🚂 Current Fix Deposit Rates 🌞 SBI - General Citizen 3% to 7.10% Senior Citizen - 3.60% to 7.60% 🌞 HDFC - General - 3.00% to 7.40% Senior Citizen - 3.50% to 7.90% 🌞 ICICI - General - 3% to 7.10% Senior Citizen - 3.50% to 7.60% 🌞 PNB - General - 3.50% to 7.25% Senior Citizen - 4% to 7.75% 🌞 Kotak Mahindra - General - 2.75% to 7.20% Senior Citizen - 3.25% to 7.70% 🌞 Axis - General - 3.50% to 7.10% Senior Citizen - 3.50% to 7.85% 🌞 Bank of Baroda - General - 3% to 7.25% Senior Citizen - 3.50% to 7.55% 🚂 Current Recurring Deposit Rates 🌞 SBI - General 4.40% to 5.50% Senior Citizen 4.90% to 6.20% 🌞 ICICI - General 3.50% to 5.50% Senior Citizen 4% to 6.30% 🌞 HDFC - General 4.40% to 5.50% Senior Citizen 4.90% to 6.25% 🌞 KOTAK - General 4.30% to 5.20% Senior Citizen 4.80% to 5.70% 🌞 AXIS - General 4.40% to 5.75% Senior Citizen 4.65% to 6.50% 🌞 IDBI - General 7% to 7.15% Senior Citizen 7.50% to 7.65% ☁️ National Pension Scheme - 9% to 12% pa ☁️ Employees Provident Fund - 8.15% pa ☁️ Public Provident Fund - 7.1% pa Sukanya Samriddhi Yojana

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Sukanya Samriddhi Yojana

 

Sukanya Samriddhi Yojana (SSY) introduced in January 2015 by Government of India under the “Beti Bachao Beti Padhao” campaign.  SSY is a savings scheme, its goal is to support girl child and it encourage parents to save for her future education and marriage expenses. 

Some of the key features of Sukanya Samriddhi Yojana:

Eligibility: Parents can apply for Sukanya Samriddhi Yojana scheme when the girl child below the age of 10 years.

Account Opening: For account opening you can visit to nearest post office or any authorized financial institution.

Deposit: Investors can deposit minimum amount of Rs. 250 and upto Rs. 1,50,000 annually in the saving account.

Tenure: Investors receive benefits after 21 years from the date of account opening or the girl child gets married, whichever is earlier.

Interest Rate: The Indian government sets the interest rate for Sukanya Samriddhi Yojana.  It is mainly higher than other small savings schemes, it is compounded annually.

Tax Benefits: The investors can claim tax benefit towards savings in Sukanya Samriddhi Yojana scheme, under section 80C of the Income Tax Act.  The interest earned on investment and maturity returns are absolutely tax free.

Partial Withdrawal: Investors can partial withdraw the amount once the girl child reaches the age of 18 years for her higher education of marriage.

Savings Security:  Since it is backed or managed by government authority, investment in the Sukanya Samriddhi Yojana is safe.

Conclusion:

Overall, Sukanya Samriddhi Yojana goal is to empowering families to make an investment for the future of their girl child and secure her financial life.  Not only it’s offers attractive interest rates but also tax benefits on the investments.

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