Maradona’s net worth before his tragic death will shock you! In addition to this, in case of the uncertain demise of the parent or if any medical emergency happens, the premature withdrawals can be made after completion of the 5 years of the scheme from the date of initiation. 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 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. Calculated on yearly basis , Yearly compounded. 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. With the change in time, the cost of living and education is rising significantly. | India Development Debate, Farm Fury Spills Onto The Streets | India Development Debate. Moreover, it is also an excellent investment option to finance the higher education of the girl child. According to the State Bank of India's (SBI) official website, "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.". 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. SSY scheme offers attractive rates of interest that is similar to other small savings scheme. 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. Watch Leaders of Tomorrow Season 8 eAwards on 13th of September 2020, 5pm onwards on Times Network. Ans: The benefits provided by the SSY are the same irrespective of whether it is offered by a post office or a private/public sector bank. | The Newshour Agenda, 26/11 terror attack mastermind could be in custody soon, Blow to Islamist deniers? 25 0/-and Maximum INR. The deposition made towards the account can be in the form of online transfer, demand draft, cash or cheque. Open Sukanya Samriddhi account with HDFC Bank today. Once the girl reached 18 years of age, she can operate her account. **Discount is offered by the Insurance company as approved by IRDAI for the product under File & Use guidelines #On the basis of your profile, CIN: U74999HR2014PTC053454 Policybazaar Insurance Brokers Private Limited (formerly known as Policybazaar Insurance Web Aggregator Private Limited) Policybazaar is currently registered as a Web aggregator by IRDAI. The scheme currently provides an interest rate of 7.6% (for Apr-July 2020 quarter) and tax benefits. Here we have explained some of the benefits in detail. In the year 2020, the government has reduced the interest rates on various small money-saving schemes including the Sukanya Samriddhi Yojana (SSY). The interest earned on the invested amount is tax-free. Currently, the Sukanya Samriddhi Yojana interest rate stands at 7.6%. The scheme tenure is of 21 years till or unit the girl gets married after the age of 18 years. For the financial year 2020, currently, the Sukanya Samriddhi Yojana interest rate is 7.6% compounded yearly. Under Section 80C of the Income-Tax Act, 1961, no tax is levied on the amount invested, the amount earned as interest and amount withdrawn. Sukanya Samriddhi Yojana Interest Rate: Sukanya Samriddhi Yojana’s interest rate for Quarter July-September 2020 is 7.6%. Sukanya Samriddhi Yojana account can be managed by the guardian or parent of the girl child until the girl turns 10 years old. Ans: Yes. The value of the SSY investment at the end of 15 years assuming 7.6% p.a is equal to Rs 3, 42, 000. Currently, the Sukanya Samriddhi Yojana interest rate is 7.6% compounded annually. India’s top entrepreneurial platform recognises the best SMEs, MSMEs and Startups of the 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. 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. Sukanya Samriddhi Yojana (SSY): The popular girl child savings scheme Sukanya Samriddhi Yojana account will earn an interest rate of 7.6% in this quarter. 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. | Newshour Debate, Is The Bitcoin Mania Back? However, as per the withdrawal rules, the 50 per cent of the balance lying in the account as at the end of the previous financial year for the purpose of higher education, marriage after attaining the age of 18 years. Home » Investment » Sukanya Samriddhi Yojana Interest Rate 2020. An individual family can open only two SSY accounts on the name of each girl child. Interest rates: Rate of interest 7.6 % Per Annum (with effect from 01-10-2020 ). Sukanya Samriddhi Account: INR. The deposition tenure of the SSY scheme is of 15 years and the maturity period of the scheme is 21 years. The account with SBI can be opened with a minimum amount of Rs 1,000 as an initial deposit with multiple of one hundred rupees thereafter with an annual ceiling of Rs 1,50,000 in a fiscal. While opening the account, the age of the girl child should be less than 10 years. Only the parent and legal guardian of the girl child is allowed to open the Sukanya Samriddhi account in the name of the girl child. *The information provided on this website/page is only for information sake. The product information for comparison displayed on this website is of the insurers with whom our company has an agreement. 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. With Sukanya Samriddhi Scheme, one can secure the financial future of the girl child even in their absence. New Delhi: Sukanya Samriddi Scheme is a small savings scheme launched for girl children. Q: Is there any difference between the Sukanya Samriddhi Yojana interest rates offered by banks and post offices? 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. The minimum contribution limit has been revised to Rs.250, which was earlier Rs.1000. Displays the amount you receive upon maturity. Sukanya Samriddhi Account fetches a lower rate of interest at 8.4 per cent, down by 0.1 per cent, respectively, from the previous rate of 8.5 per cent. Shows the year of maturity for your SSY account. The interest rate is fixed by the government and revised quarterly.