The Indian government has increased Sukanya Samriddhi Yojana interest rates from 8.0% to 8.2%, aiming to boost savings and parental investment in daughters' futures.

Government Raises Sukanya Samriddhi Yojana Interest Rates for 2024 Elections

What is Sukanya Samriddhi Yojana? 

Launched in 2015, it's a government-backed savings scheme to encourage parental savings for daughters' education and marriage, offering high interest and tax benefits. 

Benefits of Sukanya Samriddhi Yojana 

Offers a high 8.2% interest rate, tax benefits under Section 80C, and aims to provide financial security for girls to pursue their dreams. 

Eligibility Criteria 

Parent or legal guardian can open an account for a girl child below 10 years; limited to two accounts per family for different girls. 

How to Open an Account

 Visit the nearest post office or authorized bank, fill out the form, provide necessary documents, make an initial deposit of at least Rs. 250, and receive the activated account with a passbook.

Withdrawal and Maturity 

Account matures after 21 years; premature closure allowed for marriage after 18; partial withdrawals (up to 50%) for higher education after the girl child turns 18.

Interest Rate Hike Impact

The Sukanya Samriddhi Yojana's new 8.2% interest rate will greatly bolster savings for girls' futures, providing solid financial support for their education and marriage.

Financial Security for Girls 

The Sukanya Samriddhi Yojana scheme is designed to provide a strong financial security net for girls, enabling them to pursue their dreams and ambitions without being encumbered by financial constraints.

Interest Impact Over Time 

After just one year, a ₹100 difference in withdrawals is apparent between a ₹50,000 investment at 8.2% and 8.0% interest rates. Over 20 years, this compounds to a cumulative disparity of around ₹38,173, emphasizing the long-term impact of interest rate differentials on returns.

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