theIASHub | 30 Dec, 2023 | 3
Context: The government raised the interest rates on Sukanya Samriddhi scheme by 20 basis points and three-year term deposit scheme by 10 basis points for the January-March quarter, while retaining the rates for all other small savings schemes.
Sukanya Samriddhi Scheme
oThe girl child must be under the age of 10.
oOnly one account is permitted for a girl child.
oA family is restricted to opening a maximum of two SSY scheme accounts.
oThe interest is compounded annually, with the flexibility of monthly interest pay-outs calculated on the completed thousands of the balance.
oThe scheme, falling under Section 80C of the IT Act, 1961, has been extended with triple exempt benefits.
oThis implies that there will be no tax levied on the invested amount, the interest earned, and the withdrawn amount.
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