look news india
personal Finance: Those who have invested in Sukanya Samriddhi Yojana (SSY) and Public Provident Fund (PPF) before April 5 are eligible for attractive returns in the first quarter of the new financial year. The interest rate in PPF will be 7.1 percent.
State Bank of India has sent a message to its customers that as per the instructions of the Central Government, the interest rate has been increased for those investing in PPF before April 5. PPF will get 7.1 percent interest in the first quarter of 2024-25.
Sukanya Samriddhi Yojana
The logic behind investing in Sukanya Samriddhi Yojana before April 5 is to earn more interest. If the investment is made after 5th April or 5th of any month then the interest of that month is not calculated. Therefore, to avail this interest it is always advisable to invest before the five dates.
Sukanya Samriddhi Yojana offers the highest annual interest rate of 8.2 percent compared to PPF. However, investments made after five dates may lose the benefit of this interest. For example, 8.2 percent interest is being received annually in the April-June quarter. If this rate remains constant for 21 years then the investor will get Rs 2.5 lakh. A total interest of Rs 49.32 lakh can be obtained on an investment of Rs 1.5 lakh. But if the investment is being made after five dates, the total eligible amount in the scheme is Rs. Will be Rs 48.85 lakh. In which the investor gets Rs. There will be a loss of Rs 47014.
About Sukanya Samriddhi Yojana
Parents can invest in this scheme for the bright future of their child. Whose maturity period is 21 years or the girl gets married after 18 years… Monthly minimum Rs. 250 to Rs. Rs 1.5 lakh can be invested per year. You can avail tax exemption under Sukanya Samriddhi Yojana. If the daughter passes 10th then investment can be made for further studies also. Investors can invest through cash, cheque, demand draft and online transfer.