Sukanya Samriddhi Yojana Interest Rate for FY 2023


5 min read

Updated on Mar 01, 2023

The day when you become a parent is perhaps the best day of life, for both the mother and father. It is the biggest turning point of life for the parents as they now have huge responsibilities ahead. One of the responsibilities is to plan the future of your child. There are several types of investments that you can make for your child. And if it is your darling daughter, the best is Sukanya Samriddhi Yojana, certainly. In fact, the Sukanya Samriddhi yojana interest rate is one of the biggest reasons that make it the best. Compounded annually, the Sukanya Samriddhi yojana interest rate for 2023 is 7.6%.

The tenure of Sukanya Samriddhi Yojana is 21 years. Parents have to pay the premium for 18 years. Parents of the girl child can open the account, and for that, the child has to be under 10 years of age.

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Highlights of Sukanya Samriddhi Yojana (SSY)

Interest Rates 7.6% per annum (FY 2023)
Maturity Period 21 years or until the girl child marries after the age of 18
Minimum Deposit Amount INR 250 in a financial year
Maximum Deposit Amount INR 1.5 Lakh in a financial year
Eligibility Parents or legal guardians of a girl child below the age of 10 are eligible to open the SSY in the name of the girl child
Income Tax Rebate Eligible for rebate under section 80C of the Income Tax Act, 1961 (Maximum cap of INR 1.5 Lakh in a year)

Sukanya Samriddhi Yojana Rate of Interest Over the Years

Time-Period Interest 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%

Features of Sukanya Samriddhi Yojana (SSY)

Even if you are aware of the SSY interest rate, you need to know about the features of this scheme. So, let us take a look at them.

  • As the name suggests, the Sukanya Samriddhi account scheme can be opted only for girl children of age below 10 years
  • The account can be managed by the parents of the child until she reaches the age of 18 years
  • The premium for the scheme that has to be paid either monthly or yearly is between INR 250 and INR 1.5 lakh
  • SSY accounts can be opened for only two girls in a family
  • As you take an SSY scheme, you can avail of tax benefits under section 80C of the IT Act in the EEE format
  • You can deposit the premium online, through cheque, draft, or cash.

Also Read: Sukanya Samriddhi Yojana Return Calculator

Eligibility Criteria to Open a Sukanya Samriddhi Yojana Account in 2023

To open a Sukanya Samriddhi Yojana account, one needs to meet certain eligibility criteria. Some of them are mentioned herein below:

  • Only the parents or legal guardians of the girl child can open the SSY account
  • At the time of opening the account, the age of the girl child cannot be more than 10 years
  • In one family, only two SSY accounts can be opened, one for each girl child.

Documents Needed to Open a Sukanya Samriddhi Yojana Account in 2023

If you try to open a Sukanya Samriddhi Yojana account, you would need to submit some documents. Here is the list of documents:

  • Sukanya Samriddhi Yojana account opening form
  • Birth certificate of the girl child
  • Address proof and identity proof of the depositor
  • Any other documents that have been requested by the bank or post-office

Benefits of Opening a Sukanya Samriddhi Yojana (SSY) Account

Opening a Sukanya Samriddhi Yojana account comes with its set of benefits. Here are some of them:

1. The process of account opening is simple

All you need to do is submit some documents and the minimum premium can be INR 250, which may go higher up to INR 1.5 lakh.

2. The girl child can get good returns upon maturity

The maturity amount can be availed of once the girl child is 21 years old. However, after she turns 18 years old, the parents can withdraw 50% of the amount for her education.

3. The rate of interest is high

The Sukanya Samriddhi Yojana interest rate is high, which is 7.6% per annum, at present. In a long term, it can help get good returns.

4. Tax benefits

Apart from securing your girl child’s future, you can also avail of triple tax benefits under this scheme.

Also Read: Sukanya Samriddhi Yojana Versus LIC Kanyadan Policy

Banks that offer Sukanya Samriddhi Yojana (SSY) Accounts

Some of the banks in the country that will let you open a Sukanya Samriddhi Yojana account are 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, and Bank of Baroda. You can open an SSY account even in a post office near your home.

Rules for Premature Withdrawals in (SSY)

Premature withdrawal is permissible by banks and post offices. However, you can do it once your girl child is 18 years old. Apart from this, if the parents pass away or any medical emergency occurs, in that case, premature withdrawal can be made. Nevertheless, even in that case, 5 years of initiating the scheme has to be completed.

The Sukanya Samriddhi Yojna is a great investment option that parents of a girl child can avail of. The Sukanya Samriddhi interest rates may vary and therefore the investors need to keep a tab on it. You can visit the mentioned banks or a post office nearby.

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FAQs: Sukanya Samriddhi Yojana Interest Rate for 2023

For how many years one has to pay for Sukanya Samriddhi Yojana?

Under the Sukany Samriddhi Yojana, the investments need to be made for 15 years after the account has been opened. After 15 years the amount matured at 18 years and can be withdrawn.

Who is eligible for the SSY scheme?

Parents of a girl child less than 10 years of age can open an SSY account and start investing.

What are the benefits of the SSY scheme?

SSY scheme provides good returns over the investments and the investor can also claim the invested amount as a deduction in their Income Tax.

What is the best bank to open an SSY account?

You can go with any bank that offers the Sukanya Samriddhi Yojana as all banks offer the same interest rates and other benefits.

Is SSY better than PPF?

SSY offers the investors higher returns on the investment; however, PPF offers more flexibility to the investors which is lacking in SSY. Also, not all people are eligible to open an SSY account.

Dec 26, 2022
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