The Sukanya Samriddhi Yojana

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The Sukanya Samriddhi Yojana.

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The Sukanya Samriddhi Yojana scheme is aimed at betterment of girl child in the country. Sukanya Samriddhi scheme has been launched to offer a means of saving to the girl child in every family. Tenure of SSY is 21 years from the date of opening of the account or till the marriage of the girl after she attains the age of 18 years

Sukanya Samriddhi Yojana Information

Interest rate 7.60% p.a.
Investment Amount Minimum – Rs.250, Maximum Rs.1.5 lakh p.a.
Maturity Amount Depends on the invested amount
Maturity Period 21 years

Sukanya Samriddhi Yojana (SSY) scheme was launched by Prime Minister Narendra Modi under the Beti Bachao Beti Padhao campaign with the main aim of securing the future of a girl child. The main benefits of the SSY scheme is mentioned below:

  • Interest rate was reduced from 8.4% to 7.6%
  • Tax benefits of up to Rs.1.5 lakh
  • Account can be transferred

Investments made towards the scheme can be used for the girl child’s marriage and education. An SSY account can be opened at banks and post offices. Under Section 80C of the Income Tax Act, 1961, tax benefits of up to Rs.1.5 lakh are provided for contributions made towards the scheme.

For more information, Check out related articles Sukanya Samriddhi Yojana Age Limit, Sukanya Samriddhi Account Balance & Sukanya Samriddhi Account Passbook

Sukanya Samriddhi Yojana Interest Rate

Currently, the interest rate of SSY scheme was reduced from 8.4% to 7.6% and it is compounded on a yearly basis. Interest is not payable once the duration of the scheme is completed or if the girl becomes a Non-resident Indian (NRI) or a non-citizen. The rate of interest is decided by the government and is determined on a quarterly basis.

The rate of interest that has been offered by the scheme is mentioned in the table below:

Duration Rate of interest (%)
April 2020 onwards 7.6
1 January 2019 – 31 March 2019 8.5
1 October 2018 – 31 December 2018 8.5
1 July 2018 – 30 September 2018 8.1
1 April 2018 – 30 June 2018 8.1
1 January 2018 – 31 March 2018 8.1
1 July 2017 – 31 December 2017 8.3
1 October 2016 – 31 December 2016 8.5
1 July 2016 – 30 September 2016 8.6
1 April 2016 – 30 June 2016 8.6
From 1 April 2015 9.2
From 1 April 2014 9.1

Sukanya Samriddhi Yojana Calculator

The Sukanya Samriddhi Yojana Calculator helps an individual to get an estimate of the investment plan under the Sukanya Samriddhi Yojana (SSY) scheme.

The calculator will use the details such as the investment made every year and the rate of interest mentioned by you to evaluate the data and give you the end result in terms of the maturity amount.

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