Sukanya Samriddhi Yojana For Girls
SSY OR Sukanya Samriddhi Yojana is a high interest paying investment scheme backed by the government. In today’s era of inflation the values of our savings are inversely proportional to time. In simple terms little savings cannot help a middle class salaried man. For this reason a question strikes the mind for every middle class parent: How to secure the future of their kids? The only answer to this question provided by the Government of India is their investment schemes. There are many government backed investment plans that a person can avail to get high returns with low risk investments. One of such schemes is SSY or Sukanya Samriddhi Yojana.
SSY is a part of “Beti Bachao, Beti Padhao Yojana”, this scheme is especially for the girls, for which the interest rate for quarter ending March 31, 2022 is 7.6%. Parents having a maximum of two girl children are eligible for this scheme account and three in case of twins. If interested, the SSY accounts can be opened in specific banks and post offices. These accounts are only valid for 21 years or the child becomes 18 and marries.
Currently the SSY scheme is giving tax free returns to the investors as it comes under the Exempt-Exempt-Exempt (EEE) category. The contributions and maturity benefits are non-taxable under Section 80C of the Income Tax Act of 1961.
According to the rules, the account can be handled by the guardian. After the girl turns 18 the girl can operate the account by herself after the KYC process.
The interest rate for the SSY Scheme is revised by the government on a quarterly basis. Currently the interest rate on SSY for the quarter ending March 31, 2022 is 7.6%. Now the interest rate for the next quarters is going to be revised on March 31, 2022.
History of Sukanya Samriddhi Yojana Interest Rates For Different Quarters.
03.12.2014 TO 31.03.2015—— 9.10%
01.04.2015 TO 31.03.2016——-9.20%
01.04.2016 TO 30.09.2016——-8.60%
01.10.2016 TO 31.03.2017——-8.50%
01.04.2017 TO 30.06.2017——-8.40%
01.07.2017 TO 31.12.2017——-8.30%
01.01.2018 TO 30.09.2018——-8.10%
01.10.2018 TO 30.06.2019——-8.50%
01.07.2019 TO 31.03.2020——-8.40%
01.04.2020 TO 31.03.2022——-7.6%