Sukanya Samriddhi The scheme, or SSY, is a welfare program for girls aimed at the betterment of girls. Investment SSY Allows parents or legal guardians to provide financial security for a girl child who is 10 or younger. With frequent deposits you can build a huge corpus. You can use this fund to help your girl child achieve her aspirations for marriage, education and more. Sukanya Samriddhi Yojana Accounts can be opened in banks and post offices.

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Sukanya Samriddhi Yojana- Interest Rates

You will currently earn 7.6 per cent per annum in interest on your Sukanya Samriddhi Yojana account balance. The Government of India sets the interest rate of the scheme and changes frequently. Let us examine the historical Sukanya Samriddhi interest rates.

Sukanya Samriddhi Yojana Tax Savings

Under Section 80C of the Income Tax Act of 1961, you can deduct the cost of your contribution to Sukanya Samriddhi Yojana for the future benefit of your daughter. As a result, you can deduct up to Rs 1.5 lakh on investments from your taxes. In addition, tax savings can be achieved on the amount paid on maturity or withdrawal along with interest payments. One of the more well-known investment schemes with the exempt-exempt-exempt (EEE) designation is the Sukanya Samriddhi Yojana, which is operated by the Department of Revenue (DoR). The accumulated compound interest on your deposit account is also exempt from taxation.

No tax is payable on withdrawal. As a result, once your account reaches maturity, you can withdraw the entire amount.

Premature closure of Sukanya Samriddhi Account

In the event of death of the account holder on production of a death certificate issued by the appropriate authority, the account will be closed immediately, and the balance amount along with any outstanding interest will be paid to the guardian of the account holder.

The rate of interest for the amount held in Sukanya Samriddhi Account from the date of death till the date of closure of the account will be the same as the rate of interest for Post Office Savings Accounts.

Premature closure of accounts can be done on extreme humanitarian grounds, such as when a girl child needs medical assistance for a life-threatening illness or when a guardian passes away and the account holder has to open the account. faces undue hardship (girl). The account must be open for five years for this to be allowed. After submission of all required paperwork, early account closure will be allowed. The unpaid amount along with the interest payable as per the scheme shall be paid to the account holder or the account guardian as appropriate.