Sukanya Samriddhi Yojana Interest Rate: Sukanya Samriddhi Yojana (SSY) is a national savings scheme offered by the government of India under the ministry of finance. It offers one of the highest interest rates among the small savings schemes backed by the government of India. The Sukanya Samriddhi Yojana Interest Rate for the financial year 202425 is 8.2% per annum, compounded annually.
What is Sukanya Samriddhi Yojana (SSY)?
Sukanya Samriddhi Yojana (SSY) is a government backed savings scheme designed specifically for girl children 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 and can be operated by her parents for legal guardian. Sukanya Samriddhi Yojana Interest Rate are higher than other government schemes. It also offers tax benefits and flexible deposit options, making it an attractive investment option for parents of girl children.
Prime Minister Internship Scheme
Sukanya Samriddhi Yojana Interest Rate 2024 Key Highlights
| Scheme name | Sukanya Samriddhi Yojana Interest Rate |
| Launched by | Central government |
| Beneficiaries | Indian girl child |
| Objective | Provide financial assistance |
| Year | 2024 |
| Official Website | www.india.gov.in |
The primary objectives of Beti Bachao Beti Padhao are as follows:
- Eliminate gender discrimination against children and eliminate the practice of sex determination.
- Ensure the safety and survival of girls.
- Promote the participation of girls in education and other fields.
PM Vishwakarma Silai Machine Yojana 2024: Last Date, Online Apply, Login
Features and Benefits of Sukanya Samriddhi Yojana
- Parents aur legal gardens can open a Sukanya Samriddhi Yojana interest rates account for a girl child below the age of 10 years.
- As of the last update the SSY offers and attractive interest rate of 8.2% per annum, revised quarterly.
- The SSY interest rate account matures after 21 years from the date of opening or upon the girls marriage after the age of 18 years.
- 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.
- To open an Sukanya Samriddhi Yojana account you need the birth certificate of the girl child along with the identity and address proof of the parents or guardians.
- Parents can withdraw up to 50% of the account balance after their daughter turns 18 for her higher education.
- Sukanya Samriddhi Yojana is backed by the government, ensuring the safety of deposits and making it secure investment option for parents.
Sukanya Samriddhi Yojana Eligibility
- Parents aur legal guardians can open a SSY account on behalf of the girl child until she reaches the age of 10 years.
- The girl child must be an Indian resident.
- Maximum of two accounts can be opened for two girls in a family.
- Third SSY account can be opened in case of twin girls.
PM Yashasvi Scholarship Yojana 2024: Apply Online, Eligibility, Last Date
Documents Required to open an SSY account
- Aadhar card
- SSY account opening form.
- Birth certificate
- ID proof
- Address proof
- Medical certificate
- Birth certificate
- Bank account passbook
- Mobile number
- Passport size photograph
Interest on Deposit
The interest rate for the second quarter of FY 2024-25 i.e. form 1st July 2024 to 31st September 2024 is 18.2% per annum. The interest on this account is tax free.
The entire Amount deposited in a default account (where the minimum Rs 250 per anum has not been deposited) which is not regularized within the stipulated time will earn interest till the maturity date of the account. Default accounts can be regularized within 15 years of opening the account on payment of a penalty of Rs 50 per default year.
No interest is payable after the completion of the ssy term i.e. 21 years after opening the account. No interest is payable after the girl child becomes a non citizen or non resident of India. The Amount deposited in access of the maximum limit i.e.Rs1,50,000 per anum will not earn any interest and can be withdrawn by the depositor at any time.
Sukanya Samriddhi Yojana Interest Rate 2024
| 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 |
Tax Benefits of Sukanya Samriddhi Yojana
- Investments made in the SSY scheme are eligible for deduction under section 80C, with maximum limit of Rs 1.5 Lakh.
- The interest and on this account which is compounded annually is also exempted from tax under section 10 of the income tax act.
- The proceeds received on maturity withdrawal are also exempt from income tax.
Which bank offers Sukanya Samriddhi account facility?
- United Bank of India
- State Bank of India
- Punjab National Bank
- UCO Bank
- Oriental Bank of commerce
- ICICI Bank
- Axis Bank
- Canara Bank
- Indian Bank
- Bank Of India
- Corporation Bank
- Allahabad Bank
- Union Bank of India
- Vijaya Bank
- Punjab & Sind Bank
- Syndicate Bank
- IDBI Bank
- Indian overseas Bank
- Bank of Maharashtra
- Dena Bank
- Andhra Bank
- Bank of Baroda
- The Central Bank of India
How to fill an account form for post office?
- Visit the nearest post office and ask for the Sukanya Samriddhi Yojana account application form.
- If you have a saving account in the post office, mention your account number.
- Mention the details and postal address of the post office branch under to the postmaster.
- Post the applicants photograph.
- Mention the applicants name and mention the Sukanya Samriddhi Yojana option.
- Provide relevant information under account type and account holder type.
- Mention the amount you will deposit once the account is created.
- Provide other relevant details like gender, Aadhar number, Pan address etc.
- Sign on page 1 to Authorize all the information provided.
- In page 2 section (5) provide the details if you want to set standing instructions for the amount to be deposited in your account.
- Check the square box next to SSA stating that no other Sukanya Samriddhi Yojana account has been created.
- Provide date and signature.
- Provide nomination details.
- If the applicant is illiterate, call two witness and take their signatures.
- Provide palace, and signature at the end of the enrollment section.
How to pay for SSY Online?
- Download the IPB app on your mobile phone.
- Transfer money from your bank account to your IPBB account.
- Login to your IPBB account and select Sukanya Samriddhi Yojana under DOP products.
- Provide your Sukanya Samriddhi Yojana account number and customer ID.
- Choose the amount you wish to pay and select the installment period.
- Once the payment routine is set, IPBB will notify you.
- You will be notified every time money is transferred to your IPBB account.
FAQs
How to apply for Sukanya Samriddhi Yojana online?
As of now, there is no way you can apply for or open a Sukanya Samriddhi Yojana account online.
What is the minimum account required to open an account under Samriddhi Yojana?
The minimum amount required to open an account under SSY scheme is Rs 250.
What is the duration of the Sukanya Samriddhi Yojana account?
The payment period for SSY accounts is 15 years, while the maturity period of the account is minimum of 21 years