Only one account can be opened in the name of a single girl child. The government of India declares the interest rates at the starting of every quarter of the financial year. We Would love to interact with you, Sukanya Samriddhi Yojana Interest Rates 2020, Benefits Offered by Sukanya Samriddhi Yojana, Eligibility Criteria for Opening Sukanya Samariddhi Yojana Account, Sukanya Samriddhi Account Offered by Banks, Best Investment Options to Ensure Financially Secured Future for Your Child, Everything that You Should Know- Child Insurance Plan, Know How to create a secure and stable future for your child, 5 Benefits of Sukanya Samriddhi Yojana for Girl Child by the Govt of India, Best Child Investment Plans to Invest in 2020. Along with securing the financial future of the girl child, there are many other benefits offered by Sukanya Samriddhi Yojana. Sukanya Samriddhi Yojana Scheme Eligibility, Interest Rate 2020, How Core Banking is The Magic Mantra to Boost Bank Profitability, 11 Best Cashbacks Credit Cards for Shopping in India 2020-21, RBM Addresses Cryptocurrencies at Monetary Policy Conference, Demat Account: Types, Benefits, uses & How to open demat account, 11 Ways to Reduce Stress in the workplace for More Productivity. The contribution made towards Sukanya Samriddhi Yojana ranges from a minimum of Rs.250 to a maximum of Rs.1.5 lakh in a financial year. However, partial withdrawal of up to 50% of the balance in your SSY account is allowed after the girls turn 18 years old for either marriage or higher education purposes. In the year 2020, the government has reduced the interest rates on various small money-saving schemes including the Sukanya Samriddhi Yojana (SSY). However, Sukanya Samriddhi Yojana scheme can be opened for more than two girls in some special cases like: A minimum amount of Rs 250 has to be deposited initially. Currently, the Sukanya Samriddhi Yojana interest rate is 7.6% compounded annually. The account can be opened by the parent of the girl child below the age of 10 years. In the year 2020, the government has reduced the interest rates on various small money-saving schemes including the Sukanya Samriddhi Yojana (SSY). Maradona’s net worth before his tragic death will shock you! SSY scheme was launched by Prime Minister Shri Narendra Modi on 22nd January 2015, and it is a part of the government’s ‘Beti Bachao, Beti Padhao’ campaign. The tenure of the deposit is 21 years from the date of opening of the account. Ans: Yes. For the financial year 2020, currently, the Sukanya Samriddhi Yojana interest rate is 7.6% compounded yearly. The product information for comparison displayed on this website is of the insurers with whom our company has an agreement. However, it may be noted that the maximum period up to which deposits can be made is 15 years from the date of opening of the account. | Newshour Debate, Is The Bitcoin Mania Back? Now parents invest as well as save to fund their daughter's education. No charges are applicable for the transfer of account. The government of India fixes the rate of interest of the scheme and is revised on a quarterly basis. 250/- ... Can be closed after 3 years, only SB rate of interest is permissible. Here is the list of banks that offers Sukanya Samriddhi Scheme: The government of India has taken up different initiatives to empower and educate the financial freedom for the girl child. While opening the account, the age of the girl child should be less than 10 years. Product information is authentic and solely based on the information received from the Insurer© Copyright 2008-2020 policybazaar.com. The parents of the girl child can open the SSY account with a minimum deposition of Rs.250 and can invest up to a maximum of Rs.1.5 lakh in a financial year. The maximum amount that one can deposit is Rs 1, 50, 000. Enables you to plan your investment portfolio more effectively. A Sukanya Samriddhi Yojana Calculator helps you to determine the returns you receive as well as the invested amount and tenure. SBI Sukanya Samriddhi account, check latest interest rates , Public Provident Fund (PPF) vs Sukanya Samriddhi Account; 5 key differences explained, SCSS, PPF, NSC, Sukanya Samriddhi accounts offer minimum 8% interest, Lalu Prasad Yadav can access phone in jail, RJD insider confirms VIP perks | The Newshour Agenda, Land grab allegation on PDP, Who was Party paying rent to? The value of the SSY investment at the end of 15 years assuming 7.6% p.a is equal to Rs 3, 42, 000. Home » Investment » Sukanya Samriddhi Yojana Interest Rate 2020. Tax benefits can be availed under the SSY scheme is exempt, exempt, exempt (EEE) form: If the girl child reaches 18 years of age, the account holder of the scheme can make premature withdrawals. According to the State Bank of India's (SBI) official website, www.sbi.co.in- "The maximum accounts that can be opened for up to two girl children or three in case of twin girls as second birth or the first birth itself results in three girl children.". The Sukanya Samriddhi Yojana is a good scheme offered by the government to encourage savings for the girl children and the interest rate of the SSY scheme is comparatively higher than other small savings schemes. In order to transfer the account from post-office to bank and vice-versa, the subscriber is required to submit the address of residential change. With the change in time, the cost of living and education is rising significantly. 1,50,000/ – in a financial year. Currently, the Sukanya Samriddhi Yojana interest rate stands at 7.6%. With investing in Sukanya Samriddhi Account, the parents or the legal guardians of the girl child can claim the income tax deduction. The interest rate is fixed by the government and revised quarterly. The scheme allows the guardian of the girl child to open the savings account for their girl child in any authorized commercial bank or Indian Post Office. Q: Is there any difference between the Sukanya Samriddhi Yojana interest rates offered by banks and post offices? | India Development Debate, Farm Fury Spills Onto The Streets | India Development Debate. The deposition made towards the account can be in the form of online transfer, demand draft, cash or cheque. Investors can take advantage of the higher interest rates offered by the company fixed deposits. Tax exemption can be claimed U/S 80C of the Income Tax Act on the investment made towards the scheme up to the maximum limit of Rs.1.5 lakh. However, it may be noted that the maximum period up to which deposits can be made is 15 years from the date of opening of the account. The maturity proceeds are tax exempted under Section 10(10D) of the Income Tax Act. The subscriber can transfer the Sykanya Samriddhi Yojana account from post-office to bank and vice versa anywhere within India. Premature closure of Sukanya Samriddhi account is allowed in the event of the death of the depositor or in cases of extreme compassionate grounds such as medical support in life-threatening diseases to be authorized by an order by the Central Government. PPF: After 5 years only in case of Severe Illness, Higher Education and NRI status. Open Sukanya Samriddhi account with HDFC Bank today. 25 0/-and Maximum INR. Once the girl reached 18 years of age, she can operate her account. Subsequent deposit in multiple of INR 50/- Deposits can be made in lump-sum. The interest earned on the invested amount is tax-free. This scheme was launched with an objective to promote the welfare of the girl child. Earlier, parents use to rely on bank fixed deposits (FDs) to save money for their children's education. Why Mutual Fund Investment is the Best Choice for Financial Planning? Total amount invested at the end of 15 years: Rs 45 lakh, The interest rate at the end of 15 years: Rs 3, 42, 000, a) If a girl child is born after the birth of twin or triplet girls, then the parents of the child can open a third SSY. Insurance is the subject matter of solicitation.Visitors are hereby informed that their information submitted on the website may be shared with insurers. The account can be opened by the parent of the girl child below the age of 10 years. The scheme currently provides an interest rate of 7.6% (for Apr-July 2020 quarter) and tax benefits. | The Newshour Agenda, 26/11 terror attack mastermind could be in custody soon, Blow to Islamist deniers? All Rights Reserved.. *Please note that the quotes shown will be from, Follow, like, tweet or post. India’s top entrepreneurial platform recognises the best SMEs, MSMEs and Startups of the year. Sukanya Samriddhi Yojana Interest Rate 2020-21: Sukanya Samriddhi Account ( Girl Child Prosperity Account) is a Government of India backed saving scheme targeted at the parents of girl children.The scheme encourages parents to build a fund for the future education and marriage expenses for their … Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana - 122001, IRDAI Web aggregator Registration No.

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