Kids’s Day 2023: 4 advantages of investing in Sukanya Samriddhi Yojana (SSY)

On this present day, let us take a look at the advantages of the Sukanya Samriddhi Yojana (SSY), the favored girl-child saving scheme. The federal government provides 9 sorts of small saving schemes together with SSY. The rates of interest on these saving schemes are revised each quarter. The rate of interest on small financial savings schemes was final revised on 30 September.

SSY newest rates of interest

Sukanya Samriddhi Yojana is a financial savings scheme designed to enhance the lives of women within the nation.

SSA will proceed to offer an rate of interest of 8 per cent per 12 months for the quarter ending December 31, 2023. This rate of interest is calculated on an annual foundation and is compounded yearly. The accessible stability within the account between the fifth day and the tip of the month might be used to find out curiosity for the month, and curiosity might be issued to the account after every fiscal 12 months.

Sukanya Samriddhi account withdrawal and maturity guidelines

After a woman reaches 18 years of age, guardians can withdraw cash from the account as much as 50% of the stability in a monetary 12 months. In keeping with the laws set by the Division of Posts, withdrawals will be completed in a single transaction or installments, with a most of 1 withdrawal per 12 months with as much as a restrict of 5 years.

Advantages of SSY

1) Being a government-backed scheme, the Sukanya Samridhi Yojana provides assured returns. 

2) Sukanya Samriddhi Yojana (SSY) provides a aggressive rate of interest of 8 per cent.

3) An investor can declare revenue tax advantages on as much as ₹1.50 lakh invested in an SSY account within the single monetary 12 months underneath Part 80C of the Revenue Tax Act. The curiosity generated by way of the Sukanya Samriddhi Account (SSA) is tax-free.

4) The minimal annual contribution to the Sukanya Samriddhi Account is ₹250 and the utmost contribution is ₹1.5 Lakh in a monetary 12 months.

Lately, the federal government has relaxed the norms for varied small financial savings schemes, together with the Public Provident Fund (PPF), Nationwide Financial savings Time Deposit Scheme, and Senior Citizen’s Financial savings Scheme.

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Up to date: 14 Nov 2023, 01:14 PM IST