The new interest rates for the third quarter of this financial year, October-December 2025, will be announced on September 30. These new rates will be effective from October 1. Previously, the interest rates for the second quarter were reviewed in June 2025, but no changes were made to the interest rates.

This time, the most discussed interest rate is on the Public Provident Fund (PPF). Currently, PPF offers 7.1 percent interest, but there are indications that it may be reduced. If this happens, the PPF interest rate will reach its lowest level in the last 50 years. However, no official information has been revealed in this regard yet.

Interest rates have remained unchanged for the past six quarters.

This marks the sixth consecutive quarter in which the rates for these schemes have remained unchanged. This means that investors are currently receiving the same returns as those promised in the April-June quarter. The question now is whether any changes will be seen in the October-December quarter.

The schemes for which interest rates are to be decided include the Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), National Savings Certificate (NSC), Kisan Vikas Patra (KVP), Senior Citizens Savings Scheme (SCSS), and others. A reduction in interest rates this time could be a major setback for investors. However, an increase in interest rates would be good news for investors.

Learn how post office interest rates are determined.

The government reviews the interest rates of post office schemes every quarter. These rates are determined based on the recommendations of the Shyamala Gopinath Committee. The committee recommends that the interest rates of these schemes should be 25 to 100 basis points higher than the yield on government bonds for the corresponding period. This ensures that these schemes remain attractive to investors.

However, sometimes the government doesn’t set interest rates based on this formula. This is because the government is not obligated to always follow the committee’s recommendations. Sometimes, the government makes its own decisions based on the public interest.

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There is hope of change in interest rate after reduction in repo rate

In the year 2025, the Finance Ministry has not made any change in the interest rate of most post office saving schemes so far. However, due to the rapid decline in bond yields and continuous reduction in repo rate by the Reserve Bank of India (RBI), a change in rates is expected this time. RBI has recently reduced the repo rate by 50 basis points to 5.5%. With the reduction in repo rate, the bond yield has also come down.

The effect of reduction in repo rate is also visible on bond yield.

As of 26 June 2025, the yield of 10-year government bond was 6.269%. It was at 6.779% at the beginning of the year. This simply means that it has fallen by 0.510%. It is clear from this that the effect of reduction in repo rate is also visible on bond yield. The decline is important because the interest rates on small savings schemes are indirectly linked to the yield of government bonds. According to data from investing.com, the average yield of 10-year government bond (G-sec) since March 24 till now has been 6.325%.

PPF interest rate may come down

If a ‘spread’ of 25 basis points is added to it, then if the interest rate of PPF is completely changed according to the formula, then it can fall to 6.575%. This is less than the current interest rate of 7.10%. According to this calculation, the interest rate of small saving scheme should be reduced, which will be in accordance with the fall in market rate. However, the final decision on this has to be taken by the government. The government can consider other major economic and political reasons before taking any such step.

Looking at the current situation, it is expected that the interest rate of small savings scheme may be cut for the second quarter (July-September) of the financial year 2025-26. However, the Finance Ministry will announce this on 30 June 2025. RBI has cut the repo rate thrice in the year 2025. Due to this it has come down from 6.5 percent to 5.5 percent. Due to these cuts, banks have reduced interest rates on their fixed deposits (FD).

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The new interest rates will be applicable from July 1, 2025 and will be valid till September 30, 2025. At present, Sukanya Samridhi Yojana is getting an annual interest of 8.2%, which has remained stable for some time. But now it is expected that the government may reduce the interest rate on Sukanya Samriddhi Yojana.

Sukanya Samriddhi Yojana interest rate will decrease

A major reason for this is that the Reserve Bank of India (RBI) has cut the repo rate by a total of 1% since February 2025. The effect of this was that almost all the banks in the country have reduced the interest rates on their fixed deposits and savings accounts. In such a situation, it is possible that the government may also reduce the interest rate of small savings schemes, especially schemes like Sukanya Yojana. Although the final decision will be taken on June 30, a slight reduction in the interest rate is expected.

Interest Rate on Small Savings Scheme

The interest being received on small savings schemes of the government from April to June, the first quarter of the financial year 2025-26, is something like this.

4% interest is being given on Post Office Savings Account.

The interest rate on 1 year fixed deposit (Time Deposit) is 6.9%.

7% interest is being given on 2 year FD and 7.1% interest is being given on 3 year FD.

The maximum interest rate being offered on 5-year FD is 7.5%.

6.7% interest is being given on 5 year Recurring Deposit.

A good interest of 8.2% is being given in Senior Citizens Savings Scheme.

There is 7.4% interest on Monthly Income Scheme.

National Savings Certificate (NSC) is giving 7.7% interest.

Public Provident Fund (PPF) is giving 7.1% interest.

Sukanya Samriddhi Account is also giving a good interest of 8.2%.

The interest rate on Kisan Vikas Patra is fixed at 7.5% and it will mature in 115 months.

Now the interest rates for the July to September quarter will be decided on 30 June 2025. It remains to be seen whether there is any change in these or not.

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If you invest in small savings schemes like Sukanya Samriddhi Yojana and Public Provident Fund (PPF), then this news is for you. The government decided to keep the interest rates on small savings schemes unchanged for the April-June quarter of the financial year 2025-26. This is the fifth consecutive quarter when there has been no change in the interest rate on small savings schemes.

What did the Finance Ministry say

The Finance Ministry said in a notification that the interest rates on different small savings schemes for the quarter starting from April 1, 2025 and ending on June 30, 2025 will remain unchanged from the rates notified for the March quarter of the financial year 2024-25. Let us tell you that the government had last changed the interest rates in some schemes for the fourth quarter of 2023-24. The government issues notification of interest rates on small savings schemes every quarter.

What is the interest rate of which scheme

Deposits under the Sukanya Samriddhi Yojana will fetch an interest rate of 8.2 per cent, while the rate on three-year term deposits will remain at 7.1 per cent in the current quarter. Interest rates on the popular PPF and post office savings deposit schemes have also been retained at 7.1 per cent and four per cent respectively for the next quarter. The interest rate on Kisan Vikas Patra will remain at 7.5 per cent as before and this investment will mature in 115 months. The interest rate on National Savings Certificate (NSC) will remain at 7.7 per cent for the period April-June 2025. The Monthly Income Scheme will earn 7.4 per cent for investors as in the current quarter.

there was a risk of a cut

Let us tell you that the Reserve Bank of India had cut the repo rate by 0.25 percent in the month of February last year. After this cut, the repo rate became 6.25 percent. After the RBI’s decision, there was a fear that the interest rates of small savings schemes would be reduced. However, the government has not made any change for the upcoming quarter.

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The post Small savings schemes: Govt announces interest rates for PPF, NSC, SSY for April-June, check the new interest first appeared on Rightsofemployees.com.

Investors who have invested in these investment options need not worry. Experts say that even if you have invested in these investments, you should review them once. The reason for this is that if there is any kind of shortfall in the investment, then investment can be made till March 31 to make up for it. It has to be kept in mind that deduction on these investments is allowed only in the old regime of income tax.

Deduction on investment up to Rs 1.5 lakh under section 80C

In the old regime of income tax, under section 80C of the Income Tax Act, 1961, it is allowed to claim deduction of up to Rs 1.5 lakh in a financial year. About a dozen investment options come under this section. These include PPF, SSY, NPS, ELSS etc. Deduction can be claimed by investing in any one of these schemes or in more than one scheme. But, it has to be kept in mind that whether you invest in one scheme or more than one scheme, you can claim a maximum deduction of up to Rs 1.5 lakh in a financial year.

Deduction on health insurance premium under section 80D

If you have not bought health insurance, you can buy it till 31st March. This will enable you to claim deduction on its premium while filing income tax return for this financial year. If you buy health insurance after 31st March, you will not be able to claim deduction on its premium while filing return for this financial year. A person can buy a health policy for himself and his family and claim a maximum deduction of Rs 25,000 on its premium. If your age is more than 60 years, you can claim a deduction of Rs 50,000. Apart from this, a deduction of Rs 50,000 can also be claimed on buying a separate health policy for elderly parents.

Be sure to keep these things in mind while investing

You have to keep in mind that the purpose of investment should not be just tax-savings. You have to invest keeping in mind your financial goals. If you can take a little risk, then you can invest in the tax scheme of mutual funds. This scheme is also called ELSS. ELSS has the highest return among tax-saving investment options. It has a lock-in period of three years which is the shortest lock-in period among tax-saving investment options. If you cannot take risk, then you can invest in bank tax-savings FD or PPF. But, it has to be kept in mind that while the lock-in period in bank tax-savings FD is 5 years, PPF is a long-term investment. It matures after 15 years.

The post You can invest in PPF, SSY, ELSS, NPS for tax-savings till March 31 first appeared on Rightsofemployees.com.

How much will be earned in which scheme

As we mentioned above, no change has been made in the interest rates of any small savings scheme including PPF, KVP, NSC. If you invest in PPF scheme from January 2025 to March 2025, you will get only 7.1% annual interest. Also, if you invest in Sukanya Samriddhi Yojana, you will get 8.2% annual interest, 7.5% annual interest in Kisan Vikas Patra, 4% annual interest in Post Office Savings Account, 7.7% annual interest in National Savings Certificate, 7.4% annual interest in POMIS and 8.2% annual interest in savings schemes run for senior citizens.

How much will you earn in post office time deposit

Along with other Post Office Savings Schemes, the information about the new interest rate of Post Office Time Deposit Schemes has also been given in the information issued by the Finance Ministry. From January 2025, 6.9% annual interest will be given on 1-year Post Office Time Deposit Scheme, 7.0% annual interest will be given on 2-year Post Office Time Deposit Scheme, 7.1% annual interest will be given on 3-year Post Office Time Deposit Scheme. Also, 6.7% annual interest will be offered on 5-year Post Office Recurring Deposit Scheme.

The post Govt Announced New Interest rates on PPF, KVP, SSY and other Small Savings Scheme, check all details first appeared on Rightsofemployees.com.

NPS Vatsalya is a special scheme launched under the National Pension System (NPS), which is specially designed for the future of children. Under NPS Vatsalya (NPSV), parents can start saving for their child’s retirement even before they turn 18 years old.

When the child turns 18, the NPS Vatsalya account will automatically be converted into a regular NPS (National Pension Scheme) account, which is currently the most effective retirement investment plan.

As the parent or guardian of the child, you have to deposit an initial amount of Rs 1,000 at the time of opening the account. After that, it is necessary to make an annual contribution of at least Rs 1,000 every year. There is no maximum investment limit in this scheme.

Withdrawal rules from NPS Vatsalya account

Parents or guardians can withdraw up to 25% of the amount from the Vatsalya account after three years for select reasons:

• For education
• Certain diseases
• In case of disability

Until the child turns 18, they can withdraw money up to three times in the above mentioned situations. Vatsalya Yojana gives parents a great opportunity to secure their child’s future through compounding returns. When compared to investment schemes like Sukanya Samriddhi Yojana (MF), Public Provident Fund (PPF) and Mutual Fund (MF), some prescribed limits apply to Vatsalya Yojana.

NPSV vs MF vs PPF: Which scheme is better for the child’s future?

Based on the features of each scheme, the comparison between the two schemes can be done as follows:

• Risk and Return: Equity mutual funds generally have higher risk and return potential than NPS Vatsalya. NPS Vatsalya offers a more balanced investment option with a combination of equity and debt investments.
• Liquidity: Equity mutual funds have more liquidity than NPS Vatsalya, as in MFs you can withdraw your money at any time. NPS Vatsalya has a lock-in period till your child turns 18. Even after that, you can withdraw only a part of the fund.
• Retirement Focus: NPS Vatsalya is primarily designed for saving for retirement. On the other hand, equity mutual funds can be used for a variety of financial goals.

“If your child is 10 years old now and you open a pension account for him, a monthly deposit of Rs 10,000 can create a fund of Rs 10 crore in the next 50 years. However, assuming an inflation rate of 6%, the value of this fund will be only Rs 50 lakh at that time. However, if the investment is increased by 10% every year, a strong retirement fund can be easily created for your children.

Other investments like Sukanya Samriddhi Yojana or Mutual Fund Child Plans are designed in such a way that regular investments will help you raise funds for important milestones in your child’s life such as higher education, business and marriage. Mutual funds are specifically designed for the purpose of meeting children’s expenses and are actively managed.

Also, they have a long lock-in period to earn high returns of 12-15%. Though they are associated with market risks, in the long term, they are very profitable. They are able to deal with this. This means that you have a lot of funds and liquidity when investing in it.

“You can avail of the funds at the specific time when you need them the most,” said Adhil Shetty, CEO, BankBazaar.com. For example, if you have invested Rs 5,000 in two mutual fund schemes, one for 8 years and the other for 12 years, you will have liquidity of around Rs 8 lakh and Rs 15 lakh at each stage. In comparison, you will be able to withdraw a maximum of 25% of the amount from the Vatsalya scheme.

Shetty said, “If you decide to do this at the end of the 12th year, you will get around Rs 6.3 lakh. If you adjust the amount of investment in your child plan mutual fund according to your need, then you will be able to complete your child’s graduation and post graduation education without putting too much pressure and without putting a big financial burden on yourself. All this will not be possible due to the low returns and low liquidity of NPS Vatsalya.

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He told that NPS Vatsalya scheme works as a very long term investment scheme. Despite this, it does not provide the flexibility needed. Therefore, it would be a good idea to diversify your investment and adopt NPS Vatsalya as a small part of your overall investment portfolio instead of choosing it as the only investment scheme for your children. Along with this, you should also include mutual fund schemes in your portfolio. should be included.”

NPS Vatsalya vs FD

• Returns: Fixed deposits i.e. FDs usually offer lower returns than NPS Vatsalya and equity mutual funds.
• Liquidity: Fixed deposits are highly liquid, so you can withdraw your funds at any time.
• Risk: Fixed deposits are considered to be the lowest risk investment.

NPS vs SSY and PPF

“Suppose you invest Rs 1000 per month or Rs 12,000 per year in NPS Vatsalya for 18 years. Based on the past performance of NPS and the 75% equity limit, Vatsalya is expected to give a return of around 10%. This means that after 18 years you will have a fund of Rs 6,05,568. But, the problem is that you will be able to withdraw only 20% of the amount when needed.

In such a case, you will get only about Rs 1,21,000 for your child’s higher education. On the other hand, a 100% equity-based investment of the same amount with a minimum return rate of 12% can give you Rs 7,65,439 after 18 years. You can withdraw the entire amount for your child’s higher education or other needs. Just remember that if you do this, you will have to spend on the benefits you get from the scheme Tax will have to be paid.

If you invest the same amount for a period of 15 years, you will get around Rs 4,41,000 in PPF. About Rs 4,94,100 will be deposited in Sukanya Samriddhi Yojana (SSY), out of which you will be able to withdraw only 50% in the 18th year. In this way, both PPF and SSY are better options than Vatsalya because of fulfilling your goals, tax saving and interest income being tax free.

Tushar Bopche, co-founder of Invest4Edu, said that remember, Vatsalya is a pension scheme, which is designed for a very long period and it is a scheme with a traditional approach. Therefore, it should also be used in the same way. For future plans like secondary and higher education of the child, parents should consider investing in different options like mutual funds and PPF as these offer high returns and better liquidity.

One of the major benefits of NPS Vatsalya is its compounding power, which can create a decent corpus over time. For example, investing Rs 10,000 every month can give you over Rs 11 crore on retirement. However, the funds are locked in till the child turns 60, with limited withdrawal options before that, making it useless for education or initial financial needs.

In contrast, SSY and PPF offer more flexibility and liquidity with tax-free returns. For example, investing Rs 10,000 per month in SSY at 7.6% interest for 15 years will create a fund of about Rs 40 lakh, which can be accessed for the child’s education or marriage when the child turns 18. Mutual funds also offer high returns with complete flexibility in terms of withdrawal. Vinayak Mehta, Founder, The Infinity Group said, “NPS Vatsalya is a strong retirement tool, but it is not very suitable for short-term purposes like education, business and marriage.”

Choosing the right option

Choosing the best investment for your child’s future depends on your financial goals, risk appetite and investment period. If you are looking for an investment scheme focused on long-term retirement with tax benefits and a balanced risk-return profile, NPS Vatsalya can be a suitable option. In contrast, if you prefer high returns and liquidity, equity mutual funds or mutual funds specifically designed for children may be a better option.

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The post NPS Vatsalya Yojana Vs MF Vs SSY: Which scheme is better for your child’s future? first appeared on Rightsofemployees.com.

1. Hike in LPG prices:

Oil marketing companies have increased the price of 19 kg commercial LPG cylinder. Its price in Delhi is now Rs 1740, which was earlier Rs 1691.50. Similar changes have been made in Mumbai, Kolkata and Chennai. However, there is no change in the price of domestic LPG cylinder.

2. ATF price cut:

Aviation Turbine Fuel (ATF) prices have been cut. Now its price in Delhi has become Rs 87,597.22 per kilolitre, which was earlier Rs 93,480.22. This is likely to provide some relief to flight services.

3. HDFC Bank Credit Card Rules Changed:

HDFC Bank has made changes to the loyalty program for some of its credit cards. Now the redemption of reward points for Apple products on the SmartBuy platform has been limited to one product in a quarter.

4. Changes in Sukanya Samriddhi Yojana:

Under Sukanya Samriddhi Yojana, now only the legal guardians of daughters can operate this account. If a daughter’s account is opened by an illegal guardian, then it will have to be transferred to the natural parents or legal guardian, otherwise the account may be closed.

5. New rules related to PPF account:

There have been three major changes in the PPF account. If you have more than one PPF account, they will have to be merged. Changes have also been made in the rules related to minor and NRI accounts, which have been implemented from today.

6. Changes in taxation of share buyback:

Now the tax on share buyback will be levied on shareholders, which was earlier applicable on companies. This will be similar to dividend taxation, due to which shareholders may have to pay more tax.

7. Rules related to Aadhaar card:

Now Aadhaar enrollment ID cannot be mentioned in PAN application form and income tax return. Instead it will be mandatory to use Aadhaar number.

8. New rules related to income tax:

Some of the income tax changes announced in Budget 2024 have come into effect from today. These include reduction in TDS rates. Now the TDS rates on some payments have been reduced from 5% to 2%. Apart from this, pending tax cases will be settled under the Direct Tax Dispute to Vishwas Scheme 2024.

9. PNB Credit Card Rules:

Punjab National Bank has changed several charges related to credit card service, such as maintaining minimum average balance and check return charges. These new charges have come into effect from today.

10. STT increased on F&O trading:

Security Transaction Tax (STT) has been increased on Futures and Options (F&O) trading. STT on sale of option has been increased from 0.0625% to 0.1% of the premium.

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Sukanya Samriddhi Yojna: Do you also have an account in the old Sukanya Samriddhi Yojna? You should know that the Modi government can close your Sukanya Samriddhi Yojna (SSY) account. It would be better if you do this work before 1st October, or else the government will close the SSY account. The government has recently changed the rules related to Sukanya Samriddhi Yojna.

The Department of Economic Affairs has recently issued new guidelines to regularize irregularly opened savings accounts under NSS. Here we are telling you which are the irregular accounts according to the government. To regularize these accounts, this work will have to be completed before 1st October.

Modi government changed the rules of Sukanya Samridhi Yojana

The government has issued new rules for Sukanya Samriddhi Yojana (SSY). These rules will come into effect from October 1, 2024. The government is asking people to correct the mistakes related to the account in time. So that any kind of trouble can be avoided in the future.

Have your grandparents opened Sukanya Samriddhi Yojana?

According to the guidelines, if grandparents have opened an account under Sukanya Samriddhi Yojana, then it needs to be corrected. According to the new rules, if the accounts opened under Sukanya Samriddhi Yojana are not opened by the legal guardian or natural parents, then they will now have to be transferred to the name of the guardian to follow the basic guidelines of the scheme. This is now mandatory. Earlier, grandparents often opened SSY accounts for their granddaughters as financial security. However, according to the guidelines of the scheme, only the legal guardian or natural parents can open and close these accounts.

Also Read: PNB warns customers, these types of accounts will be closed, do this work quickly

These documents will be required to close or transfer the old account

Basic Account Passbook: Which contains all the account details.

Birth Certificate of Girl Child: Proof of age and relationship.

Proof of relationship with the girl: Birth certificate or other legal documents that establish the relationship.

Proof of identity of the new guardian : Government-issued identification card of the parent or guardian.

Application Form : This will be available at the post office or bank where the account is opened.

After the documents, first of all they have to go to the post office or bank where the account was opened. They have to tell the officials about the need to transfer the account to the parents as per the new guidelines. After this, they have to fill the transfer form given by the bank or post office. Both the existing account holder (grandparents) and the new guardian (parents) have to sign this form.

Verification and updates

After submitting the form and supporting documents, the bank or post office staff will review the request and process the verification. If necessary, they may also ask for additional information. After the verification is complete, the account records will be updated with the information of the new guardian. Sukanya Samriddhi Yojana account holders must do this work before Tuesday 1 October 2024. Otherwise, the government can close your account.

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SSY Vs FD Scheme: Sukanya Samriddhi Yojana is a scheme run by the government, by investing in which you can make the future of your daughter bright. Under this scheme, you can open Sukanya Samriddhi Yojana account of your daughter up to 9 years of age in any bank or post office. At present, the government is giving the benefit of interest at the rate of 8.2 percent on the deposited amount under Sukanya Samriddhi Yojana.

A rebate of Rs 1.50 lakh is available on this scheme under Section 80C of Income Tax. There are many banks in the country which are offering more interest on their FD schemes to their customers than Sukanya Samriddhi Yojana. We are telling you about those banks which are offering interest rates much higher than SSY to their customers.

Utkarsh Small Finance Bank

Utkarsh Small Finance Bank is offering its customers a strong interest rate of 8.25 percent on FDs with tenure ranging from 700 days to less than 2 years. At the same time, the bank is offering 8.50 percent interest rate on FD scheme of 2 to 3 years. Whereas the bank is offering 8.25 percent interest rate on FD scheme for 3 to 4 years.

Ujjivan Small Finance Bank
Ujjivan Small Finance Bank is offering 8.25 percent interest rate on FD schemes of less than 2 to 15 months. At the same time, the bank is offering 8.50 percent interest rate on FD schemes of more than 15 months and 8.25 percent interest rate on FD schemes of 15 months to 560 days.

Jana Small Finance Bank
Jana Small Finance Bank is offering 8.50 percent interest rate to its customers on 365 day FD scheme. At the same time, the bank is offering 8.25 percent interest rate on FD scheme of 1 year to 730 days.

Equitas Small Finance Bank
Small Finance Bank i.e. Equitas Small Finance Bank is offering 8.50 percent interest rate to its customers on 444 day FD scheme. The bank is offering 8.25 percent interest rate on 888 day FD scheme.

Suryoday Small Finance Bank
Suryoday Small Finance Bank is offering FD scheme of 1 year to 15 months at 8.25 percent interest rate to its customers. At the same time, the bank is offering 8.50 percent interest rate on FD scheme of 15 months to 2 years, 8.60 percent interest rate on FD scheme of 2 years to 2 years and 1 day, 8.60 percent interest rate on FD scheme of 2 years to 3 days to 3 years. Is. Whereas the bank is offering 8.25 percent interest rate on 5 year FD scheme.

Unity Small Finance Bank
Unity Small Finance Bank is offering 8.75 percent interest rate to its customers on FD scheme of 6 months to 201 days. Whereas the bank is offering 8.75 percent interest rate on 501 day FD scheme, 8.95 percent on 701 day FD scheme and 9 percent interest rate on 1001 day FD scheme.

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The post FD schemes of these banks are offering more interest than Sukanya Samriddhi Yojana, see the list of works first appeared on Rightsofemployees.com.

Sukanya Samriddhi Yojana is run by the Government of India. If your daughter’s age is up to 10 years, then you can invest in this scheme for her. Investment in this scheme has to be made for 15 years and the scheme matures after 21 years. A maximum of Rs 1.5 lakh can be invested annually in Sukanya Samriddhi Scheme.

In this long term scheme, interest is available at the rate of 8.2 percent. Due to the benefit of compounding, you can add a good amount of money to your daughter in the long run through this scheme. But there is one rule related to SSY which you should understand in any case. Most people are not aware of this rule.

Pre-mature withdrawal rule

Suppose you start investing in this scheme in your daughter’s name and after investing for about 5-6 years, you feel that you will not be able to continue investing in it further. In such a situation, it is obvious that you would not want to withdraw the amount deposited for 5-6 years.

But let us tell you that pre-mature withdrawal facility is not available in Sukanya Samriddhi Yojana. Only partial withdrawal can be made from this, that too when your daughter turns 18 years of age.

Partial Withdrawal Rules

Partial Withdrawal: The facility of withdrawal from the account is available after the daughter completes 10th class or after she turns 18 years of age. In such a situation, you can withdraw up to 50% of the total balance of the last financial year. The money can be received in lump sum or in installments. Money will be received only once in a year and money can be taken in installments for a maximum of five years. If you are withdrawing money for your daughter’s higher studies, then you will have to provide proof for higher studies.

Premature closure occurs in these situations

1. If the girl dies before the maturity of her scheme, her parents get the money invested in this scheme along with interest. However, for this the death certificate of the girl has to be submitted.

2. If the girl in whose name there is Sukanya Samriddhi account has any serious illness and needs money for treatment, then you can close the account prematurely. But for this you may have to provide proof related to your daughter’s illness and treatment. But this facility is available after 5 years.

3. If the parents or legal guardians of the girl in whose name the Sukanya Samriddhi account has been opened dies before the account matures, the account can be closed midway.

4. Even if you give up your Indian citizenship, your account is considered closed. In such a situation, the entire money is returned after adding interest. But if you have settled in another country but have not given up Indian citizenship, then this account can be continued till maturity.

One Vehicle, One FASTag: What if more than one FASTag is active? How to update KYC? know

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​Interest payable, Rates, Periodicity etc.

Rate of interest 8.2​​​% Per Annum(with effect from 01-01-2024 ),calculated on yearly basis Yearly compounded.

Minimum Amount for opening of account and maximum balance that can be retained

Minimum INR. 25​0/-and Maximum INR. 1,50,000/- in a financial year. Subsequent deposit in multiple of INR 50/- Deposits can be made in lump-sum No limit on number of deposits either in a month or in a Financial year

(a) Who can open account:-

> By the guardian in the name of girl child below the age of 10 years.
> Only one account can be opened in India either in Post Office or in any bank in the name of a girl child.
> This account can be opened for maximum of two girls in a family. Provided in case of twins/triplets girls birth more than two accounts can be opened.

​(b) Deposits:-

(i) Account can be opened with minimum initial deposit Rs. 250.

(ii) Minimum deposit in a FY is Rs. 250 and maximum deposit can be made up to Rs. 1.50 lakh (in multiple of Rs.50) in a FY in lumpsum or in multiple installments.

(iii) Deposit can be made maximum up to completion of 15 years from the date of opening.

(iv) If minimum deposit Rs. 250 is not deposited in a account in a FY , the account shall be treated at defaulted account.

(v) Defaulted account can be revived before completion of 15 years from the date of opening of account by paying minimum Rs. 250 + Rs. 50 default for each defaulted year.

(vi) Deposits qualify for deduction under section 80C of Income Tax Act.

(c) Interest:-

(i) The account will earn on the prescribed rate notified by Ministry of Finance on quarterly basis.

(ii) The interest shall be calculated for the calendar month on the lowest balance in the account between the close of the fifth day and the end of the month.(iii) Interest shall be credited to the account at the end of each Financial year.

(iii) Interest shall be credited to the account at the end of each FY where account stands at the end of FY. (i.e. in case of transfer of account from Bank to PO or vice versa)
(iv) Interest earned is tax free under Income Tax Act.

(d) Operation of Account:-

-> Account will be operated by the guardian till the girl child attains the age of majority (i.e. 18 years).

​(e) Withdrawal:-

(i) Withdrawal may be taken from account after girl child attains age of 18 or passed 10th standard.

(ii) withdrawal may be taken up to 50% of balance available at the end of preceding F.Y.

(iii) withdrawal may be made in one lump sum or in installments, not exceeding one per year, for a maximum of five years, subject to the ceiling specified and subject to actual requirement of fee/other charges.

(f) Premature closure:-

(i) Account may be prematurely closed after 5 years of account opening on the following conditions : –
> On the death of account holder. (from date of death to date of payment PO Savings Account interest rate will be applicable).

> On extreme compassionate grounds

(i) Life threatening decease of a/c holder.

(ii) Death of the guardian by whom account operated.

(iii) Complete documentation and application required for such closure.

(vi) For premature closure of account submit prescribed application form along with pass book at concerned Post Office.

​(g) Closure on maturity:-

(i) After 21 years from the date of account opening.

(ii) Or at the time of marriage of girl child after attaining age of 18years.(but no closure is

allowed before 1 month or after 3 months from the date of marraige).

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Start with less than Rs 500

You can invest Rs 500 in the beginning and if it feels right later, you can increase your invested amount. Let us tell you about the post office scheme, where you can start with less than Rs 500.

Invest money in PPF

You can open an account in Public Provident Fund. In this scheme, you can invest a minimum of Rs 500 and a maximum of Rs 1.5 lakh annually. You can make this investment for 15 years. If you invest Rs 500, you will deposit Rs 6000 annually.

Added 4,12,321 to PPF

At present interest is being given on PPF at the rate of 7.1 percent. In such a situation, by depositing Rs 500 every month in this scheme, you can add Rs 1,62,728 in 15 years at 7.1 percent interest. If you extend it for 5.5 years, you can add Rs 2,66,332 in 20 years and Rs 4,12,321 in 25 years.

Invest in Sukanya Samriddhi with Rs 250

You can open Sukanya Samriddhi account in the name of your daughter. In this you can invest minimum Rs 250 and maximum Rs 1.5 lakh.

2,77,103 will be available in SSY

At present, interest is being given on it at the rate of 8.2 percent. If you invest even Rs 500 per month in this, you will have to deposit a total of Rs 90,000 in 15 years and at 8.2 percent interest, you will get Rs 2,77,103 after 21 years.

Post Office RD

You can also get RD done in the post office. You can start with Rs 100 also. At present the interest rate in this scheme is 6.7%. If you deposit Rs 500 every month in this scheme, then after 5 years you will get Rs 35,681.

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The first week of the month of March is about to pass. This month is the last month of the financial year 2023-2024. After this the new financial year will start. You will definitely have to complete some work before the new financial year. If you have invested in schemes like Public Provident Fund (PPF) and Sukanya Samriddhi Yojana (SSY), then deposit the minimum amount in it by 31st March, otherwise your account may be closed (inactive). Although it is not that you cannot reopen a closed account later, but for this you will have to pay unnecessary penalty. Therefore, it is better that this work is completed on time.

What are the rules regarding PPF and Sukanya Samriddhi?

At least Rs 500 have to be deposited annually in PPF and at least Rs 250 in Sukanya Samriddhi Yojana. If the minimum amount is not deposited, your account is closed. If these accounts are closed, then to reopen them, minimum amount per year (Rs 500 for PPF and Rs 250 for Sukanya) + Rs 50 default fee has to be deposited on every year basis.

That means, if you do not deposit money for two years, then you will have to pay a fine of Rs 100 for two years based on the minimum balance of two years and Rs 50 per year. Not only this, in case of closure of PPF and Sukanya Samriddhi accounts, you will neither be able to make partial withdrawals from them nor will you be able to avail the benefit of loan facility on PPF.

How much interest on PPF and SSY

Let us tell you that at present 7.1% interest is being given on the amount deposited in Public Provident Fund and 8.2% interest is being given on Sukanya Samriddhi Account. In the PPF scheme, income tax exemption is available on all three returns, maturity amount and interest.

Accounts can be opened for 15 years, which can be further extended in blocks of 5 years. Whereas tax benefit can be availed in Sukanya Samriddhi Account under Income Tax Act 80C. Both these accounts can be opened in the post office or authorized branch of the bank. SSY account can be opened after the birth of a girl child before she turns 10 years of age.

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Investors in Sukanya Samriddhi Yojana (SSY), Public Provident Fund (PPF) and National Pension System (NPS) have to deposit a minimum amount every financial year to keep their accounts active. Failure to deposit this minimum annual amount may result in the account being frozen. Penalty may also be imposed.

The last date for depositing the minimum amount in PPF, SSY and NPS accounts for the current financial year is March 31, 2024. Its connection is also with taxation. Actually, the government has made the new tax system more attractive.

Under this, with the change in income tax slab from April 1, 2023, the basic exemption limit has been increased from Rs 2.5 lakh to Rs 3 lakh. Standard deduction has also been included in the new tax system. In this way, there is no tax liability on income up to Rs 7 lakh.

People who have already been investing in tax saving schemes like PPF, SSY and NPS may have switched to the new tax regime or may be planning to do so. If so, then they will not be able to avail tax benefits on investment in these schemes.

Such people may also feel that they do not need to invest or deposit in these schemes for the financial year 2023-24. However, penalty may be imposed for not depositing the minimum amount in these accounts. To avoid penalty, here we are telling you about the minimum deposit requirement for each scheme.

Sukanya Samriddhi Yojana (SSY)
SSY scheme requires a minimum deposit of Rs 250 every financial year. If the minimum deposit is not deposited, the account is considered a default account. To revive the account, a default fee of Rs 50 has to be paid for each year of default. This has to be paid with a minimum contribution of Rs 250 for each year of default.

Public Provident Fund (PPF)
As per PPF Rules 2019, it is necessary to deposit a minimum of Rs 500 in the PPF account every financial year. If the minimum amount is not deposited, the PPF account becomes inactive. To revive the account, a default fee of Rs 50 will have to be paid for each year with an annual minimum amount of Rs 500.

National Pension System(NPS)
Investors have to deposit at least Rs 1,000 in their NPS accounts every financial year. If this minimum amount is not deposited the account gets frozen. A minimum contribution of Rs 500 can be made as a lump sum deposit to activate the freeze account. However, a minimum contribution of Rs 1,000 per financial year is required to keep the account active.

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There is an important update for those investing in various small savings schemes. Investors of Public Provident Fund i.e. PPF, Sukanya Samriddhi Yojana and NPS may suffer other losses including penalty.

If you also have an account in any of these schemes, but you have not deposited money in it yet in this financial year, then you have only time till March 31 to keep the account active. If you miss making the minimum annual deposit, your account may be frozen. Also, you may have to pay a fine. Moreover, you may also be deprived of saving tax.

Delay can cause these losses

The last date for minimum deposit in PPF, NPS and Sukanya Samriddhi Yojana is 31st March of every financial year. That means for the financial year 2023-24 this date is 31 March 2024. According to the Public Provident Fund Rules 2019, PPF account holders are required to deposit at least Rs 500 in the account every financial year. If the minimum amount is not deposited, the PPF account will be discontinued.

Minimum investment required for PPF

Loan and partial withdrawal facility will not be available after the account is closed. Not only this, without completely closing such account, you will not be able to open another account in your name. Closed PPF account can be reopened, but for this you will have to pay a penalty of Rs 50 every year. Along with the fine, the person will also have to deposit Rs 500 as annual minimum deposit. If the account is closed due to non-payment of minimum deposit, you will have to pay Rs 550 every year to reopen it.

Such minimum investment in Sukanya

Sukanya Samriddhi Yojana is considered a good option for arranging money for the career and marriage of the beloved daughter. If you have an account in Sukanya Samriddhi Yojana, then you have to deposit a minimum of Rs 250 every year. If you do not deposit this money then the account is considered default. To reopen the account, a fine of Rs 50 per year will have to be paid. Also, a minimum deposit of Rs 250 will have to be made every year.

Tax related benefits of these schemes

If you are thinking of paying tax in the old tax regime in the financial year 2023-24, then investing in schemes like PPF and Sukanya gives an opportunity to save tax. Under Section 80C of the Income Tax Act, deduction of up to Rs 1.5 lakh is available on investments in PPF and Sukanya. To reduce the tax burden by taking advantage of deduction under 80C, it is necessary to invest by March 31, 2024. The last date for making tax saving investments for every financial year is 31st March. If you do not invest till this date, you will not be able to claim deduction in that financial year.

These changes have taken place in the new tax regime

The government has made the new tax regime attractive. The income tax slab has been changed under the new tax regime from April 1, 2023. Basic exemption limit has been increased from Rs 2.5 lakh to Rs 3 lakh. Standard deduction is included in this. After this, now there is no tax on income up to Rs 7 lakh in the new regime.

The post PPF/SSY Deadline : Attention investors of these small savings schemes, if this work is not done till 31st March, penalty will be imposed. first appeared on Rightsofemployees.com.

SSY vs MSSC: Post Office keeps bringing schemes for every section of the country according to their needs. To make half the country’s population self-reliant, the Post Office launches many schemes. In Budget 2023, Finance Minister Nirmala Sitharaman had launched Mahila Samman Saving Certificate Scheme according to the needs of women.

As its name suggests, this scheme has been specially designed according to the needs of women. You can get good returns by investing in this scheme in two years. Apart from this, you can get strong returns by investing in Sukanya Samriddhi Yojana for your girl child up to 10 years of age. Both the schemes have been designed according to the needs of women and by investing in them you can get strong returns. Let us know about the details of both the schemes-

Women Savings Certificate Scheme

Women of any age group can invest in this scheme and the maximum investment amount in it is Rs 2 lakh. You can avail the benefit of 7.50 percent fixed interest rate by investing money in this scheme for 2 years. Under this scheme, a rebate of Rs 1.50 lakh is available on the amount deposited under Section 80C of Income Tax. If you invest Rs 2 lakh under this scheme in December 2023, you will get Rs 2,32,044 lakh on maturity.

Sukanya Samriddhi Yojana

The Modi government at the Center had started Sukanya Samriddhi Yojana in the year 2014. This scheme was especially created keeping in mind the needs of women. Under this scheme, you can open a Sukanya Samriddhi account for a girl up to 10 years of age and get huge returns by investing Rs 250 to Rs 1.50 lakh per year. Under this scheme, which is run in the name of the daughter, the girl can withdraw up to 50 percent of the deposited amount after crossing the age of 18 years.

The entire amount can be withdrawn at the age of 21 years. By investing in this scheme, you will be free from the tension of your daughter’s education and marriage expenses. Under this scheme, the government is currently giving the benefit of 8 percent interest rate on the amount deposited.

MSSC vs SSY

Both Mahila Samman Savings Certificate and Sukanya Samriddhi Yojana schemes have been launched keeping in mind the needs of women, but the thing to note is that MSSC is a short-term savings scheme. Whereas SSY is a long term savings scheme.

By investing in Sukanya account, you will be free from the tension of your daughter’s education and marriage expenses. To get higher returns in short term, you can invest in MSSC account.

The post Post office schemes: Women can become rich by investing in these two post office schemes, getting returns worth lakhs! first appeared on Rightsofemployees.com.

In this scheme, continuous investment has to be made for 15 years and the scheme matures after 21 years. At present, interest on this scheme is 8.2 percent. Let us know how to open Sukanya Samriddhi account, is there a facility to open it online?

Know whether you can open an account online or not

Sukanya Samriddhi account can be opened in a bank or post office. But both authorized bank branches and post offices do not currently allow opening of online SSY account. You can definitely download this form from the website of the authorized bank or post office. But after opening an account, you can do many things online.

This is how Sukanya Samriddhi account is opened

Fill the form of Sukanya Samriddhi Yojana and attach the required information, photograph and other documents like child’s birth certificate, photograph, guardian’s identity card etc. along with all the documents. After this, go to the nearest bank branch or post office branch with the filled form and documents. Also take the original copies of all the documents along. After this, the employees of the bank or post office where you are opening the account will check the form and match the attached documents with the originals. After this the account will be opened.

After opening the account, you can do this work online

• Can deposit money online.
• Subsequent installments can be paid online.
• You can check balance online and also view statement.
• You can transfer the account to another branch.
• When the account matures, the entire amount can be transferred to the girl’s account online.

How to check balance online?

To check SSY balance online, you will have to use the netbanking facility of your bank. First of all login with the help of Username and Password. After this, you will see the list of numbers of all your existing accounts in the dashboard. Even if you click on the Account Statement option on the left side, the list of all the accounts will be visible. When you click on Sukanya’s account number, her current balance will appear on the screen.

The post SSY: Can Sukanya Samriddhi Account be opened online? first appeared on Rightsofemployees.com.

Similarly, Sukanya Samriddhi Yojana (Sukanya Samriddhi Yojana – SSY) is being run by the Central Government for such daughters. The scheme has been launched by the Modi Government of the Center to make special daughters self-reliant. Through this scheme, gradually You can create a big fund by depositing less money. In this scheme, it is very important to maintain minimum balance to keep the account active. The government has also implemented new rules in this regard.

The account holder is required to maintain minimum balance in these accounts till March 31, 2024. If you do not do this then the account may become inactive. The account holder may have to pay a fine to restart an inactive account.

Minimum balance in Sukanya Samriddhi Yojana account

The minimum balance in Sukanya Samriddhi Yojana is Rs 250. This means that to keep the account active one has to invest Rs 250 in a financial year. If you do not invest in this scheme every financial year, the account will be closed. To activate the account again, account holders will have to pay a penalty of Rs 50 per year.

Let us tell you that under Sukanya Samriddhi Yojana, the government provides interest at the rate of 8.2 percent. Under this scheme, you can deposit a minimum of Rs 250 and a maximum of Rs 1.50 lakh. At least Rs 250 has to be deposited annually. After the daughter turns 18, 50 percent of the total money can be withdrawn. Which can be used for graduation or further studies.

Tax benefits are also available

Sukanya Samriddhi Yojana is a tax free scheme. Tax exemption is available on this at three different levels i.e. EEE. First, exemption on annual investment up to Rs 1.50 lakh under Section 80C of the Income Tax Act. Secondly, there is no tax on the returns received from it. Third, the amount received on maturity is tax free.

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To reopen an inactive account, the account holder will have to pay a penalty. Let us know what is the minimum amount of money that should be there in both these accounts?

PPF

The PPF account holder will have to deposit a minimum balance of Rs 500 in a year. This means that a minimum investment of Rs 500 will have to be made in a financial year. If there is not enough balance in the account then the account may be closed.

At the same time, more than Rs 1.5 lakh cannot be invested in a year. This year, the last date to maintain minimum balance in PPF account is 31 March 2024.

If an amount of Rs 500 is not deposited in the account by March 31, the account will be frozen. In such a case, penalty will have to be paid for opening the account again. The account holder will have to pay a penalty of Rs 50 per year.

Understand it this way, if the account is inactive for 2 years, then for re-activation, a fine of Rs 100 will have to be paid along with the investment amount.

Due to lack of minimum balance, the account holder will not get many other benefits along with the account being inactive. This means that the PPF account holder will not get any loan on an inactive account and he cannot withdraw money from the account.

Sukanya Samriddhi Yojana

The minimum balance in Sukanya Samriddhi Yojana is Rs 250. This means that to keep the account active one has to invest Rs 250 in a financial year. If you do not invest in this scheme then the account will be closed.

To activate the account again, the account holder will have to pay a penalty of Rs 50 per year. Let us tell you that in Sukanya Samriddhi Yojana, the government gives interest at the rate of 8.2 percent.

Sukanya Samriddhi Account can be opened after the girl is born and before she turns 10 years of age. A maximum of Rs 1.5 lakh can be deposited in this account in a year. You can open Sukanya Samriddhi account in your nearest bank or post office.

 https://www.youtube.com/watch?v=X7eIR-Q1qBo&t=148s

The post Big News: SSY and PPF account holders should do this work immediately, otherwise….. first appeared on Rightsofemployees.com.

The interest rates of Sukanya Samriddhi Yojana (SSY) have been increased once again. Now in this scheme, instead of 8 percent, interest will be given at the rate of 8.2 percent. This interest is quite good compared to many other schemes.

If your daughter is up to 10 years of age, you can deposit money in this scheme in her name. In this scheme you can deposit Rs 250 to Rs 1.5 lakh annually. In this, investment has to be made continuously for 15 years and after 21 years the deposited amount is received with maturity.

If you also deposit Rs 5,000 every month in SSY, then you will deposit a total of Rs 60,000 in a year. In this way, you will invest a total of Rs 9,00,000 in 15 years. According to SSY Calculator, at 8.2 percent interest, after 21 years you will get the maturity amount of Rs 28,72,848.

Eligibility for Sukanya Samriddhi Yojana

• Sukanya Samriddhi Yojana account can be opened only by parents or legal guardians in the name of the girl child.
• The age of the girl child should be less than 10 years at the time of opening the account.
• Under Sukanya Samriddhi Yojana, a family will be allowed to open only two accounts.
• More than one Sukanya Samriddhi account cannot be opened for a girl child.
• Only in case of two girls having twin daughters for the second time after having a daughter for the first time, an account of three daughters can be opened.

How to apply under Sukanya Samriddhi Yojana 2024?

• To open an account under Sukanya Samriddhi Yojana, first of all you have to go to your nearest post office or any bank branch.
• By going there you will have to get the application form for investing under Sukanya Samriddhi Yojana.
• After this, you will have to enter the information of the parents/guardian who will open the account and invest on behalf of the girl child.
• After entering all the information, you will have to attach the form with copies of the required documents.
• After completing all the process, you will have to submit this application form along with the premium amount to the post office or bank.
• In this way you can apply under Sukanya Samriddhi Yojana.

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SSY Calculator: If you are the father of a girl, then you will be well aware of the fact that worrying about the future of daughters starts from their childhood itself. To meet all the expenses of your daughters from education to marriage, you should start investing from today itself. By doing this you will not have much trouble in collecting funds in future. In this condition, you can take help of Sukanya Samriddhi Yojana for financial planning. What is SSY scheme and how to get fund of Rs 44 lakh, read complete information here.

What is SSY scheme?

Sukanya Samriddhi Yojana of the Government of India is very beneficial for the daughters of the country. Parents of girls below 10 years of age can open SSY account. At present, interest rate of 8% per annum is being offered on investment in SSY. Keep in mind that by investing in Sukanya Samriddhi Yojana, parents can deposit a maximum of Rs 1.5 lakh in a year. Investment in SSY scheme has to be made for 15 years. The maturity period of this scheme is 21 years. However, when your daughter turns 18 years of age, you can withdraw money from the account for marriage or studies.

How to deposit ₹44 lakh fund, this is the easy way

To create a fund of Rs 44 lakh, you will have to invest ₹ 1 lakh annually for 15 years. This means that in 15 years you will deposit a total of Rs 15 lakh in your SSY account. According to the annual interest of 8%, you will get total interest of ₹ 29,89,690 on SSY account. Let us tell you, on maturity you will get the invested amount (15 lakh) and the interest amount (₹ 29,89,690) together. According to this calculation, the total amount you will get will be ₹ 44,89,690.

Note, if your daughter is 3 years old and you start investing in this scheme from 2024, then you will have to deposit money annually for the first 15 years i.e. till 2039. At the same time, when your daughter turns 21 (year 2042), then you can withdraw money for your daughter’s education or marriage. At the same time, after 21 years i.e. in the year 2045, the SSY account will mature and the entire amount will be given to you at once.

The post SSY Calculator: You will get ₹ 44 lakh on maturity by investing in SSY, know everything from investment to interest first appeared on Rightsofemployees.com.

This scheme is designed to cover the education and marriage expenses of a girl child. Sukanya Samriddhi Yojana encourages parents to create a large fund for their daughters’ future to cover education and marriage expenses. This account can be opened by the parents or legal guardian of the girl child. This account can be opened for any girl child whose age is less than 10 years.

According to the information available on the official portal of MyScheme, NRIs are not yet covered under Sukanya Samriddhi Yojana. Information about all government schemes is available on MyScheme app.

Eligibility

This account can be opened for the girl child by any one of the parents. However, the age of the girl child should be ten years or less.

• Under this scheme, each account holder will have only one account.
• Under this scheme, accounts can be opened for maximum two girls in a family.
• More than 2 accounts in a family will be opened only if one of the twins or triplets is a girl child.

You can deposit up to Rs 1.5 lakh annually

An account of a daughter up to 10 years of age can be opened in Sukanya Samriddhi Yojana. In this you can deposit a minimum of Rs 250 and a maximum of Rs 1.50 lakh. This scheme will become mature when the daughter turns 21 years of age. However, your investment in this scheme will be locked at least until the daughter turns 18 years old. Even after 18 years, you can withdraw 50 percent of the total money. Which she can use for graduation or further studies. After this, all the money can be withdrawn only when she turns 21 years of age.

The specialty of this scheme is that you do not have to deposit money for full 21 years. Money can be deposited only for 15 years from the time of opening the account. Whereas the daughter will continue to get interest till the age of 21 years. At present the government is giving interest on it at the rate of 7.6 percent per annum.

Where to open an account?

Sukanya Samriddhi Yojana (SSY) account can be opened in any post office or bank. Under the scheme, you can open this account by depositing at least Rs 250 within 10 years of the birth of the girl child. The interest rate in Sukanya Samriddhi Yojana is 7.6 percent per annum. In SSY, interest is available as compared to PPF, FD, NSC, RD, Monthly Income Scheme or Time Deposit.

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The government launched this scheme for the purpose of financial security for all the daughters of the country. This scheme is for daughters up to 18 years, earlier this limit was only for daughters up to 10 years. If you also want to give a secure future to your daughters, then the best option for this is Sukanya Samriddhi Yojana. Let us tell you that if you make some mistake then there is also a fear of freezing your account.

This mistake can freeze.

Let us tell you that the government has made Aadhaar PAN link mandatory. The news of account freeze due to this mistake is also coming to the fore. Apart from this, it is necessary to submit PAN or Form 60 while opening an account for investment. All accounts opened under this scheme will have to be linked after March 31 by submitting Aadhaar and PAN related information to the post office. The last date for submission of Aadhaar and PAN is September 2023. However, it is believed that the government can extend this date.

What is the maturity period of the scheme

The maturity period of the account depends on the age at which you have opened the account of the girl child. Partial withdrawal facility is available when the girl child turns 18. That is, when the girl child turns 18, up to 50 percent of the amount can be withdrawn. Investors in a financial can avail themselves of tax exemption up to ₹1.5 lakh under the section 80C limit.

Where can the account be opened

Any investor can open Sukanya Samriddhi account in post office or any bank across the country. For this, the child’s birth certificate, identity and residence proof will have to be given.

The post Sukanya account can be freeze without this one work, do it immediately otherwise…. first appeared on Rightsofemployees.com.

Interest rate on Sukanya Samriddhi Yojana

The interest rate on Sukanya Samriddhi Yojana along with other small savings schemes is determined by the government. For the July-September 2023 quarter, the government has continued the 8% interest rate on an annualized basis. Interest is calculated on the lowest balance in the account between the 5th day of the calendar month and the end of the month. Whereas, the interest is credited to the account at the end of each financial year.

What are the benefits of Sukanya Yojana?

The annual minimum investment in Sukanya Yojana is Rs 250, while the maximum investment is fixed at Rs 1,50,000. The tenure of Sukanya Yojana is 21 years. Under Section 80C of the Income Tax Act, the amount received on maturity along with the principal amount and interest is tax free.

Account can be transferred anywhere in India from post office or bank to another. At the same time, even after maturity, interest is earned if the account is not closed.

When does the account default and how will it be activated again?

Deposits are allowed after 15 years from the date of opening of Sukanya account. If the minimum deposit of Rs 250 is not deposited in a financial year then the account is said to be in default. Default accounts can be activated again before the completion of 15 years by paying a minimum penalty of Rs 50.

Withdrawal rules from Sukanya account

• The amount can be withdrawn from the account after the girl child turns 18 or completes 10th standard.
• Withdrawal is permitted up to 50% of the balance available at the end of the previous financial year.

The post Sukanya Samriddhi Yojana: It is easy to reactivate default Sukanya account, know what is the new interest rate on SSY? first appeared on Rightsofemployees.com.

The central government is running the Sukanya Samriddhi Yojana to advance the daughters and make them financially empowered. In which accounts can be opened only in the name of daughters through bank or post office. For which interest is paid by the government on a quarterly basis.

The government has increased the interest rate for the April-June quarter 2023 in Sukanya Samriddhi Yojana (SSY). Now the government will provide an interest rate of 8 percent per annum to the daughters. In this, 7.60 percent interest was given before the quarter from April to June. Which has now increased to 8 percent.

Through this scheme, the expenses of daughters’ education and marriage can be raised. Because investment in the account can be done till the age of 18 years. The amount can be withdrawn from the account when the daughter turns 21. The government keeps revising the interest rate in this. For the first quarter of the year 2024, the government has increased the interest by 40 bps.

If a parent starts investing in Sukanya Samriddhi Yojana in the name of his daughter as soon as she is born, then she will have to invest for the next 15 years. If he invests Rs 10,000 per month in the name of the daughter, then the daughter will become a millionaire when she turns 21.

Who can open Sukanya Samriddhi Yojana account ?

The account can be opened by the parent or legal guardian of the girl child from birth till she attains the age of 10 years.

Where can you open Sukanya Samriddhi Yojana account,
Sukanya Samriddhi Yojana accounts can be opened in post offices and authorized banks.

What is the minimum and maximum amount that can be invested in Sukanya Samriddhi Yojana account ?

Minimum deposit amount of Rs.250 per year and maximum amount of Rs.1,50,000 per year can be invested in the name of the girl child.

Can you open more than one Sukanya Samriddhi Yojana account for the same girl child ?
No, only one Sukanya Samriddhi Yojana account can be opened by the parent or legal guardian in the name of the girl child.

What if the account holder fails to deposit any amount in the Sukanya Samriddhi Yojana account in one or more financial years ?

If the customer does not deposit the minimum deposit of Rs 250 in a financial year, a penalty of Rs 50 per year will be levied on default.

The post Sukanya Yojana Interest Rate Increased: The government has increased the interest rate for April-June quarter 2023, check new interest rate first appeared on Rightsofemployees.com.

This scheme can make your daughter a millionaire. For this, you have to start investing from birth itself. Under this scheme, parents of girls below the age of 10 years can open accounts in the name of their daughters.

After 18 years, you can withdraw half the amount under this scheme. The entire amount can be withdrawn on completion of 21 years. This scheme will bear the expenses from the education of the daughter till marriage.

How much interest is being received under Sukanya Samriddhi Yojana

Interest is revised every three months under Sukanya Samriddhi Yojana. The government has increased the interest rate for the April-June quarter. Now this annual interest is 8 percent. Earlier, the central government used to give 7.60 percent interest annually under this scheme. That is, for the first quarter of FY 2024, the interest has been increased by 40 bps. Under this scheme, an account can be opened in the post office.

daughter will be millionaire by 21 years

According to the calculation, if a person invests in an account under Sukanya Samriddhi Scheme immediately after the birth of his child, then he will be able to invest for the next 15 years. Apart from this, if a parent does not withdraw 50 percent of the maturity amount after his daughter turns 18, then she will get a maturity amount of 51 lakhs.

In this, Rs 18 lakh will be invested and Rs 33 lakh will be the interest after the maturity period of 21 years. That is, if a parent deposits Rs 10,000 per month in the Sukanya Samriddhi Scheme account immediately after the birth of a daughter, then at the age of 21 the girl will become a millionaire.

The post Sukanya Samriddhi Yojana: Your daughter can become a millionaire at the age of 21 – Know here how? first appeared on Rightsofemployees.com.

The government has increased the interest rate on Sukanya Samriddhi Yojana (SSY) from 7.60 per cent to 8 per cent, which is the return that debt mutual fund investors expect on their investments for the long term.

New Pension Scheme: Invest 3 thousand rupees every month, you will get 44.35 lakh rupees on maturity

Guardian can open SSY account in the name of girl child below 10 years of age. This account can be opened till the girl child turns 18. Maximum of two girl children in a family can open the account; If there are twins or triplets, more than two accounts can be opened. The fact that an account can be opened in any bank or post office and can be easily transferred to any other bank branch or post office is a significant advantage of the SSY scheme. The investment period of this project is 15 years and maturity period is 21 years.

If a person invests Rs 12,500 per month over 12 installments and gets 7.6% return on investment on maturity, they will be able to utilize their entire income tax benefit of Rs 1.5 lakh under Section 80C in a financial year Will be

Go First: Crisis on the jobs of 5000 employees, NCLT will hear the bankruptcy petition on May 4

When the girl child turns 21, the investor can withdraw all his investment completely and the SSY will mature with a value of approximately 63,79,634. Means the girl will become a millionaire at the age of 21.

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But still, in most of the families, parents seem to get lost in worrying about the education, upbringing and marriage of their daughters… For such parents, a scheme of the Central Government has been going on for many years. With the help of which, after saving continuously for a few years, you can give tax free white money of about 70 lakh rupees to your daughter as soon as she turns 21, which can be very useful for her…

The name of this central scheme is Sukanya Samriddhi Account (SSA), under which every Indian can open an SSA account in the post office or bank as soon as his daughter is born, in which after investing continuously for 15 years, 21 years On completion, an amount of more than 69 lakh 80 thousand rupees will be seen deposited in the daughter’s account…

Sukanya Samriddhi Account, that is, under Sukanya Samriddhi Yojana, the same person can open an account, who is the father or guardian of a daughter below the age of 10 years. Like Sukanya Samriddhi Yojana, a maximum of Rs 1,50,000 can be deposited, but the minimum amount that can be deposited in this account every year is only Rs 250.

It is one of the government schemes earning high interest, whose every account holder is paid interest at the rate of 8 percent every year, while the interest received in PPF is paid at the rate of 7.1 percent …

The post Sukanya Samriddhi Yojana (SSY) will give tax free Rs 70 lakh to your daughter, know how first appeared on Rightsofemployees.com.

.Is. The interest rate of these savings schemes has been increased by 10 to 70 basis points. However, there has been no change in the interest rates of PPF. The interest rate of Sukanya Samriddhi Yojana has been increased from 7.6 percent to 8 percent. The interest on Monthly Income Account has now increased from 7.1 per cent to 7.4 per cent and on Kisan Vikas Patra from 7.2 per cent to 7.5 per cent.

Those investing in Senior Citizen Savings Schemes will now get 8.2 per cent interest instead of 8 per cent.

Interest rates on time deposits also increased

The government has also increased the interest rates on time deposits of one, two, three and five years. Now one year time deposits will get 6.8 percent interest. Till now 6.6 percent interest was being received. 6.9 percent interest will be available on two-year time deposits. Earlier this rate interest rate was 6.8 percent.

Similarly, the interest on three-year time deposits has been increased from 6.9 per cent to 7.0 per cent. Investors will now get 7.5 per cent interest instead of 7 per cent on 5-year time deposits.

The post Good news! Government has increased the interest rates of SSY, KVP, NSC and PPF schemes, check new rate first appeared on Rightsofemployees.com.

To keep PPF and SSY active/regular, it is necessary to deposit a minimum amount in a financial year. This minimum deposit for PPF account is Rs 500 in a financial year and Rs 250 for Sukanya Samriddhi Scheme.

What will happen if the minimum account is not deposited

According to the rules, if the minimum amount is not deposited in PPF and SSY accounts within a financial year, then both these accounts become inactive. Therefore, if you have opened an account in either of these two schemes, make the minimum deposit for the current financial year before the end of March. Otherwise the account will become inactive. Although inactive accounts can be made active again, but for this penalty has to be paid.

There is a rule in the post office that if the inactive SSY account is not revived by paying the penalty, then it will become a normal savings account of the post office and interest will be paid accordingly on the total amount present in it.

How to activate PPF account

To re-activate the inactive PPF account, the account holder will first have to submit an application to the bank or post office where the PPF account is maintained. Apart from this, the investor will have to pay a penalty of Rs.50 per annum and Rs.500 per annum as the minimum balance amount, counting from the time/year in which deposits have not been made in the account.

Along with this, the minimum installment of Rs 500 has to be deposited for the year in which the PPF account is being revived. Only after this the account becomes active again. Do note that inactive/discontinued PPF can be revived before the maturity of the account. The maturity period of PPF is 15 years.

How will SSY account be revived?

Deposits in Sukanya Samriddhi account can be made for a maximum period of 15 years from the date of its opening. This account can be opened in the name of a girl child below 10 years of age. The process of reviving SSY is also like that of PPF account. To bring the SSY account back into active mode, a penalty of Rs.50 per annum and a minimum balance of Rs.250 per year will have to be deposited, counting from the period/year from which the deposit has not been made in the account.

At the same time, in the year in which SSY is being revived, the minimum installment of Rs 250 will also have to be deposited for that year. Only after this the account becomes active again. Remember that the inactive SSY account can be revived before the completion of its 15 years.

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To keep PPF and SSY active/regular, it is necessary to deposit a minimum amount in a financial year. This minimum deposit for PPF account is Rs 500 in a financial year and Rs 250 for Sukanya Samriddhi Scheme.

What will happen if the minimum account is not deposited

According to the rules, if the minimum amount is not deposited in PPF and SSY accounts within a financial year, then both these accounts become inactive. Therefore, if you have opened an account in either of these two schemes, make the minimum deposit for the current financial year before the end of March. Otherwise the account will become inactive. Although inactive accounts can be made active again, but for this penalty has to be paid.

There is a rule in the post office that if the inactive SSY account is not revived by paying the penalty, then it will become a normal savings account of the post office and interest will be paid accordingly on the total amount present in it.

How to activate PPF account

To reactivate the inactive PPF account, the account holder will first have to submit an application to the bank or post office where the PPF account is maintained. Apart from this, the investor will have to pay a penalty of Rs.50 per annum and Rs.500 per annum as the minimum balance amount, counting from the time/year in which deposits have not been made in the account.

Also, the minimum installment of Rs 500 has to be deposited for the year in which the PPF account is being revived. Only after this the account becomes active again. Do note that inactive/discontinued PPF can be revived before the maturity of the account. The maturity period of PPF is 15 years.

How will SSY account be revived?

Deposits in Sukanya Samriddhi account can be made for a maximum period of 15 years from the date of its opening. This account can be opened in the name of a girl child below 10 years of age. The process of reviving SSY is also like that of PPF account. To bring the SSY account back into active mode, a penalty of Rs.50 per annum and a minimum balance of Rs.250 per year will have to be deposited, counting from the period/year from which the deposit has not been made in the account.

At the same time, in the year in which SSY is being revived, the minimum installment of Rs 250 will also have to be deposited for that year. Only after this the account becomes active again. Remember that the inactive SSY account can be revived before the completion of its 15 years.

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Through this service, customers can get interest on investment, block ATM card, issue new cards and get information about PPF, NSC etc. This service will help lakhs of people in rural areas of the country. They will be able to easily get the necessary information through their mobile number.

Issued toll free number

India Post has also issued a toll free number to avail this service. Now from here you can get detailed information about PPF, NSC, Sukanya Samriddhi or other schemes through IVR. For this, the customer has to call India Post’s toll free number 18002666868 from his registered mobile number.

Savings account holders can also use

Customers having savings account with the post office department can also avail the IVR service. In this they will get all the options. Customers will get information in both Hindi and English languages. From here customers will get account balance information. For this, they have to press the number five. You have to press 6 to block the card. After this you have to enter the card number. After this the account number has to be given.

Can also be used for ATM

3 is to be pressed for ATM information. For new ATM you have to press 2. To change the PIN of the card, you have to press. Hash (#) to repeat options and star for previous menu. For more information on poster saving products you must press 4.

What is IVR service?

Interactive voice response is a telephone system with voice commands. Through this, customers interact. It is used in banks and many other customer service. In this, the answers to the questions of the customers are available on the phone itself and there is no need to go to the branch.

The post Post Office Start New Service: Post office started new service for PPF, NSC, SSY and other post office schemes, see new service benefits first appeared on Rightsofemployees.com.

The government has run many schemes for the education of daughters and for financial cooperation even in marriage. Sukanya Samriddhi Yojana (SSY) is also included in these schemes . If you deposit money even at the rate of Rs 35 per day in this scheme of the government, then you can get more than Rs 5 lakh by the time the daughter reaches the age of 21 years. Come, let’s know.

The post Sukanya Samriddhi Yojana: You will get Rs 5 lakh by depositing Rs 35 daily, check details first appeared on Rightsofemployees.com.

Today we will tell you about 5 such post office schemes which will help you in saving tax along with increasing money.

PPF: After the recent increase in the interest rate on Public Provident Fund, it is getting a return of 7.1 per cent. Its maturity is 15 years. This scheme comes under the category of EEE (Exempt, Exempt, Exempt). That is, there will be no tax on the amount received after its investment, interest and maturity. You can invest up to Rs 1.5 lakh in it.

SSY: This is also an EEE category scheme in which you get 7.6 percent interest. In this, you can invest a maximum of Rs 1.5 lakh annually.

Post Office Deposit: Like any bank FD, with its help you can also take advantage of tax deduction. There is no upper limit of investment in this, but you will get tax exemption only on investment up to Rs 1.5 lakh. It gets 7 percent interest.

NSC: You get 7% interest in National Savings Certificate. You can invest as much as you want. You will get tax exemption on investment up to Rs 1.50 lakh. In this you have to invest at least 100 rupees.

SCSS: You get 8% interest in Senior Citizen Savings Scheme. However, only people of 60 years or more can invest in it. There is no tax on annual investment up to Rs 1.5 lakh.

The post PPF, SSY, NSC and SCSS will provide double benefits, tax savings and higher returns first appeared on Rightsofemployees.com.

Sukanya Samriddhi Yojana is a good investment option. This scheme was started in the year 2015. This scheme is a small savings scheme of the Central Government for daughters. Which has been launched under the Beti Bachao-Beti Padhao scheme.

The Modi government at the center is running Sukanya Samriddhi Yojana SSY for the bright future of daughters. Under this, on opening Sukanya account in the name of the daughter and depositing money in it every year, one gets the benefit of a lump sum amount in future.

Sukanya is the best interest rate scheme in small savings scheme. Sukanya Samriddhi Yojana gives you an opportunity to earn handsome returns. Huge funds can be collected by investing in this scheme for higher education, marriage etc of daughters. This is a scheme that gives more returns than FD of the bank. By investing in this scheme, you will be sure about your daughter’s higher education, career and marriage. Investing in it can be a better option for you.

Accounts can be opened in the names of three daughters

Under Sukanya Samriddhi Yojana, the account of only two daughters of the same family is opened. But if twin daughters are born in a family, then under this scheme three accounts can be opened for daughters instead of two. After 18 years, in whose name the account is opened, they can withdraw money for their studies and at the time of need.

The parents investing in this scheme should be credited on the account of the first 2 daughters only.Income TaxExemption was available. But now it has been changed and the exemption has been implemented for the third daughter as well.

Under Sukanya Samriddhi Yojana, this scheme will mature when your daughter turns 21 years old. At the same time, the money deposited in this scheme cannot be withdrawn until the girl child turns 18. Even after 18 years, only 50 percent of the total amount can be withdrawn from this scheme. The full money of the scheme will be available only after the daughter turns 21. In this, you can get the money in lump sum or in installments. In this scheme, money will be available only once in a year. At the same time, you can take money in installments for a maximum of five years.

Can SSY account be closed?

If the account holder dies in Sukanya Samriddhi Yojana, then the account can be closed by showing the death certificate. After this, the amount deposited in the Sukanya Samriddhi Yojana account is given back to the guardian of the girl child along with interest. In other cases, the SSY account can be closed after five years from its opening. This can also be done under many circumstances. For example, it can be discontinued in case of life-threatening diseases. Even after this, if the account is being closed for any other reason, then it can be allowed, but you will get interest on it according to the savings account.

The post Sukanya Samriddhi Yojana: Now parents can open accounts of not two but three daughters, what has changed in the rules? first appeared on Rightsofemployees.com.

Sukanya Samriddhi Yojana: The Modi government of the Center is running Sukanya Samriddhi Yojana (SSY) for the bright future of the daughters. Investing in Sukanya Samriddhi Yojana is a better option.

Under which, by opening a Sukanya account in the name of the daughter and depositing money in it every year, one gets the benefit of lump sum amount in future. Large funds can be collected by investing in this scheme for the higher education of daughters, marriage etc. This is a scheme giving higher returns than FD of the bank.

If you also want to invest for your daughter’s marriage or higher education, then investing in Sukanya Samriddhi Yojana can prove to be better for you. There is no risk involved in investing in SSY. By investing in this scheme, you can save the future of your daughters. This scheme gives a return of 7.6%. Now under the Sukanya Samridhi Yojana, three daughters will be able to get the benefit of this scheme.

Account can be opened in the name of three daughters

Under Sukanya Samriddhi Yojana, accounts of only two daughters are opened under the same family. But if twin daughters are born in a family, then under this scheme account can be opened for three daughters instead of two. After 18 years in whose name the account is held. He can withdraw money during his studies and in need.

The parents investing in this scheme were earlier exempted from income tax on the account of two daughters only. Now the exemption has been implemented for the third daughter by changing it.

When can I withdraw money?

This scheme will mature when the daughter turns 21. The money deposited in it cannot be withdrawn till the girl child turns 18. Even after 18 years, only 50% of the total amount can be withdrawn from this scheme. Full money will be given when the daughter turns 21. Money can be received in a lump sum or in installments. You will get money only once in a year. You can take money in installments for a maximum period of five years.

Can SSY account be closed?

If the account holder dies in Sukanya Samriddhi Yojana, then the account can be closed by showing the death certificate. After this, the amount deposited in the Sukanya Samriddhi Yojana account can be given back to the guardian of the girl child along with interest.

In other cases, the SSY account can be closed after five years from the date of opening. This can also be done in many circumstances. For example, it can be closed in case of life threatening diseases. Even after this, if the account is being closed for any other reason, then it can be allowed, but the interest on it will be according to the savings account.

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You also get exemption under 80C on investing in ‘Sukanya Samriddhi Yojana’ (SSY), one of the small savings schemes of the government. Apart from this, you get an interest of 7.6 percent every year on this. Let’s know about the 5 big changes in SSY …

Under the new rules, if the wrong interest is put in a Sukanya Samriddhi account, then the provision to refund it has been removed. Earlier there was a provision to remove the wrong interest. Apart from this, the annual interest of the account will be credited at the end of every financial year.

Earlier your daughter could operate her ‘Sukanya Samriddhi Yojana’ account at the age of 10 years. According to the new rules, but now daughters before the age of 18 are not allowed to operate the account. That is, till the age of 18 years of the daughter, only the guardian will operate the account.

You can deposit a minimum of Rs 250 in the account annually and a maximum of Rs 1.5 lakh. If you do not deposit the minimum amount, your account may default. You can deposit money any number of times in a month.

Under the new rule, interest continues to accrue on the default account as well. If your account is not active, then till maturity, the amount deposited in the account used to earn interest at the rate applicable. Earlier this was not the rule.

Earlier, the investor used to get the benefit of tax exemption under 80C only after opening the accounts of two daughters. It was of no use to the third daughter. But if a daughter is followed by two twin daughters, then there is a provision to open an account for both of them as well.

The account of ‘Sukanya Samriddhi Yojana’ could be closed earlier on the death of the daughter or change of residence of the daughter. But now the life-threatening illness of the account holder has also been included in this. The account can be closed prematurely even in the event of the death of the guardian.

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Sukanya Samriddhi Account can be opened by natural or legal guardian for a girl child below the age of 10 years. However, an individual can open only one account in the name of the girl child. Only two girl children can be covered per family in this scheme, thus, one account can be opened for both the girl children.

However, a parent or guardian who has three children can also open a third account, provided they fulfill the criteria specified by the government.

pay attention to

The government has said that Sukanya Samriddhi account can be opened for twin girls during first delivery and second girl child during second delivery and vice versa. So, if a person has three girls and two of them are twins, all three will be covered under Sukanya Samriddhi Yojana (SSY).

Sukanya Samriddhi Yojana Interest Rate, Tenure, Other Key Features:

The SSY scheme offers an attractive interest rate of 7.6 percent. The interest income earned from the scheme is completely tax free under Section-10 of the Income Tax Act 1961. Also, the investment made in the scheme is eligible for deduction under section 80-C of the Act.

When it comes to the minimum investment amount, one can invest a minimum of Rs 250 in the account and a maximum of Rs 1,50,000 per year for a period of 15 years. The deposit will mature in 21 years.

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This scheme is quite popular due to its giving better returns than other small savings schemes and bank FDs. At present, interest is being received at the rate of 7.6 percent per annum in Sukanya Samriddhi Yojana. Till now, in the Sukanya Samriddhi Yojana, the benefit of tax exemption under section 80C of the Income Tax Act was available only on the accounts of two daughters. There was no tax exemption in case of having a third daughter. But now the government has announced tax exemption on the third daughter’s account by changing the rules.

The advantage of the Sukanya Samriddhi Yojana account is that you can invest in it with very little money. You can also open an account by depositing a minimum of Rs 250 annually. In this, up to 1.5 lakh rupees can be deposited in a year. If the minimum deposit amount is not deposited in the year then the account becomes default. Even if the account is not active again, the amount deposited in the account continues to earn interest at the applicable rate till maturity.

Account can be closed even before maturity

According to a media report, under certain circumstances the account of Sukanya Samriddhi Yojana can be closed before maturity. But, there is a condition that the account can be closed only when it has been at least 5 years since it was opened. Under no circumstances can the SSY account be closed before 5 years.

Earlier the rule was that Sukanya Samriddhi Yojana could be closed on the death of the daughter or change of address. Now the government has changed the rules. Now even if the account holder has a serious illness, the account can be closed. The account can be closed before maturity even in the event of the death of the guardian.

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One such scheme is Sukanya Samriddhi Yojana (Sukanya Samriddhi Yojna- SSY). This scheme has been made to shape the future of the daughters of the country. If you also want to invest for your daughter’s marriage or her good education, then investing in Sukanya Samriddhi Yojana is a good option.

You can start investing with just Rs.250

Under this scheme, the guardian or parents of a girl child of 10 years or less can open an account. The cost of investment is also very less in this. One can start investing with just Rs.250. Up to a maximum of Rs 1.50 lakh can be deposited under this scheme.

How much interest

The interest in this scheme is also better than other schemes. At present, interest is being given in this scheme at the rate of 7.6 per cent per annum. If the maximum investment limit is Rs 1.50 lakh as the base, then monthly you have to pay Rs 12500 in this scheme.

If the same interest rate remains the same, then after investing continuously for 14 years, your total principal amount becomes Rs 22.50 lakh. On maturity, you can get Rs 63.65 lakh. In this way you got a profit of Rs 41.15 lakh. Tax exemption benefits are also available in this scheme.

what is maturity period Although the maturity period of this scheme is 21 years, but money has to be deposited in it only for 14 years. Interest continues to accrue for the rest of the year. The amount of money you invest in this scheme, you will get almost 3 times the return on maturity. The maximum amount that can be raised through this scheme at the current interest rates is Rs 63.50 lakh.

keep these things in mind In Sukanya Samriddhi Yojna (SSY), interest is paid only on the minimum balance available between the 5th and the last date of every month. This means that if you do not invest money in it before or before the 5th of the month, you will not get interest for that month. Let us tell you that the calculation of interest in the scheme is done on a monthly basis, but the entire interest is credited only on March 31, the last day of the financial year.

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The government is running Sukanya Samriddhi Yojana for daughters . By investing in this scheme, parents can secure the future of their daughters. How to take advantage of it Sukanya Samriddhi Yojana is such a long term plan. By investing in this, you can add money from your daughter’s education to marriage expenses. Under Sukanya Samriddhi Yojana, the account of daughters below the age of 10 years is opened in the name of their parents only.

Under this scheme, you can invest from Rs 250 to Rs 1.50 annually. How many daughters will open an account from a family, earlier in this scheme, only two daughters’ account was exempted from tax under 80C. But now it has changed and under the rule, if two twin daughters are born after one daughter, then their account will also get tax exemption.

When can accounts be closed?

The account opened under Sukanya Samriddhi Yojana could be closed in the first two circumstances. If the girl child dies or if the address of the daughter’s residence is changed, then this account could be closed. But after the new change, the life-threatening illness of the account holder has also been included in it. The account opened under Sukanya Samriddhi Scheme can be closed prematurely even after the death of the parents.

How to open account?

To take advantage of this scheme, you can open an account by visiting any nearest post office or bank. Sukanya Samriddhi Yojana matures in 21 years. However, after the girl’s age is 18 years, money can be withdrawn from this account for studies. Full amount is available only after 21 years.

Documents required for Sukanya Samriddhi Yojana-

At the time of opening the account under Sukanya Samriddhi Yojana, it is necessary to give the girl’s birth certificate in the post office or bank. Also, the identity card and address proof of the girl and her parents are required.

How will the amount be deposited in the account?

The amount invested in the Sukanya Samriddhi Yojana account can also be deposited in cash, cheque, demand draft or in any such manner as the bank accepts.

How much interest will you get on investment?

At present, interest is getting at the rate of 7.6% on investment in Sukanya Samriddhi Yojana. Under this scheme, by investing a small amount, you can add lakhs of rupees. Sukanya Samriddhi Yojana is getting more interest than all the savings schemes of the bank or post office.

If you invest up to Rs 1000 every month under this scheme, then according to 7.6% interest rate, you will get an amount of more than Rs 10 lakh like this.
• Deposited in 1 month – Rs 1000
• Total deposit in 12 months Rs -12000
• Deposit up to 15 years – Rs -18,0000
• Total interest on deposit up to 21 years + Total deposit – Rs 329,212
• On attaining 21 years But after adding the total deposit + total interest, the money will be returned – Rs 10,18,425
• In this way, when your daughter is 21 years old, then lakhs of rupees will be deposited in her name. When you want your daughter to get married, then you can easily withdraw this money.

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The government is currently paying an interest of 7.6 percent on this, which is higher than many FDs. A good fund can be deposited till maturity by investing in it for daughter’s education or marriage expenses. However, this account can be opened for only 2 girls of a family. But there is also a situation where this account can be opened for 3 daughters.

In what condition will the account of three daughters be opened, if after 1 daughter in a family then 2 twin daughters or after 2 twin daughters there is 1 daughter, then the account can be opened for all the three girls under Sukanya Samriddhi Yojana. Under this scheme, earlier only 2 daughters used to get tax exemption on depositing the amount in the account but now the third daughter has also been included in it.

Higher interest than many other schemes

As we mentioned that in this scheme the government is giving you more returns than many fixed deposits. Similarly, you are getting more returns than many government schemes under Sukanya Samriddhi. You are being given more interest here than PPF, NSC, RD or Monthly Income Scheme. Let us tell you that whatever you invest in it, you will get three times the return on maturity. At present, you can raise a maximum amount of up to Rs 64 lakh through this scheme.

How much can you invest?

You can start this account with a deposit of Rs.250. You can deposit only 1.5 lakh rupees in this scheme in a financial year. Once the account is opened, you have to deposit a minimum of Rs 250 in every financial year, failing which you can be fined Rs 50. It is worth noting that this scheme matures when the girl child turns 21, but you have to invest in it only for 15 years.

This means that if you open this account for a 3-year-old girl, then you have to invest only till the age of 18 years. The interest will automatically accrue over the next 3 years. Keep in mind that the age of the girl child should be less than 10 years to open the account.

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Shriram Transport Finance Company Limited, which is a part of Shriram Group. has announced an increase of 25 to 50 basis points (0.25% p.a. to 0.50% p.a.) in its corporate fixed deposit rates across various tenors. STFC said in a statement that customers can earn up to 8.25% interest on fixed deposits with effect from August 10, 2022. This 8.25% interest is applicable on FDs of 60 months.

STFC is offering 8% and 8.15% interest rates for FDs up to 3 years and 4 years respectively. The revised interest rate for one year FD is 6.75% and for two year fixed deposit it is 7.25%.

STFC offers an additional interest of 0.5% per annum to senior citizen depositors. That is, senior citizens can get 8.75% interest on a fixed deposit of 5 years. Where the deposit has a maturity period, an additional 0.25% interest will be paid per annum on renewal, the company said in a statement.

The 8.75% interest offered by STFC Fixed Deposit is higher than the current interest rates offered on small savings schemes like Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), National Savings Certificate (NSC) and Senior Citizens Savings Scheme (SCSS). is more.)

Let us tell you, STFC is a 42-year old company and is part of Shriram Group, which is one of the largest asset financing NBFCs in India. Fixed deposit schemes offered by NBFCs also called corporate FDs or company deposits are investment avenues offered by financial companies.

Should you invest?

Depositors should note that STFC is not a regular bank. Therefore, fixed deposits offered by NBFCs do not offer the same benefits as those offered by regular banks. There is a deposit insurance guarantee of Rs 5 lakh in case of banks. This means that even if the bank fails, the depositors will get back up to Rs 5 lakh. But that benefit is not applicable in case of fixed deposits offered by NBFCs.

“Unlike banks, deposit insurance facility of Deposit Insurance and Credit Guarantee Corporation is not available to depositors of NBFCs,” RBI said on its website.

STFC is a stable organization and its FDs are rated “Stable” by ICRA and India Ratings & Research, depositors should do proper research, or consult their financial planners before investing.

The post Better Fixed Deposit Rate than PPF, NSC, SSY: Interest is getting up to 8.75% on this FD, should you invest? first appeared on Rightsofemployees.com.