Government Increases Sukanya Samriddhi Yojana Rates Pre-Lok Sabha 2024 Elections. Explore Latest SSY Rates.
Sukanya Samriddhi Yojana Scheme Boosts Interest Rates by 20 Basis Points for January-March Quarter.
Interest Rate Increase in Sukanya Samriddhi Yojana: In anticipation of the upcoming Lok Sabha polls in 2024, the Narendra Modi government has increased the interest rates for the Sukanya Samriddhi Yojana (SSY) scheme by 20 basis points for the January-March quarter. As per a circular from the finance ministry, the interest rate for deposits under the Sukanya Samriddhi scheme has been raised from the current 8 percent to 8.2 percent. It's worth noting that the government regularly notifies the interest rates for small savings schemes, which are primarily managed by post offices, on a quarterly basis.
Advantages of Sukanya Samriddhi Yojana (SSY)
1) With the backing of the government, Sukanya Samridhi Yojana ensures guaranteed returns for investors.
2) Investors can avail income tax benefits on investments up to ₹1.50 lakh within a financial year in an SSY account, as per Section 80C of the Income Tax Act.
3) The interest earned on Sukanya Samriddhi Account (SSA) is exempt from taxation.
4) Contributors to the Sukanya Samriddhi Account are required to make a minimum annual deposit of ₹250, while the maximum contribution allowed is ₹1.5 lakh within a financial year.
Withdrawal and Maturity Regulations for Sukanya Samriddhi Account
Once a girl turns 18, guardians have the option to withdraw up to 50% of the balance from the Sukanya Samriddhi account within a financial year. As per the guidelines from the Department of Posts, withdrawals can be made in a single transaction or through installments. However, there's a limit of one withdrawal per year, and this can be done for up to a maximum of 5 years.
Interest Rates for Small Savings Schemes Increased by Up to 20 Basis Points for the Fourth Quarter of FY24.
In the January-March quarter, the government has increased the interest rates for the three-year term deposit scheme by 10 basis points. This adjustment takes the rate up to 7.1 percent from the previous 7 percent. It's important to note that rates for all other small savings schemes remain unchanged.
Latest Interest Rates for Small Savings Schemes in the January-March 2024 Quarter
- Public Provident Fund (PPF): 7.1%
- Senior Citizens Savings Scheme (SCSS): 8.2%
- Sukanya Samriddhi Yojana: 8.2%
- National Savings Certificate (NSC): 7.7%
- Post Office Monthly Income Scheme: 7.4%
- Kisan Vikas Patra: 7.5%
- 1-Year Deposit: 6.9%
- 2-Year Deposit: 7.0%
- 3-Year Deposit: 7.1%
- 5-Year Deposit: 7.5%
- 5-Year Recurring Deposit (RD): 6.7%
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