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 designed for the benefit of the girl child. The current Sukanya Samriddhi Yojana interest rate is 8.2% per annum, which is compounded annually.

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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
Total Investment
Total Interest
Total Investment

Total Interest

Maturity Year

Maturity Value

Amount you will get
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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 encourages 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. Sukanya Samriddhi Yojana interest rates are higher as compared to other government schemes. It also offers tax benefits and flexible deposit options, making it an attractive investment choice for parents of girl children.

Primary Objectives of the Beti Bachao Beti Padhao Scheme

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.

Sukanya Samriddhi Yojana Interest Rates 2024

The Sukanya Samriddhi Yojana interest rates get revised quarterly. Let us look at the historical trend of Sukanya Samriddhi interest rates.

Period of Sukanya Samriddhi Yojana Interest Rates Sukanya Samriddhi Yojana Interest Rate (% annually)
July to September 2024 (Q2 2024-2025) 8.2
April to June 2024 (Q1 2024-2025) 8.2
January to March 2024 (Q4 FY 2023-24) 8.2
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 June 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 June 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
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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)
Terms used in Interest Earned on SSY
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 Features and Benefits of Sukanya Samriddhi Yojana?

Listed below are the features of SSY scheme:

  • Eligibility: Parents or legal guardians can open a Sukanya Samriddhi Yojana interest rates account for a girl child below the age of 10 years.

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

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

  • Tax Benefits: Investments in SSY qualify for tax deductions under Section 80C of the Income Tax Act. Additionally, the interest earned and the maturity amount are tax-free. The maturity proceeds are tax exempted under Section 10(10D) of the Income Tax Act.

  • Premature Withdrawal: A partial withdrawal of up to 50% of the account balance is permitted after the girl child attains the age of 18 years for higher education purposes.

  • Account Operation: Sukanya Samriddhi Yojana interest rate accounts can be opened at post offices and authorized banks.

  • Number of Accounts: A maximum of two Sukanya Samriddhi Yojana interest rates accounts can be opened for two girl children in a family.

  • Documentation: To open an SSY account, you need the birth certificate of the girl child, along with the identity and address proof of the parent or guardian.

  • Long Tenure: The 21-year tenure of SSY allows ample time to accumulate substantial savings for your daughter's future.

  • Partial Withdrawal Facility: Parents can withdraw up to 50% of the account balance after their daughter turns 18 for her higher education.

  • Premature Closure Facility: SSY accounts can be closed prematurely in case of the account holder's or the girl child's demise or if the girl child gets married before the age of 18 years. Certain conditions allow for premature closure after 5 years.

  • Government Guarantee: SSY is backed by the government, ensuring the safety of deposits and making it a secure investment option for parents.

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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 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

People also read: Child Education Plan

Additional Information About Sukanya Samriddhi Yojana

  • 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.

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

  • 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 can 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.

  • Interest on Deposits: The Sukanya Samriddhi Yojana current interest rate for Q4 FY 2023-24 (January to March 2024) 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.

  • 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.

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How to Open the Sukanya Samriddhi Account?

To open a Sukanya Samriddhi Yojana Interest Rate 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

People also read: Post Office Sukanya Samriddhi Yojana

How to Pay for an SSY Account Online?

You can pay for Sukanya Samriddhi Yojana interest rate account 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 interest rate 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 the Sukanya Samriddhi Yojana Account from the Post Office to the 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.

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 close your Sukanya Samriddhi Yojana interest rate account prematurely, you must fill out an application form and submit it to the post office or bank branch where your account is held. You must also provide the relevant documents, such as a death 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

  • Which is better, FD or Sukanya Samriddhi Yojana?

    It depends on your situation. Here's a quick comparison:
    • SSY: Better for girl child's future, higher interest rate (8.2% currently), tax benefits, but limited to girl children and has a long lock-in period.

    • FD: More flexible, allows anyone to invest, shorter lock-in periods available, but typically lower interest rate and taxable returns.

  • What is Sukanya Samriddhi Yojana 1000 per month?

    There's no specific requirement to deposit monthly. SSY requires a minimum of ₹250 per year, but you can invest in smaller installments throughout the year as long as the total adds up to at least ₹250. So, ₹1000 per month (₹12000 per year) would be a valid contribution.
  • What is Sukanya Yojana 250 per month?

    This refers to the minimum annual contribution allowed for Sukanya Samriddhi Yojana, which is ₹250. You can deposit in smaller installments throughout the year as long as the total for the year adds up to at least ₹250. So, yes, ₹250 per month is a valid way to contribute.
  • 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.
  • 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.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
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#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.
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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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