The scheme allows the guardian of the girl child to open the savings account for their girl child in any authorized commercial bank or Indian Post Office. SSY scheme offers attractive rates of interest that is similar to other small savings scheme. PPF: After 5 years only in case of Severe Illness, Higher Education and NRI status. Product information is authentic and solely based on the information received from the Insurer© Copyright 2008-2020 policybazaar.com. Watch Leaders of Tomorrow Season 8 eAwards on 13th of September 2020, 5pm onwards on Times Network. SSY scheme was launched by Prime Minister Shri Narendra Modi on 22nd January 2015, and it is a part of the government’s ‘Beti Bachao, Beti Padhao’ campaign. Moreover, it is also an excellent investment option to finance the higher education of the girl child. The parents/legal guardian can open only one SSY account per child. The scheme tenure is of 21 years till or unit the girl gets married after the age of 18 years. Q: Is there any difference between the Sukanya Samriddhi Yojana interest rates offered by banks and post offices? In addition to this, in case of the uncertain demise of the parent or if any medical emergency happens, the premature withdrawals can be made after completion of the 5 years of the scheme from the date of initiation. Here is the list of banks that offers Sukanya Samriddhi Scheme: The government of India has taken up different initiatives to empower and educate the financial freedom for the girl child. Under Section 80C of the Income-Tax Act, 1961, no tax is levied on the amount invested, the amount earned as interest and amount withdrawn. This scheme was launched with an objective to promote the welfare of the girl child. The Sukanya Samriddhi Account Rules, 2016 was rescinded on 12 December 2019 and the new Sukanya Samriddhi Account Scheme, 2019 was introduced. IRDAI/WBA21/15 Valid till 13/07/2021. Tax benefits can be availed under the SSY scheme is exempt, exempt, exempt (EEE) form: If the girl child reaches 18 years of age, the account holder of the scheme can make premature withdrawals. However, it may be noted that the maximum period up to which deposits can be made is 15 years from the date of opening of the account. Back in the year 2015, the government of India launched Sukanya Samriddhi Yojana under the campaign of ‘Beti Bachao, Beti Padhao’. The scheme motivates the parents/legal guardian of the girl child to build a fund for marriage expenses and future educational purposes. The scheme currently provides an interest rate of 7.6% (for Apr-July 2020 quarter) and tax benefits. The Pradhan Mantri Sukanya Samriddhi Yojana provides an opportunity for the parent of the girl child to create a financially secure future for their child right from the beginning. The deposition made towards the account can be in the form of online transfer, demand draft, cash or cheque. Shows the year of maturity for your SSY account. In the year 2020, the government has reduced the interest rates on various small money-saving schemes including the Sukanya Samriddhi Yojana (SSY). The account has to be opened before the girl attains 10 years of age. Once the girl reached 18 years of age, she can operate her account. The minimum contribution limit has been revised to Rs.250, which was earlier Rs.1000. New Delhi: Sukanya Samriddi Scheme is a small savings scheme launched for girl children. *The information provided on this website/page is only for information sake. Sukanya Samriddhi Account fetches a lower rate of interest at 8.4 per cent, down by 0.1 per cent, respectively, from the previous rate of 8.5 per cent. 06 Registration Code No. An individual can start investing in SSY with a minimum of Rs.250 and can invest up to a maximum of Rs.1.5 lakh in a financial year. With investing in Sukanya Samriddhi Account, the parents or the legal guardians of the girl child can claim the income tax deduction. The interest earned on the invested amount is tax-free. The interest rate on Sukanya Samriddhi Yojana has compounded annually. Get the latest investment tips at Times Now and also for more news on money saving tips, follow us on Google news. Insurance is the subject matter of solicitation.Visitors are hereby informed that their information submitted on the website may be shared with insurers. The SSY interest rates are fixed by the government each quarter and this is applicable to post offices and banks as well. We Would love to interact with you, Sukanya Samriddhi Yojana Interest Rates 2020, Benefits Offered by Sukanya Samriddhi Yojana, Eligibility Criteria for Opening Sukanya Samariddhi Yojana Account, Sukanya Samriddhi Account Offered by Banks, Best Investment Options to Ensure Financially Secured Future for Your Child, Everything that You Should Know- Child Insurance Plan, Know How to create a secure and stable future for your child, 5 Benefits of Sukanya Samriddhi Yojana for Girl Child by the Govt of India, Best Child Investment Plans to Invest in 2020. The value of the SSY investment at the end of 15 years assuming 7.6% p.a is equal to Rs 3, 42, 000. However, partial withdrawal of up to 50% of the balance in your SSY account is allowed after the girls turn 18 years old for either marriage or higher education purposes. The interest rate is fixed by the government and revised quarterly. | India Development Debate, Farm Fury Spills Onto The Streets | India Development Debate. | Newshour Debate, Is The Bitcoin Mania Back? However, Sukanya Samriddhi Yojana scheme can be opened for more than two girls in some special cases like: A minimum amount of Rs 250 has to be deposited initially. The account with SBI can be opened with a minimum amount of Rs 1,000 as an initial deposit with multiple of one hundred rupees thereafter with an annual ceiling of Rs 1,50,000 in a fiscal. Currently, the Sukanya Samriddhi Yojana interest rate stands at 7.6%. Hence, the amount is almost doubled by investing in this guaranteed return investment in the long term. Along with securing the financial future of the girl child, there are many other benefits offered by Sukanya Samriddhi Yojana. The scheme tenure is of 21 years till or unit the girl gets married after the age of 18 years. For the financial year 2020, currently, the Sukanya Samriddhi Yojana interest rate is 7.6% compounded yearly. Sukanya Samriddhi Yojana’s interest rate is fixed by the government at the beginning of each year and is applicable to both private and public sector banks. Sukanya Samriddhi Yojana (SSY) is a savings scheme started by the Government of India that encourages parents to save money for their girl child. Approval for registration as an Insurance Broker is pending with the IRDAI. One of the major advantages of SSY is that it offers a higher interest rate as compared to the other savings scheme. The tenure of the deposit is 21 years from the date of opening of the account. Deposit Limit: Minimum INR. Let’s take a look at some of the salient features of the scheme: Here are the eligibility criteria for opening the Sukanya Samriddhi Yojana account. Q: Is Sukanya Samriddhi Yojana interest rate the same in all the private and public sector banks? The maximum amount that one can deposit is Rs 1, 50, 000. b) If a girl child is born before the birth of twin or triplet girls, or the triplets are born earlier, then a third SSY account can be opened. Subsequently, the parents/legal guardian can deposit any amount in multiples of Rs 100. SBI Sukanya Samriddhi account, check latest interest rates , Public Provident Fund (PPF) vs Sukanya Samriddhi Account; 5 key differences explained, SCSS, PPF, NSC, Sukanya Samriddhi accounts offer minimum 8% interest, Lalu Prasad Yadav can access phone in jail, RJD insider confirms VIP perks | The Newshour Agenda, Land grab allegation on PDP, Who was Party paying rent to?