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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.
| 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) |
| 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% |
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.
Also Read: Sukanya Samriddhi Yojana Return Calculator
To open a Sukanya Samriddhi Yojana account, one needs to meet certain eligibility criteria. Some of them are mentioned herein below:
If you try to open a Sukanya Samriddhi Yojana account, you would need to submit some documents. Here is the list of documents:
Opening a Sukanya Samriddhi Yojana account comes with its set of benefits. Here are some of them:
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.
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.
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.
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
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.
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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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.
Parents of a girl child less than 10 years of age can open an SSY account and start investing.
SSY scheme provides good returns over the investments and the investor can also claim the invested amount as a deduction in their Income Tax.
You can go with any bank that offers the Sukanya Samriddhi Yojana as all banks offer the same interest rates and other benefits.
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.
PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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