Sukanya Samridhi Yojana: Interest rate hike, know benefits and application process - Details here

The government has increased the interest rates on Sukanya Samriddhi Yojana, making it a more attractive investment avenue for securing the financial future of your daughters. With an elevated interest rate of 8.2%, SSY stands out among small savings schemes, presenting a golden opportunity for investors. In addition to the higher returns, investors can benefit from a tax exemption of up to Rs.1.5 lakh under Section 80C of Income Tax.

Investment Benefits:

1. Competitive Returns: SSY and Senior Citizen Savings Scheme are the only two schemes offering an 8.2% return, surpassing the rates of all other small savings schemes.
2. Tax Exemption: Investors can avail a tax exemption of up to Rs.1.5 lakh under Section 80C, enhancing the appeal of SSY as an investment option.

Investment Process: 

How to Invest in Sukanya Samriddhi Yojana (SSY): Investors can choose to invest in SSY through post offices, government, or private banks. The investment process involves providing essential documents such as the child's birth certificate, photo ID, address proof, and PAN or Voter ID for KYC. The application can be submitted through both online and offline methods.

Application Process:

1. Download Application Form: Obtain the application form from the RBI website, post office, or the website of any bank offering the SSY scheme.
2. Fill in Details: Provide necessary details, including the primary account holder's name (daughter), joint holder's name (investor), initial investment amount, check or DD details, child's birth date, and KYC information.
3. Submit Form: Submit the filled form along with required documents through online or offline channels.

Investing Online:

1. Download IPPB App: Download the Indian Post Payment Bank (IPPB) app.
2. Deposit Money: Deposit funds into your IPPB account.
3. Select SSY Account: Navigate to the products section and choose the Sukanya Samriddhi Yojana Account option.
4. Enter Details: Input SSY account number, DOP client ID, desired amount, and installment details.
5. Initiate Payment: Complete the payment procedure to activate your account.

Investing Offline:

1. Visit Nearest Post Office or Bank: Go to the nearest post office or bank offering the SSY scheme.
2. Obtain Form: Collect the application form and fill in the required details.
3. Attach Documents: Attach copies of necessary documents as specified in the form.
4. Make First Deposit: Deposit an amount between Rs 250 to Rs 1.5 lakh through cash, check, or DD.
5. Account Activation: The account will be activated after the payment is processed, and a passbook will be provided.

With the recent hike in interest rates, now is the moment to invest in Sukanya Samriddhi Yojana. Secure your daughter's future and enjoy competitive returns along with tax benefits. Whether opting for online convenience or the traditional offline route, SSY offers a comprehensive investment solution for parents seeking financial security for their daughters.