scheme designed to improve the lives of girls in the country. This scheme launched under the Beti Bachao, Beti Padhao initiative is a good option for parents to invest in the future of their girl child.
A Sukanya Samriddhi Account (SSA) can be opened with a minimum deposit amount 250. to the extent of 1.50 lakh in a financial year and can be deposited for a maximum period of 15 years after opening the account.
Tax Benefits on SSY
Under Section 80C of the Income Tax Act, the interest generated through Sukanya Samriddhi Account (SSA) is tax-free.
Interest Rates on SSY
Education for all campaign It will continue to offer an interest rate of 7.6 per cent per annum for the quarter ended December 31, 2022. This interest rate is calculated on an annual basis and is compounded annually. The balance available in the account between the fifth day and the end of the month will be used to determine interest for the month, and interest will be released to the account at the close of each financial year.
A parent can open a Sukanya Samriddhi Account subject to the age eligibility criteria. A guardian can open only one account in the name of one girl child and maximum two accounts in the name of two different girl children.
Deposits can be made in Sukanya Samriddhi Account till the completion of 15 years from the date of account opening.
SSY Withdrawal Rules
Partial withdrawal is allowed after the account holder attains the age of 18 years on the occasion of marriage. The account can be closed after the completion of 21 years.
Sukanya Samriddhi Account customers can make online deposits in the accounts through intra-operable net banking and IPPB savings account.
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