Before we tell you about how the Sukanya Samriddhi Yojana interest rate will benefit you, picture a scenario. You are part of a football team, playing a match. Your team’s performance has been admirable so far but then all of a sudden, your captain decides to bench half of the team. There’s no reason, just his absolute command.
It sounds ridiculous, right? Why would you ignore half of your team members when the performance is going well? After all, you need the full team if you want to win the match. Thankfully, this ridiculous scenario does not happen in any team sports. However, you will find this in the actual society we live in.
We, as a society, favor our men more than our women. In fact, we expect the women also to support the men, even if it means giving up their own aspirations and lives. Now if we are living in this fashion, can our society truly flourish?
It’s a no-brainer. This is also why the Sukanya Samriddhi Yojana scheme has been introduced for the girl child.
Sukanya Samriddhi Yojana Explained
The Sukanya Samriddhi Yojana scheme is a government-backed deposit scheme, designed towards promoting the welfare of the girl child. Parents of a girl child can invest in this scheme and receive the Sukanya Samriddhi Yojana interest on it.
This is one of the biggest benefits of investing with the Sukanya Samriddhi Yojana interest rate. This SSY interest rate is compounded annually, yielding bigger amounts over the course of the scheme. In addition to this Sukanya Samriddhi Yojana interest rate, you also get to enjoy tax benefits upto Rs 1.5 lakh. This is as per the guidelines in section 80C of the Income-Tax Act.
Considering these two benefits, it is no surprise that the scheme is immensely popular.
Did You Know?
Rs 1.39 cr has been saved under the Sukanya Samriddhi Yojana scheme, as of 31st March 2022.
Features of Sukanya Samriddhi Yojana
If you are interested in investing in the Sukanya Samriddhi Yojana, then you need to be aware of its important features.
Who Can Own an Sukanya Samriddhi Yojana Account?
The SSY account will be in your name, if you are the legal guardian or the parent of a girl child who is younger than 10 years.
The control of the account will transfer over to the girl once she turns 18 years old.
What All Should I Submit To Open an Sukanya Samriddhi Yojana Account?
To answer this question, go through the list below:
- Duly filled SSY account opening form.
- Birth certificate of the girl child.
- An ID along with address proof of the depositor.
- Medical certificate, in special cases.
- All the important documents that the bank or the post office requires.
How Do You Open an Sukanya Samriddhi Yojana Account?
Avail the benefit of the Sukanya Samriddhi Yojana interest rate by opening an SSY account. Here’s how you do it:
- At your nearest bank or post office branch, get and submit a duly filled SSY application form.
- Make sure you also provide all the important documents that are required.
- You should make the deposit. This can be as small as Rs 250 or as big as Rs 1.5 lakh. The Sukanya Samriddhi Yojana interest rate would act on this.
- Once the documents and application submission are complete, the bank or the post office will verify it. Once that is done, your SSY account will be opened.
How Do You Submit a Form for Sukanya Samriddhi Yojana Post Office?
Go to the closest post office branch. Request an SSY account opening form. Mention all the important details that are asked of you. In addition to this, you will also have to submit necessary documents. Choose your nominees and submit the details accordingly as well.
What If You Want to Pay for Sukanya Samriddhi Yojana Online?
If you want to pay for Sukanya Samriddhi Yojana online, install the IPBB app. Deposit the money into the IPBB account and submit the required documents. After the formalities are done, you will be notified of the payment routine.
How Much Money Can We Deposit in the SSY Account?
Now that you know about the Sukanya Samriddhi Yohana interest rate, you would want to avail its benefits. But now the question comes: How much can you invest?
Well, you can make a minimum investment of Rs 250 in one year. On the other hand, you can also make Rs. 1.5 lakh at the most. All of the deposits that you make, has to be in multiples of 100.
How Long Is this Scheme Valid For?
It’s natural to be curious to know how long you can benefit from the Sukanya Samriddhi Yojana interest rate. You can enjoy the advantages for 21 years. However, know that you need to make investments for 15 years.
Can I Transfer the SSY Account?
It is very easy and convenient to transfer a SSY account from a bank to a post office. You can also do the opposite.
How Do You Make the Deposit?
You can make a deposit through online mode, demand draft or a cheque. If neither of the options appeal to you, then you can make a deposit through cash.
What is The Sukanya Samriddhi Yojana Interest Rate?
One of the main benefits of investing in this scheme is that you get Sukanya Samriddhi Yojana interest rate. This rate is decided by the government on a quarterly basis. As of now, it stands at 7.6%. This was a decrease from the 8.4% of the previous quarterly.
This interest rate is compounded annually, giving you a high maturity amount at its course.
How Do You Calculate Profit on Sukanya Samriddhi Yojana Interest Rate?
It’s crucial that you understand how the Sukanya Samriddhi interest rate works. Between the 5th and the last day of the month, all the interests are calculated. This is done on the lowest balance in your SSY account. So, if you want to receive a greater interest, you should ensure that the amount is deposited into the account well before the 5th of the particular month.
When the financial year ends, you will be credited with the interest. This would be done at the rate of 7.6%.
Word To Remember
Corpus Money
This term refers to the sum total of all the funds invested by different investors in a particular scheme.
Conclusion
Sukanya Samriddhi scheme is a government backed-deposit scheme that seeks to push parents of girl children to build the future of their daughters. This scheme offers tax benefits and the highly beneficial Sukanya Samriddhi Yojana interest rate, which gets compounded annually. You can secure the welfare of your girl child by investing in this scheme. Do give the Sukanya Samriddhi Yojana official website for more details.
FAQ
From April 2021, the government of India has set the Sukanya Samriddhi Yojana interest rate at 7.6%.
The government of India decides it on a quarterly basis.
You can open an account in your name if your girl child is younger than 10 years old. Once she turns 18, she will have complete ownership of the account.
If you invest in this scheme, you get a Sukanya interest rate, which gets compounded annually. Over the course of this scheme, this Sukanya Samriddhi account interest rate is calculated in a compounded manner, which yields a bigger mature amount. In addition to this, you also get to enjoy tax benefit of upto Rs 1.5 lakh.
Yes. In the case of an untimely death, you can withdraw your funds from the SSY account.
