The Prime Minister of India, Narendra Modi, has announced the increased of interest rate for the Sukanya Samriddhi Yojana, a government scheme aimed at encouraging savings for the girl child. This scheme was launched in 2015 as part of the Beti Bachao Beti Padhao campaign. This scheme now offers a higher interest rate to benefit its participants. The government has boosted the interest rate by 0.20% (20 basis points), raising it from the previous 8% to 8.20%. This new rate will be effective in January 2024, providing better returns for those investing in the scheme for their daughters’ future.
Overview Of Sukanya Samriddhi Yojana Interest Rate
Just before the 2024 Lok Sabha elections, India’s central government has raised the interest rate for the Sukanya Samriddhi Yojana. This scheme, designed to promote savings for the girl child, previously had an interest rate of 8%. Now, the government has increased it to 8.20%. This boost in interest rate will benefit everyone who has an account under this scheme. The interest earned through the Sukanya Samriddhi Yojana is tax-free, making it even more attractive. The scheme aims to encourage the habit of saving among Indian citizens. Any eligible Indian citizen can open an account under the Sukanya Samriddhi Yojana to start saving for their daughter’s future.
Objectives of Sukanya Samriddhi Yojana Interest Rate
In a move to support everyone with an account in the Sukanya Samriddhi Yojana, the Indian central government has decided to increase the interest rate for the scheme. This increase is not just about higher returns on savings; it’s also about encouraging Indians to save more. The interest earned through this scheme is completely tax-free, adding to its appeal. The main goal behind this hike in the interest rate is to motivate more people to invest in government-backed savings schemes. As a government program, the Sukanya Samriddhi Yojana promises reliable returns to its account holders, making it a secure option for saving towards the future of the girl child.
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