Recent Announcement regarding Sukanya Samriddhi Yojana Scheme
The Narendra Modi government has announced an increase in the interest rates on the Sukanya Samriddhi Yojana scheme (SSY) for the January-March quarter. This move comes ahead of the Lok Sabha polls in 2024. According to a circular issued by the finance ministry, the deposit under the Sukanya Samriddhi scheme will now attract an interest rate of 8.2 per cent, up from the existing 8 per cent.
The Sukanya Samriddhi Yojana scheme is a government-backed scheme that offers guaranteed returns to investors. One of the key benefits of this scheme is that investors can 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. Additionally, the interest generated through the Sukanya Samriddhi Account (SSA) is tax-free.
The minimum annual contribution to the Sukanya Samriddhi Account is ₹250, while the maximum contribution is ₹1.5 lakh in a financial year. After a girl reaches 18 years of age, guardians can withdraw money from the account up to 50% of the balance in a financial year. Withdrawals can be made in a single transaction or installments, with a maximum of one withdrawal per year for up to a limit of 5 years, as per the regulations set by the Department of Posts. Know more about this on Official gov site here.
In addition to the Sukanya Samriddhi Yojana scheme, the government has also increased the interest rate on the three-year term deposit scheme by 10 basis points for the January-March quarter. The rates for all other small savings schemes remain unchanged.
Here are the latest interest rates for small savings schemes for the January-March 2024 quarter:
– PPF – 7.1%
– SCSS – 8.2%
– Sukanya Yojana – 8.2%
– NSC – 7.7%
– PO-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 RD – 6.7%
These revised rates provide individuals with an opportunity to earn higher returns on their investments in small savings schemes.
Also Read – Ram Mandir Official Advises Against Ayodhya Visit on January 22
