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International Girl Child Day: Sukanya Samriddhi Yojana (SSY) latest interest rates

International Day of the Girl 2022: The International Day of the Girl child is an annual and internationally recognized celebration on October 11. On this day, let's look at the benefits of the Sukanya Samriddhi Yojana (SSY). Although the government raised interest rates for several small savings programs that began this month (October 1), the SSY rate remained unchanged. SSY will continue to offer 7.6% on accounts. The interest rate on small savings programs was last adjusted during the first quarter of 2020-2021, when rates were slashed.
Interest rates for small savings schemes are reported quarterly.

What is Sukanya Samridhi?

Sukanya Samriddhi Yojana is a savings scheme designed to improve the lives of girls in the country. This scheme proposed under the Beti Bachao initiative, Beti Padhao, is a good option for parents to invest in their children's future.

Sukanya Samriddhi account (SSA) can be opened with a minimum deposit of Rs 250 to a limit of Rs 1.50 lakh in a financial year and deposits can be made for a maximum of 15 years after account opening.

Tax benefits on SSY

Under Section 80C of the Income Tax Act, interest earned on a Sukanya Samriddhi account (SSA) is tax-free.

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Interest rates in SSY

The Social Security Agreement will continue to offer an interest rate of 7.6 percent per year for the quarter ending December 31, 2022. This interest rate is calculated on an annual basis and added annually. The available balance in the account between the fifth day and the end of the month will be used to determine the interest for the month, and the interest will be charged to the account at the close of each fiscal year.

A guardian can open a Sukanya Samriddhi Account subject to age eligibility criteria. A guardian can open only one account in the name of a girl and a maximum of two accounts in the name of two different girls.

Deposits can be made into the Sukanya Samriddhi account for a period of 15 years from the date the account is opened.

SSY Withdrawal Rules

Partial withdrawals are permitted after the account owner has reached the age of 18 by reason of marriage. The account can be closed after the end of 21 years.

Sukanya Samriddhi account subscribers can make online deposits into accounts through operable net banking and IPPB savings account.

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