SSY Interest Rate Hiked: If we look at the list of small savings schemes, SSY and Senior Citizen Savings Scheme are the only two schemes on which you get a return of 8.2 percent, the interest rate of all other schemes is below this.
Interest rates in small savings scheme Sukanya Samriddhi Yojana have been increased recently. The government has increased the interest rate on Sukanya Samriddhi Account Yojana by 0.20% for the fourth quarter (January-March) of the current financial year, now investors will get interest at the rate of 8.2%. This investment plan is most liked for the financial security of daughters. If we look at the list of small savings schemes, SSY and Senior Citizens Savings Scheme are the only two schemes on which you get a return of 8.2 percent, the interest rate of all other schemes is below this.
Not only do you get better returns on this scheme, you also get a tax exemption of Rs 1.5 lakh under Section 80C of Income Tax. In such a situation, this can be a good plan for investment this year. If you are also planning to invest then you can open an account in this scheme. Let us know the methods-
How to Invest in Sukanya Samriddhi Yojana-SSY
You can invest in this scheme through post office or government or private banks which are running this scheme. You will have to provide some documents for this. You will have to provide the child’s birth certificate, your photo ID, your address proof and PAN or Voter ID for KYC. You can apply for this through both online and offline methods.
What is the application process?
First of all, download the application form from RBI website, post office or website of any bank running the scheme and fill it. You will have to fill the details given below-
- Primary account holder- name of your daughter
- Joint Holder – Your Name
- How much money are you putting in the first time?
- Check or DD number and date on which money is being deposited
- Child’s birth date and birth certificate details
- Details of your ID proof like driving license, Aadhar
- Your current and permanent address
- Details of KYC proof like PAN, Voter ID.
How to open SSY Account Online?
After submitting the form, you will have to download the IPPB (Indian Post Payment Bank) app for this.
- First of all deposit money in your IPPB account.
- Then go to the products section on the app and select the option of Sukanya Samriddhi Yojana Account.
- Enter your SSY account number and also DOP client ID.
- Now enter the amount you want to enter and enter which installment it will be.
- After this, once the payment procedure is set up, you will get a notification from the app and the process will start with your first deposit being added.
- You can also set up automated transfer instructions in the app. With this, whenever you set the time, money will be deducted automatically.
How to open it offline?
- First of all go to your nearest post office or bank.
- Take the form from there, fill the necessary details and attach copies of whatever documents have been asked.
- Make the first deposit through cash, check or DD. You can deposit Rs 250 to Rs 1.5 lakh at a time.
- The account will be activated after your payment is processed. Besides, you will also be given a passbook along with it.
