Latest news with #SukanyaSamriddhiYojana
News18
6 days ago
- Business
- News18
From PPF to SCSS: 5 Government Savings Schemes That Secure Your Future
Last Updated: With rising inflation and uncertain markets, individuals are advised to turn to low-risk, government-supported savings plans for financial stability. As more Indians seek low-risk ways to grow their savings, government-backed schemes have become a cornerstone of sound financial planning. Backed by the Government of India, these schemes offer assured returns, tax benefits and much-needed peace of mind, making them ideal for conservative investors, senior citizens and first-time savers. In today's unpredictable market, government-backed instruments are valuable for long-term goals like retirement planning, child education and wealth preservation. Popular schemes like the Public Provident Fund (PPF), National Savings Certificate (NSC), Senior Citizens Savings Scheme (SCSS) and the Sukanya Samriddhi Yojana not only offer attractive interest rates but also come with tax-saving benefits under Section 80C of the Income Tax Act. If you are also planning or looking for government-backed savings schemes, here are five reliable options worth considering: Public Provident Fund (PPF) Ideal for long-term wealth creation, this government-backed savings scheme offers a current interest rate of 7.1 percent per annum, with a 15-year lock-in period. Contributions up to Rs 1.5 lakh per year qualify for tax deductions under Section 80C, and the interest earned is completely tax-free. Amazing, isn't it? If interested, you can start a PPF with a minimum annual investment of Rs 500 to Rs 1.5 lakh. With a 5-year tenure and an interest rate of 7.7 percent, the NSC is suitable for risk-averse investors. It also offers tax benefits under Section 80C on investments of up to Rs 1.5 lakh, making it a popular choice for small savers. To start this scheme, a minimum deposit of Rs 1000 is required and thereafter in multiples of Rs 100. Senior Citizens Savings Scheme (SCSS) Tailored for individuals aged 60 and above, SCSS offers one of the highest interest rates among government schemes at 8.2 percent per annum, payable quarterly. It has a five-year tenure (extendable by three years) and is ideal for retirees seeking regular income. The Senior Citizens Savings Scheme allows only one deposit. The minimum investment is Rs 1,000, and the maximum is up to Rs 30 lakh. Sukanya Samriddhi Yojana (SSY) Another government-backed saving scheme you can consider is Sukanya Samriddhi Yojana. Designed to secure the future of the girl child, Prime Minister Narendra Modi launched the scheme that offers an attractive 8.2 percent interest rate and tax-free returns. Parents can open the account any time before the girl turns 10, with partial withdrawals allowed for education and full maturity benefits after 21 years. Atal Pension Yojana (APY) Aimed at providing a fixed monthly pension to workers in the unorganised sector, the APY scheme offers a monthly pension from Rs 1,000 to Rs 5,000 upon attaining the age of 60. The scheme, named after the former Prime Minister of India, Atal Bihari Vajpayee, encourages individuals to save for their retirement systematically. Those individuals who are within the age group of 18-40 years are eligible to apply for the scheme. view comments Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
India Today
16-07-2025
- Business
- India Today
SSY scheme: How your daughter can get Rs 71 lakh at 21
The government runs many schemes to secure the future of daughters, and Sukanya Samriddhi Yojana (SSY) is one of the most popular. It supports parents in saving money for their daughter's higher education and marriage, helping her receive around Rs 71 lakh when she reaches 21 if planned well. LAUNCHED IN 2015Sukanya Samriddhi Yojana was launched in January 2015 under the 'Beti Bachao, Beti Padhao' is a small savings scheme backed by the government, which offers high interest rates, tax benefits under Section 80C, and tax-free returns on maturity. Over 4.1 crore accounts have been opened so far under this INTEREST AND TAX SAVINGSSSY offers an attractive interest rate of 8.2%, which is usually more than what banks offer on FDs. The government guarantees the money you invest, so it is completely safe. Also, you can claim up to Rs 1.5 lakh in tax deductions every year under Section CAN OPEN AN SSY ACCOUNT?Parents or legal guardians can open an SSY account for a girl child up to the age of 10. Only one account can be opened for one daughter.A birth certificate, an ID proof and an address proof are needed to open the account. The account can be opened easily at the nearest post office or any bank AND HOW TO USE THE MONEYThe SSY account matures 15 years after opening. Money can be partially withdrawn for higher education once the girl turns account reaches full maturity when she turns 21, but if she gets married before that, the account must be closed at the time of TO GET Rs 71 LAKHIf you deposit Rs 1.5 lakh every year for 15 years, then on maturity, the amount grows to nearly Rs 71,82, of this, Rs 22.5 lakh is your saving, while the remaining Rs 49.32 lakh is the interest earned. The best part is, the entire amount is tax-free when you withdraw it must be mentioned that from October 1, 2024, only parents or legal guardians can manage an SSY account. If someone else opened the account, it must be transferred to the legal guardian or parents, or it will be closed.(Disclaimer: This article is for general informational purposes only and does not constitute financial advice. Readers are encouraged to consult a certified financial advisor before making any investment or financial decisions. The views expressed are independent and do not reflect the official position of the India Today Group.)- Ends
News18
13-07-2025
- Business
- News18
This Beti Bachao Beti Padhao Scheme Offers 8.2% Returns: Check Features, Eligibility, Steps To Apply
Under this campaign, one of the most important schemes is Sukanya Samriddhi Yojana (SSY). The SSY scheme encourages savings for a girl child's future. It offers high interest rates and tax benefits, helping parents or guardians secure funds for the education and marriage expenses of the daughters. Benefits of Sukanya Samriddhi Yojana: The SSY scheme, meant for girls below 10 years, offers many benefits. One can open an account under this scheme with as less as Rs 250 deposit, claim tax deductions and get attractive returns. At present, the scheme offers 8.2% returns p.a., which is subject to periodic review by the government. The maximum deposit allowed in this scheme is capped at Rs 1.5 lakh per financial year. Once started, the deposits must continue for 15 years. The account matures 21 years from the opening date. Sukanya Samriddhi Yojana Eligibility: A Sukanya Samriddhi Yojana account can be opened by parents or legal guardians for a maximum of two girl children. The age of the child must be 10 years or below. After the girl turns 18, 50% of the savings can be withdrawn for education, with valid admission proof required. Sukanya Samriddhi Yojana Tax Benefits: Sukanya Samriddhi Yojana scheme comes with triple tax benefits. Deposits up to Rs 1.5 lakh per financial year qualify for deductions under Section 80C of the income tax rules. Parents can use this scheme to lower their taxable income during ITR filing. The interest accrued under this scheme is exempt from tax and is compounded annually. The amount received upon maturity is also free from tax. Steps To Apply For Sukanya Samriddhi Yojana: Fill the SSY Account Opening Form: Reach out to your bank or a post office and fill out the official Sukanya Samriddhi Yojana account form. Submit documents such as girl child's birth certificate, guardian's ID and address proof, Aadhaar or passport, etc Deposit any amount between Rs 250 and Rs 1.5 lakh in a particular financial year to start the account.
Hans India
06-07-2025
- Politics
- Hans India
NCW organises AI training programme for women in Jodhpur
The National Commission for Women (NCW) organised an AI training programme in Jodhpur in which hundreds of women participants took part, an official said on Sunday. "The objective of Yashoda AI is to digitally empower women," said an official in a post on the social media platform X. Yashoda AI, also known as "Your AI SAKHI for Shaping Horizons with Digital Awareness," is a nationwide campaign by the NCW that empowers women, particularly those in rural and semi-urban areas, with digital and AI literacy, cybersecurity skills, and digital safety. According to the NCW, the programme focuses on providing training in local languages to ensure accessibility and promote women's participation in a technology-driven future. Earlier on Saturday, NCW chairperson Vijaya Rahatkar held a meeting with administrative and police officials of eight districts of the Jodhpur division and officials from various departments to review the progress of women and child rights, laws, and schemes. She said in a post on X that some important topics discussed in the meeting included a review of more than 10 schemes related to women. She said the discussion emphasised on making schemes like 'Beti Bachao Beti Padhao', 'Pradhan Mantri Awas Yojana', 'Standup India', Lakhpati Didi, Maternal Health Scheme, eliminating female dropouts in education, skill development, self-help groups, women entrepreneurship, digital education, and services, more effective. The NCW chairperson also highlighted delays in police reports – leading to delays in grievance redressal. The need for an updated database of all police officers and helpline officials, to ensure effective communication and coordination, was also highlighted, she said. Emphasis was also laid on awareness programmes on various topics, including the Protection of Children from Sexual Offences Act (POCSO) enacted to protect children from sexual assault, sexual harassment, and pornography, she said. Effective implementation of 'One Stop Centre' - intended to support women affected by violence - and Sukanya Samriddhi Yojana were also taken up for discussion, said Rahatkar. She said the officials were sensitised to ensure the benefits of Sukanya Samriddhi Yojana reach the last mile with the cooperation of public representatives. She said protection officers and local committees should work in coordination with the police administration. The officials were also asked to initiate Pre-Marital Communication Centres, review cases related to heinous crimes against women, such as dowry, rape, and cybercrime and strengthen women's police stations. The need to appoint trained counsellors and arrangement of proper infrastructure was also stressed, she said.
Indian Express
03-07-2025
- Indian Express
‘Sign here for opening fixed deposits': How Bengaluru postal assistant duped customers of nearly Rs 12 lakh
Written by Bhoomika Roy Banerjee A postal assistant in Bengaluru allegedly swindled Rs 11.8 lakh from the accounts of five customers after obtaining their signatures on the pretext of opening fixed deposits. Pavithra H L, who has been working at the Banashankari Stage 3 post office since April 2021, allegedly committed the fraud between January 17 and June 11, 2024. The postal authority's preliminary inquiry recently concluded, confirming Pavithra's guilt, leading to her transfer to another branch. Pavithra allegedly exploited customers' trust and obtained their signatures on withdrawal forms under the guise of opening fixed deposits or investing under Central government schemes, such as the Sukanya Samriddhi Yojana. She made several unauthorised withdrawals from the victims' post office savings accounts for personal use, said the police. The alleged fraud came to light when a customer, Mehak Arbina from Umarbagh Layout, discovered that money had been missing from her account and raised the alarm. The other victims are Jayamma N from Obalappa Garden, Tata Silk Farm, C R Rashmi from Banashankari Stage 3, S Nagaraju from Gowdanapalya, and Rathnamma from K R Road. The assistant superintendent of the postal branch filed a police complaint on June 21, though there was a delay in approaching authorities due to account verification processes. The Banashankari police filed an FIR in June under sections 408 (criminal breach of trust by a clerk or servant), 409 (criminal breach of trust by a public servant, banker, merchant, or agent), 403 (dishonest misappropriation of property), 417 (cheating), 418 (cheating with the knowledge that wrongful loss may ensue to a person whose interest the offender is bound to protect) and 420 (cheating and dishonestly inducing delivery of property) of the Indian Penal Code (IPC). The police said they will issue a notice to Pavithra at the earliest as the investigation proceeds. (Bhoomika Roy Banerjee is an intern with The Indian Express)
