Exploring the Latest Sukanya Samriddhi Yojana Interest Rates for April-June 2024 Quarter

The Sukanya Samriddhi Yojana (SSY) is a scheme designed to ensure a prosperous future for girl children while advancing their welfare. Updated quarterly by the government, the interest rates for the Sukanya Samriddhi Yojana (SSY) play a pivotal role in its attractiveness to investors.

Interest Rate Update for April-June 2024

For the April-June 2024 quarter, the interest rate for the Sukanya Samriddhi Yojana scheme remains consistent with the previous quarter, holding steady at 8.2%.

Eligibility and Account Opening

According to a report by ET, parents or legal guardians can initiate a Sukanya Samriddhi Account for a girl child under the age of ten, with provisions for a maximum of two accounts per guardian. However, only one account can be opened for each girl child, whether by a natural or legal guardian.

Documentation Requirements

Opening an SSY Account necessitates specific documentation, including a passport-sized photograph, a copy of identification proof, the girl child’s birth certificate copy, and residence proof as per RBI KYC policy.

Premature Closure Conditions

Premature closure of an SSY Account is permissible under certain circumstances, such as the account holder’s demise or severe compassionate grounds. However, premature closure is not allowed before the completion of five years from the account’s opening date.

Key Details of SSY

The Sukanya Samriddhi Yojana mandates a minimum annual deposit of Rs 250, with a maximum limit of Rs. 1,50,000. Failure to meet the minimum deposit requirement incurs a yearly penalty of Rs 50. The account matures after 21 years from its opening, without offering loan facilities. Withdrawals become feasible once the account holder reaches eighteen or completes the tenth grade, whichever comes first. Deposits are allowed until the account reaches fourteen years from its opening date.

Tax Benefits

Investors in SSY can avail tax exemptions of up to Rs 1.5 lakh under Section 80C of the Income Tax Act, with the interest earned upon maturity being tax-free. SSY investors enjoy triple tax benefits covering the principal, interest, and maturity amounts. It’s crucial to note that opting for the new tax regime renders one ineligible for 80C deductions.

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