Sukanya Samriddhi Yojana Interest Rate

The Sukanya Samriddhi Yojana was introduced under the campaign ‘Beti Bachao Beti Padhao’ with the objective to secure the financial future of the girl child. The current rate of interest offered by Sukanya Samriddhi Yojana is 7.6% compounded annually. Sukanya Samriddhi Yojana is a long-term savings scheme that can be opened in any designated private or public bank and post-offices. Let’s read further to know in detail about Sukanya Samriddhi Yojana.

What is Sukanya Samriddhi Yojana?

SSY is a long-term savings scheme that allows the parents or guardians of the girl child to invest systematically in the scheme to secure the financial future of the girl child. The scheme is specifically designed to ensure the financial security of the girl child in the long term. Parents who have a girl child below the age of 10 years are eligible to invest in SSY. The scheme provides financial protection to the child until she attains the age of 18 years.

Sukanya Samriddhi Yojana Interest Rate 2022

The investment made towards SSY can be used to financially secure the future of the girl child. The Sukanya Samriddhi Yojana interest rate is determined every quarter and is considered one of the highest among various investment options. The current Sukanya Samriddhi Yojana interest rate for FY 2022-2023 is 7.6% compounded annually. Let’s take a look at the interest rates of SSY year-wise.

Time-PeriodInterest Rate
Oct-Dec 2021 (FY 2021-22)7.6%
July-Sep 2021 (FY 2021-22)7.6%
April-June 2021 (FY 2021-22)7.6%
January-March 2021 (FY 2021-22)7.6%
Oct-Dec 2020 (FY 2020-21)7.6%
July-Sep 2020 (FY 2020-21)7.6%
April-June 2020 (FY 2020-21)7.6%
January-March 2020 (FY 2020-21)8.4%
Oct-Dec 2019 (FY 2019-20)8.4%
July-Sep 2019 (FY 2019-20)8.4%
April-June 2019 (FY 2019-20)8.5%
Jan-March 2019 (FY 2019-20)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 2018-19)8.1%

The best part about the Sukanya Samriddhi Account is that it offers a higher rate of interest in comparison to all other saving schemes. Therefore, with this government savings scheme, one can certainly ensure their girl child’s future and meet her financial requirements in the future.

Eligibility Criteria to Open Sukanya Samriddhi Yojana Account

The following are the eligibility criteria to open an SSY account:

  • The account can be opened by a parent or legal guardian of the girl child
  • The girl child must be below the age of 10 years
  • Only one account is allowed for a girl child
  • A family can open 2 SSY accounts in case of a twin girl child

Features of Sukanya Samriddhi Yojana

Let’s take a look at some of the salient features of the Sukanya Samriddhi Yojana:

  • The parent or guardian of the girl child can operate the account until the girl reaches 18 years of age
  • The girl must operate the account once she reaches 18 years of age
  • An individual can start investing in the Sukanya Samriddhi Yojana account with a minimum amount of Rs. 250 and can invest up to a maximum of Rs. 1.5 lakh in a financial year. The contribution can be made in multiples of 100
  • The maturity tenure of the SSY account is until the girl reaches the age of 21 years or once the girl gets married after 18 years of age
  • The SSY offers tax benefits in EEE format i.e (exempt, exempt, exempt). The contribution made toward the scheme up to the maximum limit of Rs.1.5 lakh under Section 80C of the IT Act. Moreover, the interest earned on the contributed amount and the maturity amount is also tax exempted.
  • The SSY account can be opened in the name of a single girl child. Only two accounts are allowed per family i.e. for each girl child.

Benefits of Sukanya Samriddhi Yojana

Along with providing financial security to the girl child, there are various other benefits offered by Sukanya Samriddhi Yojana. Let’s take a look at these benefits in detail:

Simple Process of Account Opening

An individual can open an SSY account in a simple and hassle-free way with a minimum deposit of Rs. 250 and can invest up to a maximum of Rs. 1.5 lakh in a financial year. With a contribution amount so low, the account can be opened by any individual falling in any income bracket.

Tax Benefit

Apart from securing the financial future of the girl child, the major benefit offered by the SSY account is that one can avail of triple tax benefit under the scheme. This means that the contribution made towards the scheme up to the maximum limit of Rs.1 .5 lakh, the interest earned on the contributed amount and the maturity amount is tax exempted under Section 80C of the Income Tax Act.

High-Interest Rate

As compared to any other investment scheme available in the market, the Sukanya Samriddhi Yojana offers a high-interest rate of 7.6 %. The interest rate of SSY is revised every quarter. With such a lucrative rate of interest, it allows the individual to gain a high return on investment in the long term.

Helps to Create Financial Backup for the Girl Child

Pradhan Mantri Sukanya Samriddhi Yojana helps an individual to create a financial back-up for the girl child from the beginning. Moreover, the scheme also helps finance the higher education of the girl child given that 50% of the balance can be withdrawn from the account after the girl turns 18 years of age.

Premature Withdrawal

Once the girl reaches the age of 18 years, the account holder can make a premature withdrawal from the account to finance the higher education of the girl child. Moreover, after completion of the 5 years from the date of account initiation, premature withdrawal is allowed in case of any medical emergencies or the unfortunate demise of the parent. However, it is mandatory to submit the application form for the same.

Documents Required to Open Sukanya Samriddhi Yojana

Here is the list of documents that should be kept handy while opening a SSY account:

  • Sukanya Samriddhi Yojana account opening form
  • Birth certificate of the girl child
  • Address proof and identity proof of the depositor
  • Any other documents requested by the bank and post-office
  • A medical certificate is required to be submitted in case twins or triplets are born under one order of birth
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