Sukanya Samriddhi Yojana Interest Rate

In the year 2015, the government of India launched Sukanya Samriddhi Yojana under the campaign of ‘Beti Bachao,Beti Padhao’. This scheme was specifically launched to secure the financial future of the girl child. The scheme allows the parent/guardian to open a savings account for their girl child in any authorized commercial bank or Indian Post Office. 

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Currently, the Sukanya Samriddhi Yojana interest rate is 7.6% compounded annually. The account can be opened by the parent of the girl child below the age of 10 years. The scheme tenure is of 21 years or until the girl gets married after the age of 18 years. Read further to know about various aspects of Sukanya Samrisshi Yojana.

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Sukanya Samriddhi Yojana Interest Rates 2023

For the financial year 2020, the Sukanya Samriddhi Yojana interest rate has been set at 7.6%, compounded yearly. The government of India fixes the rate of interest of the scheme and is revised every quarter. Let's take a look at the historical trend of Sukanya Samriddhi interest rates.

Time-Period Interest Rate
April- June 2020 (FY 2020-21) 7.6%
January-March 2020 (FY 2020-21) 8.4%
July-Sep 2019 (FY 2019-20) 8.4%
April-June 2019 (FY 2019-20) 8.5%
Jan-March 2019 (FY 2018-19) 8.5%
Oct to Dec 2018 (FY 2018-19) 8.5%
Jul-Sep 2018 (FY 2018-19) 8.1%
Apr-Jun 2018 (FY 2018-19) 8.1%
Jan-March 2018 (FY 2017-18) 8.1%
Oct-Dec 2017 (FY 2017-18) 8.3%
Jul-Sep 2017 (FY2017-18) 8.3%
Apr-Jun 2017 (FY2017-18) 8.4%

One of the major advantages of SSY is that it offers a higher interest rate as compared to the other savings scheme. Thus, with this savings scheme, one can certainly ensure the future of their girl child and meet her financial requirementsq2.

Benefits Offered by Sukanya Samriddhi Yojana

Along with securing the financial future of the girl child, there are many other benefits offered by Sukanya Samriddhi Yojana. Here we have explained some of the benefits in detail.

  1. Simple and Hassle-free Process of Opening the Account

    The parents of the girl child can open the SSY account with a minimum deposition of Rs. 250 and can invest up to a maximum of Rs. 1.5 lakh in a financial year. The minimum contribution limit has been revised from Rs.1000. 

  2. Helps to Create a Financial Corpus for the Girl Child

    The Pradhan Mantri Sukanya Samriddhi Yojana provides an opportunity for the parent of the girl child to create a financially secure future for their child right from the beginning. Moreover, it is also an excellent investment option to finance their child’s higher education. Under the SSY scheme, the guardian or parent can withdraw 50% of the accumulated sum to fulfill the higher education needs of the girl child once she completes 18 years of age. 

  3. Offers EEE Tax Benefit

    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.

Premature Withdrawals Rules

If the girl child reaches 18 years of age, the account holder of the scheme can make premature withdrawals. In addition to this, 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.

Features of Sukanya Samriddhi Yojana  

Let’s take a look at some of the salient features of the scheme:

  • Sukanya Samriddhi Yojana account can be managed by the guardian or parent of the girl child until she turns 10 years old.

  • Once the girl reaches 18 years of age, she can manage her account.

  • The contribution made towards Sukanya Samriddhi Yojana ranges from a minimum of Rs.250 to a maximum of Rs.1.5 lakh in a financial year. The contribution should be made in multiples of Rs.100.

  • The deposition tenure of the SSY scheme is of 15 years and the maturity period of the scheme is 21 years.

  • The subscriber can transfer the Sukanya Samriddhi Yojana account from post-office to bank and vice versa anywhere within India. No charges are applicable for the transfer of the account.

  • To transfer the account from post-office to bank and vice-versa, the subscriber is required to submit the address of residential change.

  • The deposition made towards the account can be in the form of online transfer, demand draft, cash, or cheque.

Eligibility Criteria for Opening Sukanya Samariddhi Yojana Account

Here are the eligibility criteria for opening the Sukanya Samriddhi Yojana account.

  • Only the parent and legal guardian of the girl child is allowed to open the Sukanya Samriddhi accountin the name of the girl child.

  • While opening the account, the age of the girl child should be less than 10 years.

  • The maturity tenure of the account is until the girl reaches the age of 21 years.

  • An individual can start investing in SSY with a minimum of Rs. 250 and can invest up to a maximum of Rs. 1.5 lakh in a financial year.

  • Only one account can be opened in the name of a single girl child.

  • An individual family can open only two SSY accounts on the name of each girl child (exceptions are applicable in the case of twins and triplets).

Sukanya Samriddhi Account Offered by Banks  

Here is the list of banks that offers 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

Wrapping it UP!

The government of India has taken up different initiatives to educate and empower a gild child with schemes such as the Sukanya Samriddhi Yojana. This initiative also serves to ensure financial freedom for the girl child. Even in the absence of a parent/guardian, the scheme helps to address the financial needs of every account holder.


  • Q. How is the interest calculated on SSY?

    Ans: 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 2020 is 7.6%, compounded annually.
  • Q. How much can you deposit in Sukanya Samriddhi Yojana?

    Ans: You can start contributing to Sukanya Samriddhi Yojana with a minimum amount of Rs.250 and can invest up to a maximum of Rs.1.5 lakh in a financial year.  
  • Q. Are Sukanya Samriddhi Yojana interest rates the same in post offices and banks?

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

    Ans: 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.

Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

“Tax benefit is subject to changes in tax laws. Standard T&C apply.”

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