You have to head over to the Bank where you already have an Account or to the Nearest branch available. The interest rate for Sukanya Yojana for the current year 2019-20 is set to be 8.4% compounded yearly. Deposit Limit: Minimum INR. Yes, an SSY account can be opened anywhere in India. To open this HDFC Bank Sukanya Samriddhi account or any account for that matter, it is required to visit the bank. The account matures after 21 years of opening the account or till the marriage of the girl after she becomes 18 years old, A premature withdrawal of up to 50% of investment is allowed for higher education expenses when the girl child attains the age of 18 years, Minimum investment amount INR 1,000 per annum, Maximum investment amount INR 1.5 lakh per annum. You can use the Sukanya Samriddhi Yojana Calculator by just entering the investment amount per year, age of the girl child, and the investment year. Sukanya Samriddhi Yojana Calculator uses the following formula to generate the maturity amount. For the fourth quarter of the FY2020-2021, the rate of interest was 7.6%. The interest rate pertaining to the current quarter (1 April 2020 – 30 June 2020) is 7.60%, and it is compounded on an annual basis. The principal amount is deductible under Section 80C of the Income Tax Act for up to INR 1.5 lakh. If you want to enjoy the benefits of this scheme, you should know the maturity of the account, rules concerning premature withdrawal, etc. The calculator will display the maturity year and the amount you will receive upon maturity within a few seconds. We do not guarantee any loans as loan sanction is as per Banks and Nbfcs. Check out the table below to know the banks where you can open the Sukanya Samriddhi Yojana account. For a month, the rate of interest is calculated on the minimum balance that is present in the account between the end of the 10th and the last day of the month. (On 23 July 2018, the criteria for the minimum annual deposit for the Sukanya Samriddhi Yojana account had been revised to Rs.250 from the earlier amount of Rs.1,000. Copyright © 2020 You have entered an incorrect email address! A Rs.50 penalty is levied if the subscriber fails to deposit the minimum amount in a financial year. So, this channel of investment is ideal for individuals who are not willing to endure stock market risks. This Page is BLOCKED as it is using Iframes. Check out now. The maturity amount is calculated based on your net contribution plus the interest earned. 1,50,000/ – in a financial year. Mrs. Malvika, the parent of a 3-year old girl child, started investing in SSY from the financial year 2015-16 onwards. Effectively, the parent gets a competitive interest rate on the Sukanya Samriddhi Yojana Account, in addition to a tax exemption under Section 80C of the Income Tax Act, 1961. Since the investment period for a Systematic Investment Plan (SIP) and the Sukanya Samriddhi Account are long-term, there have been many a debate on which is the best investment channel to avail maximum benefits in the future. The interest rate of these financial institutions is different. Sukanya Samriddhi Yojana | Sukanya Samriddhi Yojana Calculator | Sukanya Yojana. However, the element of risk in a debt-based investment is very low. How to Approach After a Personal Loan or Credit Card Debt Settlement? Bank of Maharashtra Sukanya Samriddhi Account, Central Bank of India Sukanya Samriddhi Account, Corporation Bank Sukanya Samriddhi Account, Indian Overseas Bank Sukanya Samriddhi Account, Sukanya Samriddhi Vs Children Mutual Fund. 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Sukanya’s account can be open with the Indian Post office also, with different government and private banks. However in case if you are an HDFC bank user then it will be better and Flexible for you to manage the Sukanya Samriddhi Yojana HDFC Online. if you have any questions regarding this post then you can mention in the comment section. To apply for Sukanya Samriddhi Scheme, you need to submit a few documents as listed below: The principal amount deposited, and the interest earned during the maturity period will benefit you with a tax-exempt. The interest rate for the financial year 2019-2020 for period between 1 January 2020 to 31 March 2020 was 8.40%. and it is compounded on an annual basis.). The latest Sukanya Samriddhi Yojana Interest Rate is 8.4%.This is for the Financial Year 2019-2020 (for January to March quarter 2020).. To know these and more, you can look at the following pointers. As per HDFC official site, they offer an interest rate of 8.4% and tax benefits under this Scheme. An SSY account matures after 21 years from the date the account was started. Loan Closure Formalities That You Should Know, Effects of Bad Credit History on Your Home Loan, Mistakes to Avoid When Taking Different Loans in India, Best Cashback & Rewards Credit Cards in India, Deposit allowed till the girl child attains the age of 14 years, Address proof such as utility bills like electricity or telephone bill.


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