Post Title: Sukanya Samriddhi Yojana (SSY) 2023: Interest Rate, Eligibility, Tax Benefits, and How to Invest.
“Sukanya Samriddhi Yojana: Hello friends, welcome to Sarkari jobs Get. Today, we will discuss the Sukanya Samriddhi Yojana introduced by the Indian government. The Sukanya Samriddhi Yojana is designed to improve the lives and fulfill the dreams of Indian girls under the ‘Beti Bachao, Beti Padhao‘ campaign. This scheme covers the education, marriage, and future expenses of girls, with the government contributing to these costs.
Sukanya Samriddhi Yojana is a savings plan where parents can invest for a minimum of 10 years to secure the future of their daughters. The government allows investments ranging from ₹250 to one and a half million rupees in this scheme. This scheme is specifically designed for the well-being of girls, ensuring their future security and providing for their future expenses.
Parents can invest in this scheme for up to 10 years, and the accumulated amount can be used for their daughter’s marriage, education, and other related expenses over a 15-year period. Any resident of India can open an account under Sukanya Samriddhi Yojana in the name of their daughters. Let’s explore some key features of the Sukanya Samriddhi Yojana to make it easier for you to understand the benefits and take full advantage of the Indian government’s initiative for your daughters.
As mentioned earlier, Sukanya Samriddhi Yojana involves investing in the name of daughters. Parents can deposit up to ₹1.5 lakh per year in this scheme. When the scheme matures, you can receive up to ₹4.48 lakh. The Indian government initiated this scheme to secure the future of girls aged 1 to 10 years. Under this scheme, parents or any family member can open an account in the name of the girl for Sukanya Samriddhi Yojana.
In Sukanya Samriddhi Yojana, you get a higher interest rate compared to other schemes. Moreover, being a government scheme, it is entirely secure, and there is no risk involved. When you invest in this scheme, you receive a substantial amount during maturity, making it easier for you to handle significant expenses such as your daughter’s marriage or education. To open an account in Sukanya Samriddhi Yojana, you need to visit a nearby post office or a bank that accepts the form for this scheme.”
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Sukanya Samriddhi Yojana: tax benefit and higher interest
The money you invest in the Sukanya Samriddhi Yojana gets an interest rate of 8%. There are three ways that you might profit from tax benefits under this tax-free government plan. You will receive returns from the government of India scheme that are fully tax-free. The Sukanya Samriddhi Yojana is an excellent program that you can invest in to help ensure your daughters have a better future than other schemes.
Maturity Period
The Sukanya Samriddhi Yojana has a 21-year maturity duration. This implies that your daughter will be able to handle her account on her own when she turns 21. Put differently, a newborn girl’s Sukanya Samriddhi Yojana account takes a full 21 years to mature if you start one for her. You can only invest in this scheme for a maximum of 15 years, though. You continue to receive the interest stipulated for the Sukanya Samriddhi Yojana during the six years it takes the scheme to mature, even after the investment period has ended. You get rewards with compound interest during this period.
Maximum Deposit in Sukanya Samriddhi Yojana
The minimum and maximum yearly investment amounts for the Sukanya Samriddhi Yojana are Rs. 250 and Rs. 1.5 lakh, respectively. The interest rate is 8% annually over the course of the 15-year investment period. You can make monthly or yearly investments in this scheme.
It is possible to make monthly or annual deposits into the Sukanya Samriddhi Yojana. You must pay the premium for this plan for a period of 15 years. You must deposit the premium amount each month if you select the monthly installment option. You will only have to pay the premium once a year if you want to make an annual payment. The Sukanya Samriddhi Yojana is available for investment at the post office or bank closest to you. There are several ways that you can deposit money into the Sukanya Samriddhi Yojana:
- Cash
- Cheque
- Demand Draft
- Online E-transfer
The banks that offer Sukanya Samriddhi Yojana are as follows:
- Indian Bank
- State Bank of India
- Bank of Maharashtra
- Punjab and Sind Bank
- Indian Overseas Bank
- UCO Bank
- IDBI Bank
- Bank of Baroda
- Bank of India
- HDFC Bank
- Canara Bank
- Central Bank of India
- Axis Bank
- Union Bank of India
- Punjab National Bank
- ICICI Bank
Sukanya Samriddhi Yojana Benefits:
- A girl under the age of ten may have an account opened in her name.
- Parents or legal guardians of the girl can invest a minimum of Rs. 250 and a maximum of Rs. 1.5 lakh per financial year under the Sukanya Samriddhi Yojana.
- Sukanya Samriddhi Yojana is a government scheme, that ensures security and provides excellent benefits.
- You can transfer the Sukanya Samriddhi account from one part of the country to another.
- After the girl turns 18, 50% of the amount can be withdrawn for her higher education.
- Parents who have adopted a girl child can also invest in this scheme.
- The scheme requires a premium payment for 15 years, and the maturity period is fixed at 21 years.
- As of the financial year 2023-24, the scheme offers an 8% interest rate.
- Once the girl reaches the age of 18, she can manage the account independently and make decisions related to it.
Eligibility for Sukanya Samriddhi Yojana:
- Only parents or legal guardians of the girl child can invest in Sukanya Samriddhi Yojana.
- The age of the girl must be less than 10 years at the time of opening the account.
- Only two accounts can be opened in one family under the scheme.
- A girl child is allowed to open one Sukanya Samriddhi account.
- In the case of twin girls as a second birth after the firstborn girl, a third account can be opened.
How to Apply for Sukanya Samriddhi Yojana 2023:
- To avail the benefits of Sukanya Samriddhi Yojana, visit your nearest post office or bank branch.
- Fill out the application form for investment under the Sukanya Samriddhi Yojana, attaching all necessary documents.
- Provide the necessary details for the investment from the side of the parents or guardians who wish to invest.
- After completing all the information, attach copies of the required documents along with the form.
- Deposit the application form and the premium amount in the post office or bank.
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Required Documents:
- Birth certificate of the girl child.
- Residence proof.
- PAN card and Aadhaar card of the parents or guardians.
- Mobile number.
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