Sukanya Samriddhi Yojana: The Central Government has launched a new programme under the Beti Bachao Beti Padhao campaign to improve daughters’ futures and pay for their schooling, further education, marriage, and other expenses. The Sukanya Samriddhi Yojana is their name. This is a modest savings plan. This allows parents to invest in this scheme to safeguard their daughter’s future if she is younger than ten years old. This scheme allows investments of up to Rs 1.5 lakh and a minimum of Rs 250. This plan is exclusively intended for females. The daughter’s future expenses can be covered by investing in it. Through this method, money can be saved for the costs of the daughter’s schooling and other expenses by investing for 15 years.
Should you also like to invest in your daughter’s name, you have the opportunity to enhance her future by participating in the Sukanya Samriddhi Yojana. We will give you all the information you need about the Sukanya Samriddhi Yojana today in this article.
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Contents
The Central Government’s Sukanya Samriddhi Yojana aims to invest in daughters’ names. A yearly deposit of Rs 10,000 can be made under this scheme, which, when it matures, will total Rs 4.48 lakh. The purpose of this programme is to protect the future of the nation’s women. This permits any family member—parents, for example—to register a Sukanya Samriddhi account in the daughter’s name. This plan will not only earn you a lot of income, but it is also completely safe because it has government backing. By making consistent investments, this method can help raise a sizable amount of money at maturity.
Account holders of the Central Government’s SSY, which aims to empower daughters to become self-sufficient, must contribute a minimum of Rs 250 during a fiscal year. If you haven’t yet invested the required minimum for this fiscal year, finish this task as soon as you can. since you still have until March 31, 2024, to make the required minimum deposit. Your account will be closed if the required amount is not deposited by March 31. To revive the inactive account, you will also need to pay a penalty of Rs 50 every year. Holders of SSY accounts should therefore make the required investments before March 31, 2024.
Name Of Scheme | Sukanya Samriddhi Yojana |
was started | by central government |
beneficiary | Girls aged 0 to 10 years |
Objective | improving the future of daughters |
investment amount | Minimum 250, Maximum 1.5 Lakh |
investment period | up to 15 years |
Rate of interest | 8% per annum |
Year | 2024 |
Investing in the SSY yields an interest rate of 8%. For the July–September 2023 quarter, for example, there is an interest rate of 8% annually available. This is a tax-free programme that offers triple tax exemption, or three distinct degrees of tax exemption. The Income Tax Act’s Section 80c offers an exemption for investments up to Rs 1.5 lakh per year. The third benefit is that the money received at maturity is also fully tax-free. The second benefit is that there is no tax on the returns you get.
A post office account can be registered for a girl under the age of ten under the SSY. Two daughters can each have their account set up under this plan. More than one account can be opened if there are twin daughters. A minimum deposit of Rs 250 is required under the SSY, and a maximum deposit of Rs 1.5 lakh may be made for the financial year. You can also split this sum and deposit it every month if you’d like. Additionally, by adding Rs 12,500 to your account each month, you can deposit up to Rs 1.5 lakh in a year. Likewise, should you allocate Rs 1,11,400 per year towards the SSY,
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The Sukanya Samriddhi Yojana application form is available at the post office or from the private sector bank participating in the scheme. In addition, the RBI and bank websites offer the Sukanya Samriddhi Yojana new account application form for download. Below is a list of banks that are part in the Sukanya Samriddhi Yojana.
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Q: What is the minimum amount of rupees one can invest under SSY?
Ans: A minimum of Rs 250 can be invested under the SSY.
Q: Can a loan be taken against the remaining amount in SSY?
Ans: No, a loan option is not offered for the Sukanya Samriddhi Yojana’s remaining balance. Under this arrangement, you can only withdraw 50% of the total sum after you reach eighteen.
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