According to a circular issued by the Finance Ministry on September 29, the interest rates of three small savings schemes have been hiked by 10 bps to 30 bps for the October-December 2022 quarter (one percentage point is equal to 100 basis points). The interest rate of Citizen Savings Scheme has been increased by 20 bps to 7.6% and that of Kisan Vikas Patra by 10 bps to 7%. The interest rate for post office fixed deposits has been increased from 30 bps to 5.8% with tenure of 3 years and from 20 bps to 5.7% with tenure of 2 years.
what is Sukanya Samriddhi Plan
Sukanya Samriddhi Yojana was established to help parents save money for their daughters’ future marriage and education costs.
The Sukanya Samridhi Yojana of the Government of India is a savings scheme designed to improve the lives of girls in the country.
As per the rules, you have to deposit money in your account once in every financial year for the first 15 years after opening the account; Otherwise, your account will be considered under default. The minimum amount to be deposited each year is Rs 250 and the maximum amount that can be deposited in a financial year is Rs 1,50,000.
tax benefits
This account offers several tax benefits including competitive interest rate, tax-free interest income, taxable maturity amount and Section 80C tax deduction.
Interest Payment on SSY
The payment to the account will be made at the prescribed rate announced by the Ministry of Finance from time to time.
Interest for the calendar month is calculated on the basis of the account balance which was the lowest at the end of the fifth day. At the end of each financial year, interest will be credited to the account. Where there is an account at the end of each financial year, interest is to be credited to the account. (For example, if an account is transferred from bank to PO or vice versa).
Documents required to open Sukanya Samriddhi Yojana Account
1.SSY Account Opening Form
2. Birth Certificate of the Beneficiary
3. Address proof of the guardian or parents of the heir
4. ID proof of the guardian or parents of the beneficiary
5.Two photographs of the beneficiary
withdrawal
according to Canara Bank The website, “Withdrawal is allowed only after completion of 21 years from the date of account opening, however after attaining the age of 18 years, 50% of the balance in the account at the end of the previous financial year can be withdrawn for this purpose.” of higher education or marriage.