Sukanya Samriddhi Yojana

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Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana

News: Recently, the government has increased the interest rate on the Sukanya Samriddhi Yojana (SSY). The new interest rate is 8.2%, up from the previous 8%.

What is the Sukanya Samriddhi Yojana?
• The Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme in India, launched as part of the ‘Beti Bachao Beti Padhao’ campaign. It’s aimed at securing the financial future of girl children.

Key Features:

Account Holder	The account can be opened by a parent or legal guardian for a girl child below the age of 10 years
Account Limit	Only one account is allowed per girl child, and a family can open a maximum of two SSY accounts
Investment Range	The minimum investment is ₹250 per annum, while the maximum investment is capped at ₹1,50,000 per annum
Interest Rate	The interest rate is declared by the government quarterly
Maturity Period	The scheme has a maturity period of 21 years
Tax Benefits	The principal amount and interest are exempt from taxation. The investment is also deductible under section 80C up to ₹1,50,000
Key Purpose	This scheme is designed to encourage parents to build a financial reserve for their daughters’ future needs. It addresses the educational and marriage expenses for girl children
Application	Applications for SSY can be submitted through Post Offices or the branches of Public Sector Banks, including HDFC Bank, Axis Bank, and ICICI Bank