Sukanya Samriddhi Yojana Age Limit 2024: Objective, Benefits, Eligibility, Advantages, Interest Rates and All Details

Sukanya Samriddhi Yojana Age Limit: The authorities-sponsored Sukanya Samriddhi Yojana is a small savings software for women. it is part of the Beti Bachao, Beti Padhao yojana, and dads and moms of women under the age of ten are eligible to open it. post offices and banks that have been specified can open SSY money owed. the length of the Sukanya Samriddhi yojana account is 21 years, or until the lady kid marries after turning 18 years old. The SSY application gives a couple of tax benefits in addition to a higher hobby charge. to researchExtra approximately the specifics of the sukanya samriddhi yojana, study the whole article.

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Sukanya Samriddhi Yojana Highlights

Name of Scheme	Sukanya Samriddhi Yojana
Was started	by the central government
Beneficiaries	Girls aged 0 to 10 years
Objective	Enhancing the future of our daughters
investment amount	Minimum 250, Maximum 1.5 Lakh
Investment Period	Upto 15 years
Rate of interest	8% per annum
Up to 15 years	2024

Objective of Sukanya Samriddhi Yojana Age Limit

Securing the future of the girl child is the primary goal of the government’s Sukanya Samriddhi Yojana. Parents of impoverished households frequently worry about their daughters’ futures once they are born. Their daughters’ wedding and educational costs are a constant source of concern for them. Sukanya Yojana has been launched by the government to relieve you of all these concerns. With the help of this program, parents from low-income families can open an account and make investments for their daughter’s bright future. By doing this, the daughters’ financial concerns will be eliminated as they get older, and they will also be able to become independent.

Benefits of Investing in Sukanya Samriddhi Yojana

Presenting buyers with a diffusion of blessings, the Sukanya Samriddhi Yojana changed into created as a part of the Beti Bachao, Beti Padhao Yojana mission. following are a number of the main advantages of the sukanya samriddhi yojana:

• High hobby rate: in comparison to other government-subsidized tax saving plans like PPF, SSY gives a more fixed price of go back (presently eight.2% yearly for q1 fy 2024–2025).
• Assured returns- due to the fact that SSY is a central authority-subsidized plan, it offers guaranteed returns.
• Tax benefit: as much as rs. 1. Five lakh in annual tax deductions under phase 80c are supplied via SSY.
• Bendy funding: an annual deposit of up to rs. 1.5 lakh may be made, with not less than rs. 250. this makes certain that traders within the plan can come from a diffusion of economic backgrounds.
• Gain of compounding: Sukanya Samriddhi Yojana (SSY) is an incredible lengthy-term investment scheme as it affords the benefit of annual compounding. so, even small investments will supply higher returns over the long term.
• Handy transfer: SSY account may be freely transferred from one part of the u. s . to every other (financial institution/submit office) in case of a switch of figure/parent operating the sukanya samriddhi account.

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Eligibility Criteria for Sukanya Samriddhi Yojana

These are the Sukanya Samriddhi Yojana’s eligibility requirements in detail:

• Parental or guardian legal authority over the girl’s child may open the account.
• The young girl needs to be younger than ten years old.
• A girl child may only have one account.
• A family may open two accounts under the SSY system.

Advantages of Sukanya Samriddhi Yojana

• Excessive interest charge: SSY money owed earns a hard and fast fee of interest, presently at 7.6% in step with annum.
• Tax-loose: hobby earned and the adulthood quantity is tax-loose.
• Lengthy-time period savings: encourages lengthy-term saving and financial making plans for the girl child’s destiny.
• Authorities-sponsored protection: provides a detail of security to the funding.
• Promotes the welfare of ladies: a part of a campaign to promote the welfare of women in india.

Sukanya Samriddhi Yojana Disadvantages

• Limited flexibility: premature withdrawal is restricted, and the scheme is particularly for girls.
• Constrained investment options: only let in investment in a fixed deposit account.
• Geographical dilemma: most effective to be had to residents of india.

Sukanya Samriddhi Yojana Premature Withdrawal

Permitted under strict review in the event of the account holder’s death or in circumstances of extreme hardship.

Sukanya Samriddhi Yojana- Interest Rates

Your Sukanya Samriddhi Yojana account will yield interest at the current rate of 7.6% per annum. This interest rate will be in effect as of April 1, 2020. Compared to the prior rate of 8.4%, this is lower.

• You will be paid interest each year.
• Every fiscal year ends with a credit of interest alone. The interest rate is determined by the government and is revised every three months.
• There won’t be any attention expressed if the female turns NRI.

Here is a table that shows the interest rates offered by the SSY scheme since its inception:

YEAR	RATE
April 2020 – Present	7.6% p.a.
1 January 2019 – 31 March 2019	8.5% p.a.
1 October 2018 – 31 December 2018	8.5% p.a.
1 July 2018 – 30 September 2018	8.1% p.a.
1 April 2018 – 30 June 2018	8.1% p.a.
1 January 2018 – 31 March 2018	8.1% p.a.
1 July 2017 – 31 December 2017	8.3% p.a.
1 October 2016 – 31 December 2016	8.5% p.a.
1 July 2016 – 30 September 2016	8.6% p.a.
1 April 2016 – 30 June 2016	8.6% p.a.
1 April 2015 – March 31 2016	9.2% p.a.
3 December 2014 – March 31 2015	9.1% p.a

Sukanya Samriddhi Yojana age limit

When a girl kid is younger than ten, her guardians may open an account in her honour. No more than two females from the same household may open an account. It is possible to open more than two accounts in the event of twins or triplets. When the daughter becomes eighteen, the guardian can continue to manage the account.

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Banks Offering Sukanya Samriddhi Yojana

The public and private sector banks listed below are currently providing Sukanya Samriddhi Accounts to all qualified individuals:

1. HDFC Bank	2. Axis Bank	3. Punjab National Bank
4. Canara Bank	5. Union Bank of India	6. ICICI Bank
7. Central Bank of India	8. IDBI Bank	9. Canara Bank
10. Indian Bank	11. State Bank of India	12. Bank of Maharashtra
13. Punjab & Sind Bank	14. Indian Overseas Bank	15. UCO Bank
16. Bank of India	17. Bank of Baroda

FAQs

Q. For how many years will the Sukanya Samriddhi Yojana be paid for?
Ans: There is a 21-year maturity term for the Sukanya Samriddhi Yojana (SSY) starting from the account opening or when the girl marries after turning 18. Contributions, however, are only required for a 15-year period. Even if no further deposits are made, the SSY account will continue to receive interest until it matures.

Q. What advantages does the Sukanya Samriddhi Yojana offer?
Ans: Guaranteed Returns: Because the SSY is government-backed, guaranteed returns are guaranteed.
Benefits for Taxes: Under Section 80C, the SSY provides tax deductions of up to Rs. 1.5 lakh per year.
Flexible Investments: You can make flexible investments with the SSY, with a minimum annual deposit of Rs. 250 and a maximum of Rs. [amount not specified].

Q. What is the Sukanya Samriddhi Yojana’s maturity amount?
Ans: After 15 years of regular annual deposits of Rs 1,50,000 into the SSY account, your total will be Rs 42.48 lakh. After that, you won’t make any more deposits into the SSY account until the end of the 21-year full maturity period. You will get a total of Rs 65.93 lakh upon maturity.

Q. What is the maximum age for girls participating in Sukanya Samriddhi Yojana?
Ans: A girl kid under the age of ten may have her guardian open an account. A family may open two female accounts maximum; if the girls are twins or triplets, further accounts may be opened. Until the daughter becomes eighteen, the guardian may oversee the account.

@MAN