In anticipation of the 2024 Lok Sabha elections, the Narendra Modi administration increased interest rates on the Sukanya Samriddhi Yojana (SSY) plan by 20 basis points for the January–March quarter.
A circular from the finance ministry stated that the interest rate on deposits made under the Sukanya Samriddhi scheme would increase from the current 8 percent to 8.2 percent. Every quarter, the government announces the interest rate on small savings plans, which are mostly run by post offices.
SSY’s advantages:
- Under Section 80C of the Income Tax Act, an investor may claim income tax benefits on up to ₹1.50 lakh invested in an SSY account in a single financial year.
- The Sukanya Samridhi Yojana is a government-backed program that guarantees returns.
- The Sukanya Samriddhi Account has a minimum yearly contribution of ₹250 and a maximum commitment of ₹1.5 Lakh every financial year.
- Taxes are not applied to interest earned through the Sukanya Samriddhi Account (SSA).
Upon Maturiy:
Guardians are allowed to take up to 50% of the account amount in one financial year once the daughter turns eighteen. As per the guidelines established by the Department of Posts, withdrawals may be made in one payment or in installments, and they are limited to one withdrawal annually for a maximum of five years.
Latest interest rates for all other post office scheme for Quarter January through March 2024
Sukanya Samridhi Yojana – 8.2%
PPF – 7.1%
SCSS – 8.2%
NSC – 7.7%
1-Year Deposit – 6.9%
2-Year Deposit – 7.0%
3-Year Deposit – 7.1%
5-Year Deposit – 7.5%
5-Year RD – 6.7%
PO-Monthly Income Scheme – 7.4%
Kisan Vikas Patra – 7.5%