Future Generali India Life Insurance Company Limited is now Generali Central Life Insurance Company Limited. Generali Central Life Insurance Company Limited – A joint venture between Generali – one of the world’s leading insurers and Central Bank of India, India’s finest nationalised bank.
Future Generali India Life Insurance Company Limited is now Generali Central Life Insurance Company Limited. Generali Central Life Insurance Company Limited – A joint venture between Generali – one of the world’s leading insurers and Central Bank of India, India’s finest nationalised bank.
Sukanya Samriddhi Yojana: Interest Rate, Benefits & Tax Savings
2 mins
3.4KWhat is Sukanya Sukanya Samriddhi Yojana (SSY)? It is a small savings scheme aimed towards the girl child, launched by the Government of India in 2015 as a part of the ‘Beti bachao, beti padhao’ campaign.
Who is eligible to open an account?
- Parents or legal guardians of the girl child can open an account in her name
- The girl should be less than 10 years of age when the account is opened
- Only one Sukanya Sukanya Samriddhi Yojana account per girl is allowed
- A family can open a maximum of two SSY accounts, one for each girl
Where can one open a SSY account?
Sukanya Sukanya Samriddhi Yojana account can be opened at post offices all across India as well as authorised branches of public and private sector banks. Forms can also be downloaded from the website of Reserve Bank of India, India post or those of participating banks.
Key benefits of Sukanya Samriddhi Yojana
- Higher interest: The current rate of interest for an SSY account is 8.4%, which is among the highest for a government deposit scheme. This is one of the most essential benefits of Sukanya Samriddhi Yojana .
- Longer duration: The account remains operational for 21 years from the time it is opened or until the girl in whose name it is opened gets married, after she turns 18. One may make deposits in the account for 15 years.
- Flexibility to invest: You can invest a minimum amount of ₹500 to a maximum of ₹1.5 lakh annually in the SSY account. Deposits are required to be made in multiples of ₹100
- Smooth transfer: For those who shift cities, transferring an existing SSY account from one post office or bank to another can be done quickly across India. All they need is to share a proof of residence and the account is transferred, without any charges.
- Triple tax exemption: One of the notable benefits of Sukanya Samriddhi Yojana is that the principal amount invested every year, the interest earned, as well as the maturity amount is exempted from tax. A maximum amount of ₹ 1.5 lakh invested in SSY is eligible for tax benefit as per Section 80C of the Income Tax.
- Partial withdrawal: Once the girl reaches 18 years of age, 50% of the balance can be withdrawn to fund her further education.
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A good rule of thumb is to aim for coverage that's 10–15 times your annual income. Consider your family’s living expenses, outstanding loans, children’s education, and long-term goals. The right amount ensures your loved ones can maintain their lifestyle and meet future needs— even in your absence.
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Understand your policy better with key details and insights into our Generali Central Life Insurance.
This Product is not available for online sale. Life Coverage is included in this Product. For detailed information on this plan including risk factors, exclusions, terms and conditions etc., please refer to the product brochure and consult your advisor, or, visit our website before concluding a sale. Tax benefits are as per the Income Tax Act 1961 and are subject to any amendment made thereto from time to time. If you have any request, grievance, complaint or feedback, you may reach out to us at care@generalicentral.com For further details please access the link: www.generalicentrallife.com/customer-service/grievance-redressal-procedure.
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