Sukanya Samriddhi Yojana Maintains 8.2% Interest Rate for April-June 2024

The Sukanya Samriddhi Yojana, a government-backed savings scheme in India, maintains an 8.2% interest rate, promoting financial security for girl children and bridging the gender gap.

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Rafia Tasleem
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Sukanya Samriddhi Yojana Maintains 8.2% Interest Rate for April-June 2024

Sukanya Samriddhi Yojana Maintains 8.2% Interest Rate for April-June 2024

The Sukanya Samriddhi Yojana, a government-backed savings scheme in India aimed at providing financial security for girl children, has announced that it will maintain an interest rate of 8.2% for the April-June quarter of 2024. This decision ensures that the scheme continues to offer an attractive investment option for parents looking to secure their daughters' futures.

The Sukanya Samriddhi Yojana allows parents or legal guardians to open an account in the name of a girl child below the age of 10. The account can be opened at any post office or authorized branches of commercial banks across the country. The scheme encourages parents to save for their daughter's education and marriage expenses, with the government offering a competitive interest rate on the deposits.

Under the scheme, a minimum of Rs. 250 and a maximum of Rs. 1.5 lakh can be deposited in a financial year. The account matures when the girl child reaches the age of 21, with a provision for partial withdrawal after she turns 18. The scheme also offers income tax benefits under Section 80C of the Income Tax Act, making it an even more appealing investment option.

Why this matters: The Sukanya Samriddhi Yojana plays a vital role in promoting financial inclusion and empowering girl children in India. By maintaining a high interest rate, the scheme encourages more parents to invest in their daughters' futures, helping to bridge the gender gap in education and financial security.

The continuation of the 8.2% interest rate for the April-June 2024 quarter is a welcome move, especially in light of the economic challenges faced by many families due to the ongoing COVID-19 pandemic. This decision ensures that the Sukanya Samriddhi Yojana remains an attractive and reliable investment option for parents looking to secure their daughters' financial futures.

Key Takeaways

  • Sukanya Samriddhi Yojana to maintain 8.2% interest rate in Q2 2024.
  • Scheme allows parents to open accounts for girl children under 10 years.
  • Accounts mature at 21 years, with partial withdrawal option at 18 years.
  • Scheme offers tax benefits under Section 80C of Income Tax Act.
  • Scheme promotes financial inclusion and empowers girl children in India.