The government has not changed the interest rates for the Sukanya Samriddhi Yojana (SSY) for the last quarter of the financial year 2024-25. The scheme will continue to offer an 8.2% interest rate until March 2025. The Finance Ministry has maintained the interest rates for all small savings schemes, including the Public Provident Fund (PPF) and Senior Citizen Savings Scheme. Through this article, we will share all the details regarding the latest interest rates, tax benefits, and other important information about the Sukanya Samriddhi Yojana.
Who Can Open a Sukanya Samriddhi Yojana Account?
Under this scheme, parents can open an account for a girl under the age of 10 years. According to the Sukanya Samriddhi Yojana Rules 2019, only one account can be opened in the name of a girl at a post office or a bank. A family is allowed to open only two accounts, one for each of the two girls. However, if twins or triplets are born, more than two accounts can be opened.
Sukanya Samriddhi Yojana Account Rules
The minimum initial deposit for opening a Sukanya Samriddhi Yojana account is ₹250. A maximum of ₹1.5 lakh can be deposited annually. This amount can be deposited either in a lump sum or in instalments during the financial year.
Account Duration
The Sukanya Samriddhi Yojana account matures 21 years after its opening or when the girl gets married at the age of 18 or older. One important point to note is that the account cannot be closed one month before or three months after the marriage.
Latest Interest Addition
The interest rates for the Sukanya Samriddhi Yojana are revised quarterly, which is typical for most small savings schemes. Currently, the interest rate is 8.2%. If ₹1.5 lakh is invested annually until the girl turns 15, by the maturity period of 21 years, an amount of ₹71 lakh can be accumulated. Deposits can only be made for the first 15 years after opening the account.
What Is the Tax Exemption?
Under Section 80C of the Income Tax Act, 1961, the Sukanya Samriddhi Yojana account offers tax benefits. There is no tax levied on the interest earned from the deposits in the account, and the interest is credited at the end of each financial year.