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. SSY scheme offers attractive rates of interest that is similar to other small savings scheme. The maturity tenure of the account is until the girl reaches the age of 21 years. The SSY scheme matures once the girl child attains 21 years of age. The deposition tenure of the SSY scheme is of 15 years and the maturity period of the scheme is 21 years. 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. According to the State Bank of India's (SBI) official website, www.sbi.co.in- "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.". Sukanya Samriddhi Yojana Calculator helps to calculate the maturity amount & interest earned on SSY investment. An individual can start investing in SSY with a minimum of Rs.250 and can invest up to a maximum of Rs.1.5 lakh in a financial year. 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. Watch Leaders of Tomorrow Season 8 eAwards on 13th of September 2020, 5pm onwards on Times Network. The maximum amount that one can deposit is Rs 1, 50, 000. Read further to know about various aspects of Sukanya Samrisshi Yojana. 25 0/-and Maximum INR. The government of India fixes the rate of interest of the scheme and is revised on a quarterly basis. Get the latest investment tips at Times Now and also for more news on money saving tips, follow us on Google news. The Sukanya Samriddhi Account Rules, 2016 was rescinded on 12 December 2019 and the new Sukanya Samriddhi Account Scheme, 2019 was introduced. The scheme motivates the parents/legal guardian of the girl child to build a fund for marriage expenses and future educational purposes. Enables you to plan your investment portfolio more effectively. The account can be opened at any India Post office or branch of authorised commercial banks. An individual family can open only two SSY accounts on the name of each girl child. For the financial year 2020, currently, the Sukanya Samriddhi Yojana interest rate is 7.6% compounded yearly. Sukanya Samriddhi Yojana account can be managed by the guardian or parent of the girl child until the girl turns 10 years old. Shows the year of maturity for your SSY account. This scheme was launched with an objective to promote the welfare of the girl child. The maturity proceeds are tax exempted under Section 10(10D) of the Income Tax Act. The product information for comparison displayed on this website is of the insurers with whom our company has an agreement. India’s top entrepreneurial platform recognises the best SMEs, MSMEs and Startups of the 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. However, Sukanya Samriddhi Yojana scheme can be opened for more than two girls in some special cases like: A minimum amount of Rs 250 has to be deposited initially. No charges are applicable for the transfer of account. The scheme tenure is of 21 years till or unit the girl gets married after the age of 18 years. The contribution should be made in the multiple of Rs.100. With investing in Sukanya Samriddhi Account, the parents or the legal guardians of the girl child can claim the income tax deduction. 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. Investors can take advantage of the higher interest rates offered by the company fixed deposits. *The information provided on this website/page is only for information sake. 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 account has to be opened before the girl attains 10 years of age. Product information is authentic and solely based on the information received from the Insurer© Copyright 2008-2020 policybazaar.com. 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.
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