Sukanya Samriddhi Yojana rate of interest April-June 2024: The Sukanya Samriddhi Yojana Account (SSA) goals to safe a shiny future on your lady youngster and promote her welfare. The federal government revises the rate of interest on the Sukanya Samriddhi Yojana (SSY) each quarter.Rate of interest replace for April-June 2024 quarterThe rate of interest for the Sukanya Samriddhi Yojana scheme stays unchanged from the earlier quarter, standing at 8.2% for the April-June 2024 quarter.Who can open a Sukanya Samriddhi Account?Dad and mom or authorized guardians can open an account for a woman youngster underneath ten years previous, states an ET report. They’re permitted to open accounts for a most of two lady youngsters. Nevertheless, just one SSY account may be opened within the title of every lady youngster, both by a pure or authorized guardian.ALSO READ | Small Financial savings Scheme Curiosity Charges April-June 2024 introduced: How a lot will you earn by investing in Sukanya Samriddhi, PPF, NSC, Kisan Vikas Patra and so on?Paperwork required for opening an SSY AccountPassport dimension photographCopy of ID proofBirth certificates copy of the lady childResidence proof as per RBI KYC policyPremature closure of SSY AccountAn SSY account may be closed underneath sure circumstances:Within the occasion of the account holder’s dying.In instances of utmost compassionate grounds, comparable to extreme medical situations threatening the account holder’s life or the dying of the guardian inflicting undue hardship to the account holder.Nevertheless, untimely closure of an account underneath these circumstances will not be permitted earlier than completion of 5 years from the date of opening the account.ALSO READ | PPF, NPS, Sukanya Samriddhi guidelines: What’s the minimal deposit to be made per monetary 12 months to keep away from penalty or account freezing?Key particulars of SSYThe Sukanya Samriddhi Yojana requires a minimal annual deposit of Rs 250, as much as a most of Rs. 1,50,000. Failure to deposit the minimal quantity incurs a yearly penalty of Rs 50. The account matures after 21 years from opening and doesn’t provide mortgage amenities. Withdrawals are allowed after the account holder turns eighteen or completes the tenth grade, whichever occurs first. Deposits may be made till the account reaches fourteen years from its opening date.Tax benefitsUnder Part 80C of the Earnings Tax Act, buyers can declare exemptions of as much as Rs 1.5 lakh for the Sukanya Samriddhi Yojana. The curiosity earned upon maturity is tax-free. Buyers in SSY get pleasure from triple tax advantages: the principal invested, the curiosity earned, and the maturity quantity are all exempt from taxes. Nevertheless, it is vital to notice that choosing the brand new tax regime renders one ineligible for 80C deductions.
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