New Delhi, In a strategic move preceding the 2024 Lok Sabha elections, the Narendra Modi government has increased the interest rates on the Sukanya Samriddhi Yojana (SSY) scheme. The interest rates for the January-March quarter have been raised by 20 basis points, elevating it to 8.2% from the existing 8%. The finance ministry circular outlines this adjustment, applicable to deposits under the Sukanya Samriddhi scheme.
Key Highlights:
1. The interest rate on Sukanya Samriddhi Yojana raised to 8.2% for the January-March quarter, anticipating the upcoming Lok Sabha elections.
2. The scheme, backed by the government, ensures guaranteed returns for investors.
3. Investors can claim income tax benefits on up to ₹1.50 lakh invested in an SSY account under Section 80C of the Income Tax Act.
4. Interest generated through the Sukanya Samriddhi Account (SSA) remains tax-free.
5. Minimum annual contribution set at ₹250, while the maximum contribution is ₹1.5 lakh in a financial year.
Withdrawal and Maturity Rules:
After a girl reaches 18 years of age, guardians can withdraw up to 50% of the balance in a financial year from the Sukanya Samriddhi account. The Department of Posts regulates withdrawals, allowing them in a single transaction or installments, with a maximum of one withdrawal per year for up to five years.
The government has also increased the interest rates on the three-year term deposit scheme by 10 basis points for the January-March quarter. The 3-year term deposit now fetches 7.1%, up from the previous 7%.
Latest Interest Rates for Small Savings Schemes (January-March 2024):
– PPF: 7.1%
– SCSS: 8.2%
– Sukanya Yojana: 8.2%
– NSC: 7.7%
– PO-Monthly Income Scheme: 7.4%
– Kisan Vikas Patra: 7.5%
– 1-Year Deposit: 6.9%
– 2-Year Deposit: 7.0%
– 3-Year Deposit: 7.1%
– 5-Year Deposit: 7.5%
– 5-Year RD: 6.7%
This move aims to enhance the appeal of the Sukanya Samriddhi Yojana and aligns with the government’s efforts to promote financial inclusion and savings among families, especially for the girl child’s future.
