Children’s Day 2023: Four benefits of investing in Sukanya Samriddhi Yojana (SSY)

Children’s Day 2023: Every year, on November 14, Children’s Day is celebrated as a mark of respect to the first Prime Minister of independent India. Jawaharlal Nehru was fondly called ‘Chacha Nehru’. To celebrate the day, every year, several activities are organized for students in schools across the country.

On this day, let’s look at the benefits of the Sukanya Samriddhi Yojana (SSY), the popular girl-child savings scheme. The government offers nine types of small savings schemes including SSY. The interest rates on these savings schemes are reviewed every quarter. The interest rate on small savings schemes was last revised on 30 September.

SSY latest interest rates

Sukanya Samriddhi Yojana is a savings scheme designed to improve the lives of the nation’s girls.

SSA will continue to pay an interest rate of 8 percent per annum for the quarter ending December 31, 2023. This interest rate is calculated on an annual basis and is assessed annually. The available balance in the account between the fifth day and the end of the month will be used to determine the interest for the month, and interest will be issued to the account after each fiscal year.

Sukanya Samriddhi account withdrawal rules and maturity

After a girl turns 18, guardians can withdraw money from the account up to 50% of the balance in a financial year. According to the regulations laid down by the Department of Posts, withdrawals can be made in one transaction or in installments, with a maximum of one withdrawal per year and up to a 5 year limit.

Benefits of SSY

1) Being a government backed scheme, the Sukanya Samridhi Yojana offers guaranteed returns.

2) Sukanya Samriddhi Yojana (SSY) offers a competitive interest rate of 8 percent.

3) An investor can claim income tax benefits on up to 1.50 lakh invested in SSY account in single financial year under Section 80C of Income Tax Act. The interest generated through Sukanya Samriddhi Account (SSA) is tax free.

4) It is the minimum annual contribution to Sukanya Samriddhi Account 250 which is the maximum contribution 1.5 Lakh in a financial year.

Recently, the government has relaxed the norms for various small savings schemes, including the Public Provident Fund (PPF), the National Savings Time Deposit Scheme, and the Senior Citizens Savings Scheme.

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Updated: 14 November 2023, 01:14 PM IST

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