Sukanya Samriddhi Yojana Interest: Prime Minister Narendra Modi introduced the Sukanya Samriddhi Yojana (SSY) as part of the Beti Bachao Beti Padhao campaign. The initiative’s name translates to “Girl Child Prosperity Scheme” and it aligns with the aforementioned goals. On January 22, 2015, Panipat, Haryana, hosted its introduction.
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The Government of India started a social campaign on January 22, 2015, with the primary goal of addressing the issue of the decreasing child sex ratio in our nation. “Save girls, educate the girl child” is the motto of the Beti Bachao Beti Padhao (BBBP) program. The Ministries of Women and Child Development, Health and Family Welfare, and Human Resource Development are working together on this nationwide project.
BBBP aims to achieve the following:
SSY seeks to address two significant issues related to girl children: marriage and education. Its goal is to provide a bright future for girls in India by helping their parents create a fund for their child’s appropriate education and carefree marriage costs. SSY introduced the Sukanya Samriddhi Account for the same reason.
A young girl can only have one SSY account. Any post office or approved commercial bank branch can open SSY accounts. The girl child can open it whenever she wants up until the age of ten.
Any girl child living in India is eligible for benefits under the Supplementary Security Deposit (SSY); these benefits are paid out from the moment the account is opened and continue until it matures or is closed.
Until the girl child reaches the age of 18, the guardian may make deposits and use the account. The girl will have to manage the SSY account after her child turns eighteen. An SSY account can have a minimum deposit of Rs. 250 (it was previously Rs. 1,000), subsequent deposits in multiples of Rs. 50, and a maximum deposit of Rs. 1,50,000 for each financial year, for a maximum of 15 years.
The interest rate is 8% p.a. for the second quarter of FY 2023–2024, which runs from July 1, 2023, to September 30, 2023. If the total amount deposited in an “Account under default” (where a minimum of Rs. If the deposit of $250 annually is not made within the designated period and is not regularized, interest will be accumulated until the account’s maturity date. Should a fine of Rs.50 be paid for each defaulted year, and an “Account under default” can be regularized within 15 years of the account’s establishment.
from the SSY has completed its tenure, or 21 years from the account inception, no interest is due. Until the girl kid departs India as a resident or citizen, interest is not paid. Any deposit made in excess of the cap, which is Rs. 1,50,000 per
SSY’s mature term is 21 years from the date of account opening or, if she marries after turning 18, after turning 18. However, contributions are only needed for a short period (15 years). If no contributions are made after that point, the SSY account will still be earning interest until it matures.
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The SSA has been granted the following tax benefits to further promote investments in SSY:
The following is a historical chart of interest rates under the Sukanya Samriddhi Yojana.
Period | SSY Interest Rate (% annually) |
October to December 2023 (Q3 FY 2023-24) | 8 |
July to September 2023 (Q2 FY 2023-24) | 8 |
Apr to Jun 2022 (Q1 FY 2023-24) | 8 |
April 2022 to March 2023 | 7.6 |
April 2021 to March 2022 (All quarters of FY 2021-2022) | 7.6 |
April 2020 to March 2021 (All quarters of FY 2020-21) | 7.6 |
Jan to March (Q4 FY 2019-20) | 8.4 |
June to Dec 2019 (Q2 & Q3 of FY 2019-20) | 8.4 |
Apr to Jun 2019 (Q1 FY 2019-20) | 8.5 |
Jan to March 2019 (Q4 FY 2018-19) | 8.5 |
Oct to Dec 2018 (Q3 FY 2018-19) | 8.5 |
Jul to Sep 2018 (Q2 FY 2018-19) | 8.1 |
Apr to Jun 2018 (Q1 FY 2018-19) | 8.1 |
Jan to March 2018 (Q4 FY 2017-18) | 8.1 |
Oct to Dec 2017 (Q3 FY 2017-18) | 8.3 |
Jul to Sep 2017 (Q2 FY 2017-18) | 8.3 |
Apr to Jun 2017 (Q1 FY 2017-18) | 8.4 |
The lowest balance for the calendar month, which is used to calculate interest on the SSY account, is the total amount owed between the fifth and last day of the month. Every financial year, at the conclusion, there will be a single credit of interest.
In general, you may compute the interest earned on an SSY account using the formula below:
A = P(1+r/n)^nt
Here:
P = Initial Deposit
r = Rate of interest
n = Number of years the interest compounds
t = Number of years
A = Amount at maturity
Alternatively, you can enter the information, including the age of the girl child, the account start year, and the likely annual investment amount, into our Sukanya Samriddhi Yojana Calculator to determine the maturity amount.
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The procedures you need to do in order to open a Sukanya Samriddhi Account are listed below:
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In addition to the government-backed Sukanya Samriddhi Yojana (SSY), which aims to safeguard the financial future of Indian girls, there are several additional schemes in which parents can invest to ensure the future of their children. Therefore, you don’t need to worry if you don’t meet the eligibility requirements!
It also has many additional advantages, such as generating assets to support your child in achieving his or her goals in life and life insurance coverage, which provides coverage for the family in the event of the primary investor’s death.
Q: Who can open Sukanya Samriddhi Yojana?
Ans: A girl child’s Sukanya Samriddhi Account can be opened on her behalf by any parent or legal guardian.
Q: What is the minimum annual deposit amount required for Sukanya Samriddhi Yojana?
Ans: A minimum of Rs. 250 must be deposited annually.
Q: Who can avail Sukanya Samriddhi Yojana?
Ans: The Sukanya Samriddhi Scheme may only be used in the name of a girl child by her parents or legal guardians.
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