Interest Rates Boosted By 20 bps For Sukanya Samriddhi Yojana In Q4FY24

The Modi government just gave a boost to the popular Sukanya Samriddhi Yojana (SSY) savings scheme for girls. The interest rate has jumped by 0.2%. As of October 1st, the government raised the interest rate by 0.2%, from 8% to 8.2%. 

Benefits of SSY

  1. Sukanya Samriddhi Yojana is supported by the government, so your money is guaranteed to grow with a steady interest rate. 
  2. You can save up to ₹1.5 lakh each year in an SSY account and get a tax break under Section 80C. 
  3. Sukanya Samriddhi Yojana lets your savings for your daughter bloom without any tax worries. 
  4. With Sukanya Samriddhi Yojana, even small contributions make a big difference. You can start with just ₹250 in a year and go up to ₹1.5 lakh, making it perfect for any savings plan. 

Sukanya Samriddhi Yojana account withdrawal and maturity rules

When your daughter turns 18, the Sukanya Samriddhi Yojana account unlocks like a magic chest! She (or her guardian) can take out up to half of the savings in a year. 

Small savings schemes' interest rates hiked up to 20 bps for Q4FY24

Interest rates on some popular savings schemes are going up for the next quarter, starting January.

The star of the show is the Sukanya Samriddhi Yojana (SSY) scheme for girls, where the interest rate jumps by 0.2%, from 8% to 8.2%. 

Also getting is the 3-year term deposit scheme, with its rate climbing from 7% to 7.1%. 

Small savings schemes' latest interest rates for the January- March 2024 quarter

  • Sukanya Samriddhi Yojana, the saving plan for girls, is shining bright with a 0.2% jump to 8.2% interest. So, your little one's future fund will grow even faster!
  • The 3-year term deposit scheme got a 0.1% bump to 7.1%.
  • PPF, NSC, PO-Monthly Income Scheme, and Kisan Vikas Patra are keeping their current rates, still offering steady returns for your hard-earned cash.