“Empowering Futures: Modi Government Boosts SUKANYA SAMRIDDHI YOJANA Interest Rates Ahead of 2024 Elections”

Sukanya Samriddhi

Interest Rate Hike for Sukanya Samriddhi Yojana: The Narendra Modi government has raised the interest rates for the Sukanya Samriddhi Yojana (SSY) for the January-March quarter before the Lok Sabha elections in 2024. According to the Finance Ministry’s notification, the interest rate on deposits under the Sukanya Samriddhi Yojana will now be increased by 20 basis points from the current 8% to 8.2%. The government typically announces interest rates for small savings schemes operated mainly through post offices every quarter.

Benefits of Sukanya SSY :

1) As a government-backed scheme, Sukanya Samriddhi Yojana offers guaranteed returns.

2) An investor can claim income tax benefits under Section 80C of the Income Tax Act for investments made in the SSY account up to ₹1.50 lakh in a financial year.

3) Interest generated through the Sukanya Samriddhi Account (SSA) is tax-free.

4) The minimum annual contribution to the Sukanya Samriddhi Account is ₹250, and the maximum contribution in a financial year is ₹1.5 lakh.

Sukanya Samriddhi Account Withdrawal and Maturity Rules:

Once the girl reaches the age of 18, parents can withdraw up to 50% of the remaining amount in the account in a financial year. Withdrawals can be made according to the rules set by the postal department, either as a lump sum or in installments, with a maximum of one withdrawal per year, subject to a limit of five years.

Interest Rate Hike for Q4FY24 in Small Savings Schemes:

For the January-March quarter of the financial year 2024, the interest rates for three-year time deposit schemes have also been increased by 10 basis points to a total of 7.1%. “Every other savings program has upheld its current interest rates without any alterations.”

Latest Interest Rates for Small Savings Schemes for Q4FY24:

– Public Provident Fund (PPF): 7.1%

– Senior Citizens Savings Scheme (SCSS): 8.2%

– Sukanya Samriddhi Yojana: 8.2%

– National Savings Certificate (NSC): 7.7%

– Post Office Monthly Income Scheme (POMIS): 7.4%

– Kisan Vikas Patra (KVP): 7.5%

– 1-Year Time Deposit: 6.9%

– 2-Year Time Deposit: 7.0%

– 3-Year Time Deposit: 7.1%

– 5-Year Time Deposit: 7.5%

– 5-Year Recurring Deposit (RD): 6.7%

How is the BJP preparing for the 2024 general elections?

The Bharatiya Janata Party (BJP) is gearing up for the upcoming 2024 general elections, having strategized for victory in more constituencies in the next parliamentary polls. Party officials said on Sunday that a broad national effort to create a winning general election plan has been launched.

People associated with these plans, under the condition of anonymity, mentioned that some surveys were already underway and would continue until the 2024 elections. BJP’s National President, JP Nadda, is overseeing the amalgamation of four major surveys, according to a report published by Hindustan Times in May.

A key official, part of the team coordinating results from all states in Delhi, stated that the Prime Minister, Narendra Modi, suggested focusing on gathering booth-level data to understand why the party lost 160 seats in the last general elections. This exercise was initiated by the party in May, asking people why they did not vote for BJP and what qualities they found better in other candidates, as mentioned by the official.

Approximately 40,000 booth workers covered 100,000 booths in all 543 parliamentary constituencies, gathering feedback from around 10 million respondents.

In an effort to attract Muslims to the party, the BJP is also getting ready to court the Muslim community. BJP’s Minority Morcha will launch a special ‘Modi Mitra’ outreach program from April 20 to February 2024. They have selected 65 Lok Sabha constituencies where the Muslim population is more than 30%. The campaign will commence after Eid.

Jamal Siddiqui, the head of BJP’s Minority Morcha, stated, “According to our assessment, there are at least 5,000-10,000 people on each targeted Lok Sabha seat.We will speak with them to gather their opinions on how government programs have benefited them and what more can be done to make things better. 

We are planning a ‘dialogue’ with all of them in February next year.”

Under this campaign, the BJP Minority Morcha will run separate programs for all these Lok Sabha seats.

“Utilizing diverse strategies such as grassroots canvassing, leveraging social media platforms, conducting intimate seminars, and launching targeted advertising initiatives, the party aims to spotlight the government’s efforts in fostering development for the Muslim community.”

Out of the total 543 Lok Sabha seats in the country, 80 constituencies have a Muslim population exceeding 20%, while 65 seats have more than 30% Muslim population. In the 2019 Lok Sabha elections, BJP won 58 out of 80 seats with more than 20% Muslim population, facing defeat on 22 seats. In the 17th Lok Sabha, 27 Muslim MPs were elected on 65 seats.


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