Was Sukanya Samriddhi Yojana interest rate hiked for Jan-March 2023 quarter?
The Government hiked interest rate on certain small savings schemes for the quarter January – March 2023. However interest rates for Public provident fund and Sunkanya Samriddhi Yojana were not hiked for this quarter. As of now, the interest rate offered on SSY is 7.6%.The Sukanya Samriddhi Yojana (SSY) is a government-sponsored savings programme that was created specifically for the benefit of girls. This programme will help parents to fund their girl child’s higher education and/or marriage as well as ensure her financial future because it offers guaranteed interest income and tax deductions.
Documents
SSY Account Opening form
Birth Certificate of the girl child, having the child’s name on it
Photograph of the parent/ legal guardian of the girl child
KYC Documents (Identity & Address Proof) of the parent/ guardian.
SSY transfer process
The customer must submit an SSY Transfer Request referencing the Bank branch's address at their current bank or post office.
The current bank or post office will make arrangements to send the original paperwork, including a certified copy of the account, the Account Opening Application, a sample signature, etc., to the new Bank branch address along with a check or money order for the unpaid balance in the SSY account.
According to the ICICI Bank website, “Once transfer documents are received at ICICI Bank branch, the customer is required to submit new SSY Account Opening Form along with fresh set of KYC documents.”
Features of SSY
Age of Girl Child at time of Account Opening: Age should not be than 10 years. Tenure of the Deposit: 21 years from the date of opening of the account Maximum period upto which deposits can be made: 14 years from the date of opening of the account Tax Rebate: As applicable under section 80C of the IT Act, 1961. Triple Tax Benefit - Principal invested, the interest earned as well as the maturity amount is tax free. Premature Closure: Permitted in the event of the depositor's death or in situations involving deeply compassionate justifications, such as the need for medical care for conditions that pose a serious threat to life, as long as the Central Government issues an order authorising it. Irregular Payment/ Revival of account: By payment of penalty of Rs.50 per year along with the minimum specified amount per year. Withdrawal: For the purpose of higher study and marriage after turning 18 years old, 50% of the amount in the account as of the preceding financial year's end will be given.
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This story originally appeared on: India Times - Author:Faqs of Insurances
