The Sukanya Samriddhi Yojana (SSY) is a popular government-backed savings scheme designed to secure the financial future of girl children in India. With new updates, parents and guardians can now enjoy even greater benefits. In this blog, we’ll dive into the latest changes, including interest rate adjustments, tax benefits, and more.
Key Features of the Sukanya Samriddhi Yojana
Eligibility: For girls below 10 years of age.
Minimum and Maximum Deposit: You can start with a minimum deposit of Rs. 250, and up to Rs. 1.5 lakh per financial year.
Interest Rate: Updated quarterly by the government.
Maturity: The scheme matures after 21 years or upon the marriage of the account holder after age 18.
Tax Benefits: Contributions, interest, and maturity proceeds are tax-free under Section 80C.
Latest Updates in Sukanya Samriddhi Yojana
Interest Rate UpdateFor the current quarter, the interest rate on Sukanya Samriddhi Yojana stands at 8.2% This new rate makes SSY one of the highest-yielding government-backed schemes for parents aiming for long-term financial goals.
Increased Tax BenefitsSSY continues to offer tax-free returns, and the contributions fall under Section 80C of the Income Tax Act, with an exemption limit of Rs. 1.5 lakh. If there are any recent changes to tax deductions or exemptions related to SSY, highlight them here.
Additional Flexibility in WithdrawalsThe government has also introduced more flexible withdrawal options. Partial withdrawal for educational purposes can now be made once the girl child turns 18, allowing easier access to funds for higher education or other essential needs.
Digital Access and Easy MonitoringMany banks are now offering online access to SSY accounts, allowing parents to monitor deposits and interest growth digitally. If there are new digital features or app-based support, mention those here.
How to Open an SSY Account with the New Updates
Eligibility Check: Ensure your daughter is below 10 years old.
Documentation: You’ll need the birth certificate of the child, the identity proof of the parent/guardian, and residential proof.
Where to Open: Visit any post office or designated bank branch to open an SSY account.
Account Transfer: If you move to another city, you can easily transfer the account to a nearby bank or post office branch.