Sukanya Samriddhi Yojana
The Modi government has recently announced an increase in the interest rates of the Sukanya Samriddhi Yojana, a government scheme aimed at securing the future of daughters in India. This increase in interest rates is certainly good news for parents who have invested in this scheme or are planning to do so. Let’s take a closer look at the new rates and the impact they can have on your investment.
The Central Government has raised the interest rates of the Sukanya Samriddhi Yojana by 0.20%. Starting from the January-March quarter, this scheme will now offer an interest rate of 8.2%, as compared to the previous rate of 8%. While this may seem like a small increase, it can have a significant impact on the maturity amount you can accumulate over the years.
To understand the impact of this increase, let’s consider an example. Suppose you deposit the maximum amount of Rs 1.5 lakh in your daughter’s Sukanya Samriddhi Yojana account every year. With the previous interest rate of 8%, the maturity amount after a tenure of 15 years would have been approximately Rs 34.43 lakh. However, with the new interest rate of 8.2%, the maturity amount can increase to around Rs 35.78 lakh. This means an additional benefit of Rs 1.35 lakh, which can be incredibly helpful for expenses like your daughter’s higher education or marriage.
Apart from the increased interest rates, there are several other benefits associated with the Sukanya Samriddhi Yojana that make it an attractive investment option for parents. Let’s explore some of these benefits:
1. Government Guarantee: The Sukanya Samriddhi Yojana is a government scheme, which means that your investments are safe and you can expect guaranteed returns. This provides a sense of security and peace of mind for parents who want to secure their daughter’s future.
2. Tax Benefits: Under Section 80C of the Income Tax Act, you can claim tax benefits on investments up to Rs 1.5 lakh deposited in the Sukanya Samriddhi Yojana account in a financial year. This allows you to save on taxes while securing your daughter’s future.
3. Tax-Free Interest: The interest earned in the Sukanya Samriddhi Yojana account is completely tax-free. This means that you don’t have to worry about paying taxes on the interest earned, further enhancing the overall returns on your investment.
4. Flexibility: Opening a Sukanya Samriddhi Yojana account is easy and convenient. You can start by depositing a minimum of Rs 250 in any post office or bank. Additionally, the maximum investment limit per year is Rs 1.5 lakh, giving you the flexibility to invest according to your financial capabilities.
5. Partial Withdrawal: Once your daughter turns 18, you have the option to make a partial withdrawal from the Sukanya Samriddhi Yojana account. You can withdraw up to 50% of the total balance in a financial year, providing you with the flexibility to meet any unforeseen expenses.
6. Full Maturity: After 21 years from the account opening or when your daughter turns 21, whichever is later, the Sukanya Samriddhi Yojana account matures. At this point, the entire amount, along with the accumulated interest, is received, allowing you to utilize it for your daughter’s future endeavors.
In conclusion, the increase in interest rates on the Sukanya Samriddhi Yojana is a positive development for parents looking to secure the future of their daughters. With the new interest rate of 8.2%, the scheme offers enhanced returns and additional benefits that can be instrumental in funding your daughter’s higher education or marriage expenses. Moreover, the government guarantee, tax benefits, flexibility, and partial withdrawal options make this scheme an attractive investment choice. Consider exploring the Sukanya Samriddhi Yojana and taking advantage of the increased interest rates to secure a brighter future for your daughter.