Sukanya Samriddhi Yojana Interest Rate 2024 - All You Need To Know!

by SMCIB on Monday, 27 May 2024

Sukanya Samriddhi Yojana Interest Rate 2024 - All You Need To Know!

In the past, India's perspective on raising a girl child was not as encouraging as it is now. But times are changing, and the nation is taking strides to uplift and support the future of its daughters. Various welfare schemes have been introduced to enhance their upbringing and secure their future. One such scheme, offered by the government, is the Sukanya Samriddhi Yojana (SSY).

This scheme aims to empower families to build a financially secure future for their daughters. In this article, we will learn all the important details of the Sukanya Samriddhi Yojana while exploring its benefits and features. We will also take a close look at the interest rates offered under this scheme for the year 2024. Understanding these rates is crucial for families looking to make informed decisions about securing their daughters' financial well-being.

What Is The Sukanya Samriddhi Yojana Scheme?

The Sukanya Samriddhi Yojana (also known as SSY) is a savings plan designed by the Ministry of Finance specifically for girl children. It started on January 22, 2015, as a part of the famous Beti Bachao Beti Padhao campaign led by our Prime Minister. The goal of this scheme is to help cover the costs of education and marriage for a girl. It works like this – you regularly invest money each year until the plan matures to give you returns.

What Are The Distinctive Features Of Sukanya Samriddhi Yojana?

Let's talk about the key features of Sukanya Samriddhi Yojana -

  • Deposit Limit
    You can start the scheme with a minimum deposit of Rs. 250, then add more in multiples of Rs. 50. The maximum you can deposit is Rs. 1,50,000.
  • Account Holder
    If the girl is younger than 10, her parents or guardian will have to take the responsibility of managing the account. And once she turns 18, she can take control of the account herself.
  • Maturity
    The SSY account matures 21 years after it has been opened. You should note that you will need to keep depositing for at least 15 years.
  • Account Operation
    You can start a Sukanya Samriddhi Yojana account at post offices or any authorised banks.
  • Number of Accounts
    Each family can open a maximum of two accounts for two girls.
  • Documents Needed
    You will need a few documents for this purpose –
    • The girl's birth certificate.
    • The parent or guardian's PAN/Aadhaar.
    • The Sukanya Samriddhi Yojana account opening form and SSA-1.
    • If there are multiple children born together, you might need a medical certificate.
    • Any other documents requested by the bank or post office.
  • Deposits
    You can deposit money through online transfer/NEFT, demand draft, cash, or cheque.
  • Premature Closure Facility
    If the account holder or the girl passes away, or she gets married before 18, you can close the account early. In certain situations, you can also close the account after 5 years.
  • Government Guarantee
    Sukanya Samriddhi Yojana is a government-backed scheme, and this means that your deposits are safe. It is a secure choice for parents looking to invest in their girl’s future.

Sukanya Samriddhi Yojana Interest Rates 2024 and Historical

The table below shows the Sukanya Samriddhi Yojana interest rates of the scheme –

Period of Sukanya Samriddhi Yojana Interest Rates

Sukanya Samriddhi Yojana Interest Rate (% annually)

January to March 2024 (Q4 FY 2023-24)


October to December 2023 (Q3 FY 2023-24)


July to September 2023 (Q2 FY 2023-24)


Apr to Jun 2022 (Q1 FY 2023-24)


January to March 2023 (Q4 FY 2022-2023)


October to December 2022 (Q3 FY 2022-23)


Jul to Sep 2022 (Q2 FY 2022-23)


Apr to Jun 2022 (Q1 FY 2022-23)


Jan to Mar 2022 (Q4 FY 2021-22)


Oct to Dec 2021 (Q3 FY 2021-22)


Jul to Sep 2021 (Q2 FY 2021-22)


Apr to Jun 2021 (Q1 FY 2021-22)


Jan to March 2021 (Q4 FY 2020-21)


Oct to Dec 2020 (Q3 FY 2020-21)


Jul to Sep 2020 (Q2 FY 2020-21)


Apr to Jun 2020 (Q1 FY 2020-21)


Jan to March (Q4 FY 2019-20)


Oct to Dec 2019 (Q3 FY 2019-20)


Jul to Sep 2019 (Q2 FY 2019-20)


Apr to Jun 2019 (Q1 FY 2019-20)


Jan to March 2019 (Q4 FY 2018-19)


How To Calculate The Interest Earned On Sukanya Samriddhi Yojana?

This formula helps you figure out how much money you will have at the end of the SSY term based on your initial deposit, interest rate, and how often interest is added. Let's break it down –

Formula: A = P(1 + r/n)^(n*t)

Based on this –

A = Amount at maturity

P = Initial deposit

n = Number of times interest is compounded in a year

r = Rate of interest

t = Number of years

Benefits Of Sukanya Samriddhi Yojana?

Some of the advantages of investing in the Sukanya Samriddhi Yojana are –

  • Affordable Investment
    You only need to deposit a minimum of Rs. 250 per year, and you can put in up to Rs. 1.5 lakh annually. This makes it accessible to everyone, regardless of your income level. You should also note that if you miss a payment, you will only incur a small penalty of Rs. 50, ensuring your account stays active.
  • High Interest Rate
    The scheme offers a very attractive interest rate of 8.2% per annum that is compounded on a quarterly basis. This is among the best rates available for small savings schemes, helping your money grow faster.
  • Tax Savings
    You have the option to invest up to Rs. 1.5 lakh per year and get full tax deduction under Section 80C of the Income Tax Act. Plus, both the interest earned and the maturity amount are exempt from tax, helping you save more.
  • Secure Future
    The scheme helps ensure your daughter's financial security with a long maturity period of 21 years or until her marriage after she turns 18, whichever comes earlier. This gives you peace of mind knowing her future is taken care of.
  • Education Support
    You can withdraw 50% of the balance in your account at the end of the previous financial year to cover educational expenses for your daughter. All you have to do is provide proof of admission to avail this benefit to ease the burden of education costs.
  • Guaranteed Returns
    You can rest assured with guaranteed returns upon the scheme maturity since Sukanya Samriddhi Yojana is backed by the government. This acts as a reliable investment option for your child's future.
  • Easy Transfer
    You can transfer your Sukanya Samriddhi Yojana account hassle-free from a post office to a bank or vice versa anywhere in India, making it convenient for you to manage your investment.

Sukanya Samriddhi Yojana Maturity Period And Age Limit

You can open a Sukanya Samriddhi Yojana account anytime from when your girl child is born until she turns 10 years old. As a guardian, you can handle the deposits and manage the account until your girl child reaches 18 years of age. And once she turns 18, the responsibility of managing the Sukanya Samriddhi Yojana account shifts to the girl child herself. The maturity period for an SSY account is 21 years after opening the account, or until she gets married after the age of 18.

What Is The Sukanya Samriddhi Yojana Scheme's Eligibility Criteria?

Only parents/ legal guardians of a girl child are eligible to open a Sukanya Samriddhi Yojana account. It is important to note that the girl child must be a resident Indian and below the age of 10 years at the time of opening the account. Families can open only one SSY account for each girl child, and a maximum of two accounts for the entire family - one for each girl child.

However, there are a few exceptions that you should be aware of –

  • If twin or triplet girls are born before a single girl child, then a third account can be opened for the single girl child.
  • If twin or triplet girls are born after a single girl child, a third Sukanya Samriddhi Yojana account cannot be opened.

Situations When Sukanya Samriddhi Yojana Interest Rate Is Not Payable

Here are the situations when the Sukanya Samriddhi Yojana account does not earn interest –

  • It is essential to maintain a minimum deposit of Rs. 250 per year to keep the account active. If you fail to do so, a penalty amount of Rs. 50 will be charged. If this penalty is not paid, interest will not be accrued, and a reduced rate of interest will apply to the entire deposit amount.
  • If the savings account's interest rate is lower than the Sukanya Samriddhi Yojana interest rate, the lower savings account rate will be applied.Any extra interest paid before the default will be deducted from the account balance.
  • After five years of opening the account, premature closure is allowed only in case of a medical emergency or a life-threatening condition. If the account is prematurely closed for any other reason, the Sukanya Samriddhi Yojana interest rate will not apply.

Premature Withdrawals Rules

Here are the conditions regarding premature withdrawal under the Sukanya Samriddhi Yojana account –

  • Marriage
    If the girl child intends to marry after turning 18, you can submit an application for premature closure one month before the marriage and up to three months after the marriage. Remember to provide age proof documents along with the application.
  • Death Of The Girl Child
    In case of the unfortunate event of the girl child's death, you can submit the death certificate to receive the balance in the Sukanya Samriddhi Yojana account along with accrued interest.
  • Medical Emergency
    If the girl child is diagnosed with a life-threatening disease or if the guardian passes away, premature withdrawal for medical treatment is permitted.
  • Change In Status
    If the girl child's residency or citizenship status changes, leading her to become a non-resident or non-citizen of India, the account is deemed closed. The girl child or her guardian should inform about this change within one month.
  • Undue Hardship
    After 5 years from opening the Sukanya Samriddhi Yojana, if the post office or bank finds that continuing the account is causing undue hardship to the girl child (e.g., due to the guardian's death or the girl child's medical reasons), the girl child or guardian can request premature closure.
  • Other Reasons
    For any other reasons, the Sukanya Samriddhi Yojana can be closed after the account opening. However, in such cases, the entire deposit will earn interest at the same rate applicable to the post office savings bank.

Tax Implication On Sukanya Samriddhi Yojana Interest Rate

The Sukanya Samriddhi Yojana scheme helps you save on taxes while investing for your daughter's future. When you invest in an SSY account, you can deduct the investment amount from your taxable income, up to Rs. 1.5 lakh, as laid out in the Section 80C of the Income Tax Act, 1961.

And, since the scheme follows the EEE principle, the money you invest, the interest it earns, and the amount you receive are all exempt from tax. This makes the Sukanya Samriddhi Yojana interest income completely exempt from tax. It is like you get a double benefit – you save on taxes while securing your daughter’s future.

Although the Sukanya Samriddhi Yojana interest rate has decreased recently, it still offers the highest rate compared to other similar schemes. The Sukanya Samriddhi Yojana scheme remains an excellent choice for building a substantial fund for your daughter's future without worrying about tax obligations.

How To Open The Sukanya Samriddhi Account?

Opening a Sukanya Samriddhi Yojana account is simple. You just have to head to any bank or post office that provides this scheme. Once there, fill out an application form and gather the necessary documents –

  • Proof of the guardian's identity (like PAN card or Aadhaar card).
  • Proof of the guardian's address (such as a ration card or utility bill).
  • Birth certificate of the girl child.
  • Photograph of the girl child.
  • Any other documents requested by the bank or post office.

Additionally, you will also need to make an initial deposit of at least Rs. 250. By doing so, you will be able to secure your daughter's future with the Sukanya Samriddhi scheme.

How To Start A Sukanya Samriddhi Yojana Account In A Post Office?

You can open a Sukanya Samriddhi Yojana (SSY) account at a post by following these simple steps –

  1. Choose Your Location
    You can start by deciding which post office branch you want to visit to open the account.
  2. Fill The Form
    Complete Form-1 with all the required details. Make sure you have all the necessary supporting documents ready.
  3. Bring Necessary Documents
    You should bring along photographs of the girl child and the parent or guardian, along with ID proof, address proof, and the girl child's birth certificate. Aadhaar card is especially useful.
  4. Make Your First Deposit
    You will then be required to pay the initial deposit amount, which can be anywhere from Rs. 250 to Rs. 1.5 lakh, using cash, cheque, or demand draft.
  5. Processing Your Application
    Submit your application form and deposit to the bank or post office. They will process your application and payment.
  6. Account Opening
    Once processed, your SSY account will be opened, and you will receive a passbook indicating that it is officially active.

How To Fill An Sukanya Samriddhi Yojana Account Form For The Post Office?

Here's a step-by-step guide to filling out the Sukanya Samriddhi Yojana account form –

  1. In the section labelled "To The Postmaster/Manager," write down the name and address of the post office or bank branch.
  2. Paste the applicant's photograph in the designated space on the right side of the form.
  3. Fill in the applicant's name next to "I/We" and specify "Sukanya Samriddhi Yojana" in the space provided.
  4. Enter the deposit amount both in numbers and words. Tick the appropriate payment mode – cash, cheque, or demand draft. If you’re paying by cheque or DD, note down the number and date.
  5. Provide the name and date of birth of the girl child (depositor), as well as the guardian's name, date of birth, Aadhaar number, and PAN number.
  6. Fill in the address and contact information of the guardian.
  7. Specify the type of account and provide details from the birth certificate of the depositor.
  8. List the KYC documents attached along with the application.
  9. Sign the form and print your name below it.
  10. Enter nomination details as required.
  11. If the applicant is illiterate, two witnesses must sign the form.
  12. Complete the form by adding the date, place, and your signature at the end of the nomination section.

Sukanya Samriddhi Yojana Application Form