Sukanya Samriddhi Yojana: What interest rate Govt keep for SSY for July-September 2024 quarter?
The Sukanya Samriddhi Yojana was introduced by our Prime Minister Narendra Modi to secure the financial future for a girl child in India. The interest rate has been set at 8.2% per annum for the July-September quarter of 2024.
What is Sukanya Samriddhi Account (SSA)?
The Sukanya Samriddhi Account (SSA) is launched by the Government of India for savings with the aim to secure a bright future for the girl child. This scheme motivates parents to save for their daughter’s education and marriage. Being a part of the campaign ‘Beti Bachao, Beti Padhao’, this scheme also promotes the well-being of girls in India. This account provides good interest rates and tax benefits to the girl and can be opened in the name of a girl child.
Who Can Open an SSY Account?
The parents or legal guardians of the girl are eligible to open the SSY account. One girl can open only one account not more than that and should open it before turning the age of 10. If a family has two daughters they can open their account separately. The aim is to provide financial support to the girls for their future.
What is the Latest Interest Rate for the Sukanya Samriddhi Account?
The interest rate of this scheme has been set at 8.2% per annum for the July-September 2024 quarter. This rate is compounded annually. Which means interest is calculated on the accumulated amount. This results in growing savings faster. The interest rates are changed by the government every quarter to provide the best option for long-term savings.
How Many SSY Accounts Can Be Opened in One Family?
The maximum number of Sukanya Samriddhi Accounts that can be opened by a family is two, one account per girl child. But for some specific cases such as twins or triplets, you can open more than two accounts. The government has provided this flexibility so that everyone can get equal benefits from the scheme without any restrictions.
Sukanya Samriddhi Account Details
You have to deposit a minimum amount of Rs.250 for opening the SSY account and the maximum deposit is Rs.1.5 lakh in a year. You can make deposits in multiples of Rs.50. The maturity of the account is 21 years from the date when you open this account or till the marriage of the girl after she turns 18. You can withdraw half of the amount when the girl turns 18 years of age for her higher education or marriage. This account is transferable anywhere in India in case a girl moves to another city or state.
Sukanya Samriddhi Account Taxation
Apart from the financial security benefits you will also get benefits of tax. Under Section 80C of the Income Tax Act, the deposits you’ve made in the account are eligible for tax deductions up to a limit of Rs.1.5 lakh per year. You will be able to enjoy your tax benefits at all three stages investment, earning and withdrawal.
The Sukanya Samriddhi Yojana is an excellent initiative for parents to secure their daughters’ futures with disciplined savings. It offers an attractive interest rate of 8.2%. This rate applies to the July-September 2024 quarter. Additionally, it includes substantial tax benefits. It stands out as a reliable and beneficial savings scheme. By opening an SSY account parents can ensure their daughter’s education is funded. Marriage expenses are well taken care of. This fosters a secure and promising future for their girl child.
