Sukanya Samriddhi Yojana Interest Rate Revised by the Prime Minister Narendra Modi of India. The Sukanya Samriddhi Yojana was launched by the central government in 2015 as a part of the Beti Bachao Beti Padhao Yojana. To help all the citizens who have taken part in Sukanya Samriddhi Yojana the central government of India increased the interest rate of the scheme. The central government of India increased the rate of Sukanya Samriddhi Yojana by 20 Basis points. From January 2024 the interest rate will be 8.20% on deposits under the scheme. The previous interest rate under Sukanya Samriddhi Yojana is 8%.
Overview of Sukanya Samriddhi Yojana Interest Rate
Ahead of the Lok Sabha election in 2024, the central government of India increased the interest rate in Sukanya Samriddhi Yojana. The previous Sukanya Samriddhi Yojana Interest Rate was 8% but now it is increased by the central government to 8.20%. This rise in interest will help all the account holders under the Sukanya Samriddhi Yojana. The interest rate generated by Sukanya Samriddhi Yojana is considered tax-free by the central government. The Sukanya Samriddhi Yojana will help the habit of saving among the citizens of India. Any citizen of India who clears the eligibility criteria can open up a Sukanya Samriddhi Yojana account.
Also Check: Post Office Saving Scheme
Objective of Sukanya Samriddhi Yojana Interest Rate
To help all the existing account holders under the Sukanya Samriddhi Yojana the central government of India increase the interest rate. This increase in interest rate will help the citizens of India to adopt a habit of Savings and also get returns on the savings. All the interest that will be generated from Sukanya Samriddhi Yojana will be tax-free. The main objective of increasing the interest rate under the SSY is to make citizens of India invest in government-authorized schemes. Being a government scheme the Sukanya Samriddhi Yojana is guaranteed to give returns to the account holders.
Key Highlights of Sukanya Samriddhi Yojana Interest Rate
|Name of the scheme
|Sukanya Samriddhi Yojana
|Central Government of India
|Increase in interest rate
|Sukanya Samriddhi account holders
|Sukanya Samriddhi Website
About Sukanya Samriddhi Yojana
The Sukanya Samriddhi is launched by the Ministry of Finance to help single girl children in India. The Sukanya Samriddhi Yojana is launched as a part of the Beti Bachao Beti Padhao campaign on 22 January 2015 by the Honorable Prime Minister of India. This scheme is launched to help the girl child to complete her education and marriage expenses. Any citizen of India can apply for Sukanya Samriddhi Yojana by post offices or branches of public sector banks and only three private sector banks that are HDFC Bank, Axis Bank, and ICICI Bank. The minimum investment under the Sukanya Samriddhi Yojana is INR 250 per year and the maximum investment is INR 1,50,000 per year.
- Account must be opened by the parents of the girl child in the name of the girl child who has not attended the age group of 10 years.
- Every account holder must not have more than one account under the Sukanya Samriddhi Yojana.
- An account under this Scheme may be opened for a maximum of two girl children in one family
- Provided that more than two accounts may be opened in a family if such children are born in the first or the second order of birth or in both, on submission of an affidavit by the guardian supported with birth certificates of the twins/triplets regarding the birth of such multiple girl children in the first two orders of birth in a family. Provided further that the above proviso shall not apply to the girl child of the second order of birth if the first order of birth in the family results in two or more surviving girl children.
Also Read: Pariksha Pe Charcha
- The maturity period under the Sukanya Samriddhi Yojana is 21 years.
Date of Revising Interest Rate
- The central government of India revised the interest rate under SSY for the January to March quarter by 20 Basis points.
Previous vs Revised Interest Rate
Minimum and Annual Contribution Under SSY
- The minimum contribution under Sukanya Samriddhi Yojana is INR 250 per year.
- The maximum contribution under Sukanya Samriddhi Yojana is INR 1,50,000 per year.
Benefits of Sukanya Samriddhi Yojana Interest Rate
- The interest rate under the Yojana will be 8.20%.
- This rise in interest rates will encourage the citizens of India to invest in government schemes.
- The Sukanya Samriddhi Yojana will help to increase the habit of saving among citizens of India.
- Being a government-authorised scheme the Sukanya Samriddhi Yojana will give guaranteed returns.
- The interest will be transferred directly to the applicant’s bank account.
Withdrawal and Maturity Rules
- The maturity under the Sukanya Samriddhi Yojana is 21 years from the date of opening the account.
- Any account holder Can withdraw money from the Sukanya Samriddhi account before the maturity date under special circumstances.
Tax Exemption under Sukanya Samriddhi
- All the interest generated under Sukanya Samriddhi Yojana will be considered tax-free.
Sukanya Samriddhi Yojana Application Process
- To open a Sukanya Samriddhi account first the applicant needs to go to the bank or post office where he wants to open the account.
- Fill out the application form there and attach all the necessary documents.
- The applicant has to pay the first deposit in cash check or any demand draft the payment can range between INR 250 to INR 1.5 Lakh.
- The bank or the post office will process your application and payment.
- After processing your Sukanya Samriddhi account will be activated.
- The post office or the bank branch will give you a passbook to commemorate the account’s opening.
- For any query, you can contact on 18002666868
Under the Sukanya Samriddhi Scheme, the new interest rate is 8.2%.
Under the Sukanya Samriddhi Yojana, the maturity period is 21 years from the date of opening of the account.
Yes, the interest from Sukanya Samriddhi Yojana will be considered tax-free by the central government of India.
The maximum amount to be deposited under Sukanya Samriddhi Yojana is INR 1.5 Lakh.