sukanya samriddhi account interest rate

Subsequently, the parents/legal guardian can deposit any amount in multiples of Rs 100. The below table compares the current and past Sukanya Samriddhi Yojana interest rates from 2017 to 2020: Sukanya Samriddhi Yojana is a long-term investment scheme that enables you to generate a high rate of interest. Home » Investment » Sukanya Samriddhi Yojana Interest Rate 2020. Calculated on yearly basis , Yearly compounded. Back in the year 2015, the government of India launched Sukanya Samriddhi Yojana under the campaign of ‘Beti Bachao, Beti Padhao’. “On the basis of the decision of the government, interest rates for small savings schemes are to be notified on a quarterly basis,” the Finance Ministry said in a statement while updating the rates on small savings scheme for July-September quarter of the financial year 2019-20. The account has to be opened before the girl attains 10 years of age. The government of India fixes the rate of interest of the scheme and is revised on a quarterly basis. In the year 2020, the government has reduced the interest rates on various small money-saving schemes including the Sukanya Samriddhi Yojana (SSY). Sukanya Samriddhi Account: INR. The contribution should be made in the multiple of Rs.100. Sukanya Samriddhi Yojana Interest Rate: Sukanya Samriddhi Yojana’s interest rate for Quarter July-September 2020 is 7.6%. No charges are applicable for the transfer of account. Shows the year of maturity for your SSY account. Along with securing the financial future of the girl child, there are many other benefits offered by Sukanya Samriddhi Yojana. The Sukanya Samriddhi Account Rules, 2016 was rescinded on 12 December 2019 and the new Sukanya Samriddhi Account Scheme, 2019 was introduced. With Sukanya Samriddhi Scheme, one can secure the financial future of the girl child even in their absence. The product information for comparison displayed on this website is of the insurers with whom our company has an agreement. Get the latest investment tips at Times Now and also for more news on money saving tips, follow us on Google news. 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. Sukanya Samriddhi Yojana Interest Rate 2020. Product information is authentic and solely based on the information received from the Insurer© Copyright 2008-2020 Earlier, parents use to rely on bank fixed deposits (FDs) to save money for their children's education. Sukanya Samriddhi Yojana Calculator helps to calculate the maturity amount & interest earned on SSY investment. Let’s take a look at the historic Sukanya Samriddhi interest rates. | The Newshour Agenda, 26/11 terror attack mastermind could be in custody soon, Blow to Islamist deniers? 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. The scheme motivates the parents/legal guardian of the girl child to build a fund for marriage expenses and future educational purposes. The account can be opened by the parent of the girl child below the age of 10 years. 06 Registration Code No. 1,50,000/ – in a financial year. The minimum contribution limit has been revised to Rs.250, which was earlier Rs.1000. Here we have explained some of the benefits in detail. The government of India declares the interest rates at the starting of every quarter of the financial year. TD: Can be closed after 6 months* MIS: Can be closed after 1 year*. 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. An individual family can open only two SSY accounts on the name of each girl child. The account can be opened by the parent of the girl child below the age of 10 years. The SSY scheme matures once the girl child attains 21 years of age. All Rights Reserved.. *Please note that the quotes shown will be from, Follow, like, tweet or post. 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.". Displays the amount you receive upon maturity. 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. Currently, the Sukanya Samriddhi Yojana interest rate is 7.6% compounded annually. Sukanya Samriddhi Yojana’s interest rate is fixed by the government at the beginning of each year and is applicable to both private and public sector banks. The parents of the girl child can open the SSY account with a minimum deposition of Rs.250 and can invest up to a maximum of Rs.1.5 lakh in a financial year. Why Mutual Fund Investment is the Best Choice for Financial Planning? The interest rate is fixed by the government and revised quarterly. Deposit Limit: Minimum INR. 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. 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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 information provided on this website/page is only for information sake. The maturity proceeds are tax exempted under Section 10(10D) of the Income Tax Act.

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