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Sukanya Samridhi Yojana interest rate 2024 Check Here

Sukanya Samridhi Yojana interest rate 2024 Check Here

The Narendra Modi government has raised the interest rates on the Sukanya Samriddhi Yojana (SSY)scheme by 20 basis points for the January to March quarter, ahead of Lok Sabha polls 2024. According to a finance ministry circular, the deposit under the Sukanya Samriddhi scheme would attract an interest rate of 8.2 per cent from the existing 8 per cent. The government notifies the interest rate on small savings schemes, majorly operated by post offices, every quarter.

What is the benefits of Sukanya Samridhi Yojana

1.Being a government-backed scheme, the Sukanya Samridhi Yojana offers guaranteed returns.

2.The interest generated through the Sukanya Samriddhi Account (SSA) is tax-free

3.An investor can claim income tax benefits on up to ₹1.50 lakh invested in an SSY account in the single financial year under Section 80C of the Income Tax Act.

4.The minimum annual contribution to the Sukanya Samriddhi Account is ₹250 and the maximum contribution is ₹1.5 Lakh in a financial year.

latest interest rates for the January- March 2024 quarter

PPF – 7.1%

SCSS – 8.2%

Sukanya Yojana – 8.2%

NSC – 7.7%

PO-Monthly Income Scheme – 7.4%

Kisan Vikas Patra – 7.5%

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%

With reference to the latest revised list, the interest rate of Sukanya Samriddhi Scheme will be 8.2%, while for 3-year TD it would be 7.1% for the last quarter of the current fiscal. Before, the interest rates for Sukanya Samriddhi Scheme and 3-year TD were 8.0%, 7.1%, respectively.

 

 

The PPF rates were kept unchanged for more than 3 years. It was last tweaked in April-June 2020, when it was slashed to 7.1 per cent from 7.9 per cent.

 

In the last announcement, the Centre kept small savings interest rates at the same level for the October-December quarter except for a marginal increase in five-year recurring deposit rates.

 

Before today’s revision, the interest rates on small savings schemes ranged between 4 per cent (post office savings deposits) and 8.2 per cent (Senior Citizens Savings Scheme).

 

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