Sukanya Samriddhi Yojana Scheme Details 2024: Latest Update, Eligibility, Benefits, Features & How To Apply

Sukanya Samriddhi Yojana Scheme Details:- The Central Government has initiated a new initiative under the Beti Bachao Beti Padhao campaign to better the futures of girls and pay for their education, marriage, and other expenses. whom the Sukanya Samriddhi Yojana is known by. It’s a little savings plan. wherein parents who have a daughter who is younger than ten years old can invest in this plan to safeguard her future. You can invest as little as Rs 250 and as much as Rs 1.5 lakh in this scheme. Only daughters are intended beneficiaries of this plan. The daughter can have her future expenditures covered by investing in it.

By investing for 15 years, one can accumulate cash under this strategy to cover expenses such as the cost of the daughter’s education and marriage. An account can be opened in the girl child’s name by any parent or guardian. 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.

Sukanya Samriddhi Yojana 2024

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 program is to protect the future of the nation’s daughters. 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. When this system reaches maturity, regular investments over a long period might raise a significant sum of money all at once. You can visit any accredited bank or post office in your area to open a Sukanya Samriddhi Yojana account.

Also Read:- Rashtriya Swasthya Bima Yojana

Latest Update:-

The completion of this assignment by March 31, 2024, is required of Sukanya Samriddhi Yojana account holders to prevent account closure. Account holders of the Central Government’s Sukanya Samriddhi Yojana, 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. Should the necessary amount not be deposited by March 31st, your account will be closed. To revive the inactive account, you will also need to pay a penalty of Rs 50 every year. Holders of Sukanya Samriddhi Yojana accounts should therefore make the required investments before March 31, 2024.

Information about Sukanya Samriddhi Yojana 2024

Name of the scheme	Sukanya Samriddhi Yojana Scheme Details
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 amount	up to 15 years
Rate of interest	8% per annum
Year	2024

Eligibility for Sukanya Samriddhi Yojana

• Only parents or legal guardians may open a Sukanya Samriddhi Yojana account in the girl’s name.
• At the time of account opening, the girl child’s age cannot exceed ten.
• You can only have two accounts under the Sukanya Samriddhi Yojana per family.
• A girl child cannot have more than one Sukanya Samriddhi account opened for her.
• It is only possible to create an account for three daughters if two girls have twin daughters for the second time after having a daughter first.

Benefits and features of Sukanya Samriddhi Yojana Scheme Details

• A girl kid under the age of ten may open an account in her name under this program.
• Anybody can invest under the Sukanya Samriddhi Yojana for a minimum of Rs 250 and a maximum of Rs 1.5 lakh per year.
• Returns are guaranteed because Sukanya Samriddhi Yojana is a government initiative.
• You can move your Sukanya Samriddhi account from one region of the nation to another. In addition, one receives interest if the account is kept open even after it matures.
• After turning eighteen, the daughter is eligible to withdraw fifty percent of the funds for her education.
• This strategy allows for the adoption of a daughter as well as the making of investments.
• The premium money must be deposited for 15 years, with a 21-year maturity period, according to Sukanya Samriddhi Yojana regulations.
• In this arrangement, interest is paid at the rate of eight percent for the fiscal year 2023–2024.
• The girl will be able to handle her account on her own after reaching 18.

The interest rate for Sukanya Samriddhi Yojana increased to 8.2 percent

By raising interest rates, the government has handed investors who participated in the Sukanya Samriddhi Yojana a significant gift for the New Year. In the fourth quarter of the current fiscal year 2023–24, Sukanya Samriddhi Yojana’s interest rates have gone up from 8 percent to 8.2 percent. The Sukanya Samriddhi Yojana interest rate for investors has increased from the previous 8 percent to 8.2 percent for the January to March quarter. The interest rates of other programs, however, have not changed by the government. All schemes have maintained their current interest rates, except Sukanya Samriddhi Yojana.

The government has raised the interest rate for this program twice in the current fiscal year. The government raised the interest rate from 7.6 percent to 8 percent earlier in the first quarter. For the current fiscal year, the government raised the interest rates on this program for daughters by 0.6 percent.

Also Read:- Pradhan Mantri Ayushman Bharat Yojana New Update

Better interest in Sukanya Samriddhi Yojana, along with tax-free

Investing in the Sukanya Samriddhi Yojana 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 program 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.

Maturity period

Although the Sukanya Samriddhi Yojana Scheme Details has a 21-year maturity period, you must invest for 15 years to be eligible. Put differently, if the account matures six years following the closure of the investment, you will continue to receive the interest on your deposit for the extra six years as specified in the scheme. which is why compounding has benefits. Once a baby girl reaches the age of 21, her Sukanya Samriddhi account will mature. Likewise, if you started an account for your 4-year-old daughter, you won’t receive the maturity amount until she reaches the age of 25. After turning eighteen, the daughter can manage her account on her own.

Maximum deposit amount in Sukanya Samriddhi Yojana

A post office account can be registered for a girl under the age of ten under the Sukanya Samriddhi Yojana. Two daughters can each have their own account set up under this plan. If the daughters are identical, then multiple accounts can be formed. Sukanya Samriddhi Yojana stipulates a minimum deposit of Rs 250 and a maximum deposit of Rs 1.5 lakh 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 Sukanya Samriddhi Yojana, Upon maturity, you would receive Rs 50 lakh.

How to invest in Sukanya Samriddhi Yojana?

Money is deposited under the Sukanya Samriddhi Yojana for 15 years. If your payment is due every month, you will need to make one installment per year in addition to the required 12 minimum installments. You can make investments through any bank branch or your local post office under this arrangement. With this scheme, you can conveniently deposit money by using the following methods.

• Cash
• Check
• demand draft
• Online E-Transfer (if available)

Banks offering Sukanya Samriddhi Yojana

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 of the Sukanya Samriddhi Yojana.

• Indian Bank
• State Bank of India
• Bank of Maharashtra
• Punjab and Sindh Bank
• Indian Overseas Bank
• UCO Bank
• IDBI Bank
• Bank of Baroda
• Bank of India
• HDFC bank
• Canara Bank
• Central Bank of India
• Axis Bank
• Union Bank of India
• Punjab National Bank
• ICICI Bank

Also Read:- Rajasthan Free Scooty Yojana

Required Documents

• Birth certificate of the girl child
• Address proof
• Parents’ PAN card, Aadhar card
• Mobile number

How to apply under Sukanya Samriddhi Yojana 2024?

• The first step in opening an account under the Sukanya Samriddhi Yojana is to visit the bank branch or post office that is closest to you.
• You must obtain the application form there to invest under the Sukanya Samriddhi Yojana.
• Subsequently, you will need to input the details of the guardian or parents who will open the account and make investments on the female child’s behalf.
• You will need to attach the form with copies of the necessary papers once you have entered all the necessary data.
• You will need to send this application form and the premium payment to the bank or post office once you have finished the entire process.
• You can apply for the Sukanya Samriddhi Yojana in this manner.

FAQ’s

Q. How much money is the minimum that can be invested under the Sukanya Samriddhi Yojana?

Ans- You can invest under the Sukanya Samriddhi Yojana with a minimum of Rs 250.

Q. Is it possible to borrow money against the balance of the Sukanya Samriddhi Yojana?

Ans- The Sukanya Samriddhi Yojana does not provide a loan option for outstanding debt. Under this arrangement, you can only withdraw 50% of the total sum after you reach eighteen.

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