Latest Sukanya Samriddhi Yojana interest rate: What is the SSY interest rate for July- September 2024 quarter?
Prime Minister, Mr. Narendra Modi, introduced the Sukanya Samriddhi Yojana in 2015 as a deposit initiative as part of the Beti Bachao Beti Padao campaign to assist parents or guardians in covering the costs of their girl child's education and marriage.#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;}
What is Sukanya Samriddhi Account (SSA)?
Sukanya Samriddhi Account (SSA) is a government-backed small deposit savings scheme for the benefit of a girl child.Latest PPF (Public Provident Fund) interest rate for July- September 2024 quarter
What is the latest interest rate for Sukanya Samriddhi Account
The interest rate of Sukanya Samriddhi Yojana scheme has been kept unchanged from the previous quarter. The interest rate for the July- September 2024 quarter stands at 8.2%.Who can open an SSY account?
The account can be opened by one of the guardians in the name of a girl child, who has not attained the age of ten years as on the date of opening of the account. Note that joint accounts cannot be opened under this scheme.Penalty for not depositing money in PPF, Sukanya Samriddhi Yojana by March 31 every FY
How many SS Account can be opened in one family?
According to the SBI website, “An account under this Scheme may be opened for a maximum of two girl children in one family.Additionally, more than two accounts may be opened in a family if such children are born in the first or in the second order of birth or in both, on submission of an affidavit by the Guardian supported with birth certificates of the twins/triplets regarding the birth of such multiple girl children in the first two orders of birth in a family.
However, the above proviso shall not apply to girl child of the second order of birth, if the first order of birth in the family results in two or more surviving girl children.”
Sukanya Samriddhi Account details
The minimum amount required to open the Sukanya Samriddhi Yojana account is Rs 250 in a fiscal year.
Sukanya Samriddhi Account taxation
The investor can claim tax benefits up to Rs 1.5 lakhs per fiscal year under Section 80C of the Income Tax Act, 1961, for the deposits made in the SSY scheme. The final corpus on maturity and the interest earned on the deposits made into this scheme are tax exempted, thereby making it fall under the EEE category. One of the major advantages of the SSY scheme is that the maturity amount is not taxable.The deposit in excess of one lakh fifty thousand rupees in any financial year, if accepted due to any accounting error, shall not be eligible for any interest and be returned immediately to the depositor.
Can a SS Account be closed prematurely? What are the terms and conditions for premature closure?
According to the SBI website, “In the event of death of the account holder, the account will be closed immediately on the production of a death certificate issued by the competent authority.
The balance in the account will be paid, along with the interest till the date of death shall be paid to the Guardian.
Interest for the period between the date of death of the account holder and date of closure of the account shall be paid at the rate applicable on Post Office Savings Account for the balance held in the account.
On medical grounds of life-threatening disease of the account holder or death of the Guardian, after complete documentation for such closure, allow premature closure of the account. Outstanding balance in the account with interest due as applicable to the Scheme shall be paid to the account holder or Guardian.”
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This story originally appeared on: India Times - Author:Faqs of Insurances
