Sukanya Samriddhi Yojana Interest Rate 2024

The Sukanya Samriddhi Yojana was launched as a part of the 'Beti Bachao, Beti Padhao' campaign. It is a government-supported initiative that currently provides an interest rate of 8.2% for FY 2023-24, compounded annually. The program endeavors to foster the education and well-being of the girl child in India.

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Sukanya Samriddhi Yojana Calculator

Latest SSY Interest Rate = 8.2%

Yearly Investment

You can invest maximum upto ₹1,50,000

Girl's Age

Maximum age should be 10 years
Yrs

Start Year

Investment term is 21 years
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Total Interest
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Total Interest

Maturity Year

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What is the Sukanya Samriddhi Yojana (SSY)? 

The Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme specifically designed for the girl child in India. Launched in 2015 under the 'Beti Bachao Beti Padhao' initiative, the scheme aims to encourage parents to save for their daughters' future education and marriage expenses. 

The SSY account can be opened for a girl child up to the age of 10 years and can be operated by her parents or legal guardian. SSY offers a high-interest rate, tax benefits, and flexible deposit options, making it an attractive investment choice for parents of girl children.

Sukanya Samriddhi Yojana Interest Rates 2024

Since the inception of this child plan in 2015, the Sukanya Samriddhi Yojana interest rates have been revised quarterly. Let us look at the historical trend of Sukanya Samriddhi interest rates.

Period SSY Interest Rate (% annually)
October to December 2023 (Q3 FY 2023-24) 8.0
July to September 2023 (Q2 FY 2023-24) 8.0
Apr to Jun 2022 (Q1 FY 2023-24) 8.0
January to March 2023 (Q4 FY 2022-2023) 7.6
October to December 2022 (Q3 FY 2022-23) 7.6
Jul to Sep 2022 (Q2 FY 2022-23) 7.6
Apr to Jun 2022 (Q1 FY 2022-23) 7.6
Jan to Mar 2022 (Q4 FY 2021-22) 7.6
Oct to Dec 2021 (Q3 FY 2021-22) 7.6
Jul to Sep 2021 (Q2 FY 2021-22) 7.6
Apr to Jun 2021 (Q1 FY 2021-22) 7.6
Jan to March 2021 (Q4 FY 2020-21) 7.6
Oct to Dec 2020 (Q3 FY 2020-21) 7.6
Jul to Sep 2020 (Q2 FY 2020-21) 7.6
Apr to Jun 2020 (Q1 FY 2020-21) 7.6
Jan to March (Q4 FY 2019-20) 8.4
Oct to Dec 2019 (Q3 FY 2019-20) 8.4
Jul to Sep 2019 (Q2 FY 2019-20) 8.4
Apr to Jun 2019 (Q1 FY 2019-20) 8.5
Jan to March 2019 (Q4 FY 2018-19) 8.5
Oct to Dec 2018 (Q3 FY 2018-19) 8.5
Jul to Sep 2018 (Q2 FY 2018-19) 8.1
Apr to Jun 2018 (Q1 FY 2018-19) 8.1
Jan to March 2018 (Q4 FY 2017-18) 8.1
Oct to Dec 2017 (Q3 FY 2017-18) 8.3
Jul to Sep 2017 (Q2 FY 2017-18) 8.3
Apr to Jun 2017 (Q1 FY 2017-18) 8.4

Formula to Calculate the Interest Earned on SSY

To calculate the interest earned on an SSY account, you can generally use the following formula:

A = P(1 + r/n)^(n*t)

Where: 

P = Initial deposit 

r = Rate of interest 

n = Number of times interest is compounded in a year 

t = Number of years 

A = Amount at maturity

People also read: Sukanya Samriddhi Yojana Calculator

What are the Primary Objectives of the Beti Bacho Beti Padhao Scheme?

The Sukanya Samriddhi Yojana was launched as a part of the 'Beti Bachao, Beti Padhao' campaign in the year 2015 to address the declining child sex ratio in India and to improve the overall well-being of girls. The primary objectives of the scheme are to:

  • Prevent gender-biased sex selection and promote the value of girls.

  • Ensure the survival and protection of the girl child.

  • Educate and empower girls.

Sukanya Samriddhi Yojana, being a sub-part of the campaign, primarily focuses on securing the financial future of the girl child in India.

What are the Features of Sukanya Samriddhi Yojana?

Listed below are the salient features of SSY scheme:

  • Eligibility: The account can be opened by the parents or legal guardians of a girl child below the age of 10.

  • Interest Rate: The scheme offers an attractive interest rate, which is revised quarterly. As of the last update, the interest rate is 8.2% per annum.

  • Tenure: The account matures after 21 years from the date of opening or upon the girl's marriage after the age of 18.

  • Tax Benefits: Investments made in SSY are eligible for tax deductions under Section 80C of the Income Tax Act. The interest earned and the maturity amount are also tax-free.

  • Premature Withdrawal: Partial withdrawal of up to 50% of the account balance is allowed after the girl child turns 18 for higher education purposes.

  • Account Operation: The account can be opened in post offices and authorized banks.

  • Number of Accounts: A maximum of two SSY accounts can be opened for two girl children in a family.

  • Documentation: Birth certificate of the girl child, identity and address proof of the parent or guardian are required to open the account.

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What is the Eligibility Criteria for Sukanya Samriddhi Yojana Scheme?

Here are the eligibility criteria to open a Sukanya Samriddhi Yojana account:

Sukanya Samriddhi Account Rules Details
Account Opener A parent or legal guardian of girl child
Age of Girl Child at account opening Less than 10 years
Maturity Tenure Until the girl reaches the age of 21 years
Minimum Investment per year Rs. 250
Maximum Investment per year Rs. 1.5 lakh
Number of accounts per girl child Only one account can be opened
Number of accounts per family Two accounts per family (exceptions for twins and triplets)

What are the Benefits of Sukanya Samriddhi Yojana Scheme?

The benefits of SSY are:

  • Long tenure: The SSY has a long tenure of 21 years, which gives you enough time to save a substantial amount for your daughter's future.

  • Partial withdrawal facility: You can withdraw up to 50% of the account balance after your daughter attains the age of 18 years for her higher education.

  • Premature closure facility: The SSY account can be closed prematurely in case of the death of the account holder or the girl child, or in case of the girl child getting married before the age of 18 years. It can prematurely be closed after 5 years in certain cases. 

  • Government guarantee: SSY is a government-backed scheme, which means that the deposits are guaranteed. This makes it a very safe investment option for parents.

What are the Tax Benefits of Sukanya Samriddhi Yojana?

Tax benefits can be availed under the SSY scheme in EEE (exempt – exempt – exempt) form:

  • Tax exemption can be claimed U/S 80C of the Income Tax Act on the investment made towards the scheme up to the maximum limit of Rs. 1.5 lakh.

  • The interest earned on the invested amount is tax-free.

  • The maturity proceeds are tax exempted under Section 10(10D) of the Income Tax Act.

People also read: Sukanya Samriddhi Yojana Tax Benefits

What are the Documents Required to Open an SSY Account?

The following documents are required to open an SSY account:

  • SSY Account Opening form

  • Birth Certificate of the girl child

  • Photograph of the parent/legal guardian of the girl child

  • KYC Documents (Identity & Address Proof) of the parent/guardian

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Additional Information About Sukanya Samriddhi Yojana

  1. Opening an SSY Account:

    A girl child is eligible to have only one Sukanya Samriddhi Yojana account. These accounts can be opened at any authorized commercial bank branch or post office. The account can be opened anytime between the girl child's birth and her 10th birthday.

  2. Beneficiary of SSY:

    Any resident Indian girl child is considered a beneficiary under the Sukanya Samriddhi Yojana from the time of opening the account until maturity or closure.

  3. Deposits under SSY:

    The guardian can deposit funds and operate the account until the girl child reaches the age of 18. Once the girl child turns 18, she must take over the operation of the SSY account. The minimum deposit amount is Rs. 250 (previously Rs. 1,000), and subsequent deposits can be made in multiples of Rs. 50. The maximum annual deposit allowed is Rs. 1,50,000 for a period of up to 15 years. Deposits can be made through cheque, cash, Demand Draft (DD), or online transfer.

  4. Interest on Deposits:

    The current interest rate for the first quarter of FY 2023-2024 (1 April 2023 to 31 June 2023) is 8.2% per annum. If the minimum annual deposit of Rs. 250 is not made, the account is considered in default. The amount in the 'Account under default' will continue to earn interest until the maturity date, but a penalty of Rs. 50 per default year must be paid to regularize the account within 15 years of opening.

  5. Maturity Period of SSY:

    The maturity period of an SSY account is 21 years from the date of opening or upon the girl child's marriage after turning 18. Contributions need to be made for only 15 years. After that, the SSY account will continue to earn interest until maturity, even if no further deposits are made. No interest is payable after the completion of the Sukanya Samriddhi Yojana tenure, i.e., after 21 years from account opening. Interest stops accruing when the girl child becomes a non-citizen or a non-resident of India. Deposits exceeding the maximum limit of Rs. 1,50,000 per year do not earn interest but can be withdrawn at any time by the depositor.

Premature Withdrawals Rules

  • The guardian or parent can withdraw 50% of the accumulated sum to fulfil the higher education needs of the girl child once she completes 18 years of age.

  • In case of the uncertain demise of the parent or if any medical emergency occurs, premature withdrawals can be made after the completion of 5 years of the scheme from the date of initiation.

How to Open the Sukanya Samriddhi Account?

To open a Sukanya Samriddhi Account (SSY), you can visit any post office or bank branch that offers the scheme. You will need to fill out an application form and provide the following documents:

  • Proof of identity of the guardian (PAN card, Aadhaar card, etc.)

  • Proof of address of the guardian (ration card, utility bill, etc.)

  • Birth certificate of the girl child

  • Photograph of the girl child

You will also need to make a minimum deposit of Rs. 250.

How to Fill an SSY Account Form for the Post Office?

The SSY account form for the post office can be downloaded from the India Post website. The form must be filled out and all the details must be complete and accurate.

The following information must be provided in the form:

  • Name and address of the guardian

  • Date of birth of the guardian

  • Contact details of the guardian

  • Name and address of the girl child

  • Date of birth of the girl child

  • Occupation of the guardian

  • Annual income of the guardian

  • Branch of the post office where the account is to be opened

  • Nominee details

How to Pay for an SSY Account Online?

You can pay for SSY online using the National Electronic Fund Transfer (NEFT) or RTGS. To do this, you will need to know the following details:

  • Account number of the SSY account

  • IFSC code of the post office or bank branch where the account is held

Once you have these details, you can log in to your net banking account and initiate a NEFT or RTGS transfer.

What are the Details that are Recorded in the Passbook?

The following details are recorded in the SSY passbook:

  • Name of the account holder

  • Date of birth of the account holder

  • Name of the guardian

  • Date of birth of the guardian

  • Account number

  • IFSC code

  • Date of account opening

  • Minimum deposit amount

  • Annual interest rate

  • Balance in the account

How to Open a Sukanya Samriddhi Yojana Account Through Banks?

To open a Sukanya Samriddhi Yojana account through a bank, you can visit any bank branch that offers the scheme. You will need to fill out an application form and provide the same documents as required for opening an account at the post office.

How to Transfer Sukanya Samriddhi Yojana Account from Post Office to Bank?

To transfer your Sukanya Samriddhi account from the post office to a bank, you will need to fill out a transfer form and submit it to the post office branch where your account is held. You will also need to provide the following documents:

  • Passbook of the SSY account

  • Cancelled cheque of the bank account where the account is to be transferred

Once the transfer is complete, you will receive a new passbook for your SSY account from the bank.

People also read: Post Office Sukanya Samriddhi Yojana

What are the Sukanya Samriddhi Yojana Account Closure Rules?

  1. Closure on maturity:

    A Sukanya Samriddhi Account matures after 21 years from the date of account opening. On maturity, the entire amount in the account, including the accumulated interest, is payable to the account holder.

  2. Premature closure:

    Premature closure of a Sukanya Samriddhi Account is only allowed in the following cases:

    • Death of the account holder

    • Death of the guardian

    • Life-threatening illness of the account holder

    • Marriage of the account holder after she attains the age of 18 years

    To prematurely close your SSY account, you will need to fill out an application form and submit it to the post office or bank branch where your account is held. You will also need to provide the relevant documents, such as a death certificate or medical certificate.

Which Banks Offer Sukanya Samriddhi Account Facility?

Here is the list of banks where you can open your account for the Sukanya Samriddhi Scheme:

  • United Bank of India

  • State Bank of India

  • Punjab National Bank

  • UCO Bank

  • Oriental Bank of Commerce

  • ICICI Bank

  • Indian Bank

  • Canara Bank

  • Corporation Bank

  • Axis Bank

  • Bank of India

  • Allahabad Bank

  • Union Bank of India

  • Vijaya Bank

  • Punjab & Sind Bank

  • Syndicate Bank

  • IDBI Bank

  • Indian Overseas Bank

  • Bank of Maharashtra

  • The central bank of India

  • Dena Bank

  • Andhra Bank

  • Bank of Baroda

People also read: Sukanya Samriddhi Yojana Bank List

Wrapping It Up!

Sukanya Samriddhi Yojana is a commendable initiative by the Indian Government to provide a secure investment option for the future of girl children. It also encourages parents to save for their child’s education, marriage, and overall development. 

FAQ's on SSY Interest Rate

  • Can I deposit 10 lakhs in Sukanya samriddhi?

    No, you cannot deposit 10 lakhs in Sukanya Samriddhi Yojana (SSY) in a single financial year. The maximum deposit that can be made in an SSY account in a financial year is Rs. 1.5 lakh.
  • What is Sukanya Samriddhi Yojana 1000 per month?

    Sukanya Samriddhi Yojana 1000 per month is a way to save for your daughter's future by investing Rs. 1000 per month in an SSY account. This will help you to accumulate a significant corpus over time, which can be used for your daughter's education and marriage expenses.
  • Can I invest in SSY after 15 years?

    No, you cannot invest in SSY after 15 years. The maximum age at which a girl child is eligible to open an SSY account is 10 years. Deposits can be made in the account until 15 years from the date of account opening. Thereafter, the account will continue to earn interest till maturity, which is after 21 years from the date of account opening.
  • How is the interest calculated on SSY?

    The interest rate of Sukanya Samriddhi is fixed by the government of India and is revised quarterly. Currently, the applicable interest rate for the financial year 2023-24 is 8.2%, compounded annually.
  • Are Sukanya Samriddhi Yojana interest rates the same in post offices and banks?

    Yes, the interest rate of Sukanya Samriddhi Yojana is the same in post-offices and banks.
  • What are the tax benefits of investing in an SSY scheme?

    Sukanya Samriddhi Yojana offers tax benefits in EEE format i.e. exempt, exempt & exempt. The deposit made towards the scheme, the maturity proceeds, and the interest earned on the accumulated amount is tax exempted under Section 80C of the Income Tax Act.

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^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

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