Sukanya Samriddhi Yojana Interest

Sukanya Samriddhi Yojana Interest 2024: Tax Benefits, Eligibility, Age Limit & Other Details

Sukanya Samriddhi Yojana Interest: Prime Minister Narendra Modi introduced the Sukanya Samriddhi Yojana (SSY) as part of the Beti Bachao Beti Padhao campaign. The initiative’s name translates to “Girl Child Prosperity Scheme” and it aligns with the aforementioned goals. On January 22, 2015, Panipat, Haryana, hosted its introduction.

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What is the Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana Interest

The Government of India started a social campaign on January 22, 2015, with the primary goal of addressing the issue of the decreasing child sex ratio in our nation. “Save girls, educate the girl child” is the motto of the Beti Bachao Beti Padhao (BBBP) program. The Ministries of Women and Child Development, Health and Family Welfare, and Human Resource Development are working together on this nationwide project.

BBBP aims to achieve the following:

  • to outlaw sex determination and eradicate gender discrimination against minors.
  • to guarantee girls’ safety and well-being.
  • to guarantee that girls participate more in school and other fields.

SSY seeks to address two significant issues related to girl children: marriage and education. Its goal is to provide a bright future for girls in India by helping their parents create a fund for their child’s appropriate education and carefree marriage costs. SSY introduced the Sukanya Samriddhi Account for the same reason.

Sukanya Samriddhi Yojana age limit and maturity period

Opening SSY account

A young girl can only have one SSY account. Any post office or approved commercial bank branch can open SSY accounts. The girl child can open it whenever she wants up until the age of ten.

Beneficiary of SSY

Any girl child living in India is eligible for benefits under the Supplementary Security Deposit (SSY); these benefits are paid out from the moment the account is opened and continue until it matures or is closed.

Deposits under SSY

Until the girl child reaches the age of 18, the guardian may make deposits and use the account. The girl will have to manage the SSY account after her child turns eighteen. An SSY account can have a minimum deposit of Rs. 250 (it was previously Rs. 1,000), subsequent deposits in multiples of Rs. 50, and a maximum deposit of Rs. 1,50,000 for each financial year, for a maximum of 15 years.

Interest on deposits

The interest rate is 8% p.a. for the second quarter of FY 2023–2024, which runs from July 1, 2023, to September 30, 2023. If the total amount deposited in an “Account under default” (where a minimum of Rs. If the deposit of $250 annually is not made within the designated period and is not regularized, interest will be accumulated until the account’s maturity date. Should a fine of Rs.50 be paid for each defaulted year, and an “Account under default” can be regularized within 15 years of the account’s establishment.

from the SSY has completed its tenure, or 21 years from the account inception, no interest is due. Until the girl kid departs India as a resident or citizen, interest is not paid. Any deposit made in excess of the cap, which is Rs. 1,50,000 per

The maturity period of SSY

SSY’s mature term is 21 years from the date of account opening or, if she marries after turning 18, after turning 18. However, contributions are only needed for a short period (15 years). If no contributions are made after that point, the SSY account will still be earning interest until it matures.

Benefits of Sukanya Samriddhi Yojana

  • Every fiscal year, an SSY account needs to receive a minimum deposit of Rs. 250 in order to be operational. Up to Rs. You can deposit up to 1.5 lakh at any time during the fiscal year, according to your convenience. The payouts appear to be extremely reasonable for individuals from all walks of life. There will be a penalty of Rs. and the account will remain open. 50 for failing to make the required minimum payment of Rs. 250 if you don’t make payments for a full year.
  • Attractive Interest Rate: As of Q3 FY 2023–2024, it has one of the highest annual compound interest rates among modest savings plans, at 8%.
  • Benefits related to taxes: Under Section 80C of the Income Tax Act, you can deduct all taxes on the principal you invest up to ₹1.5 lakh annually. Taxes do not apply to the interest or the maturity amount.
  • Long Tenure: Protect your daughter’s future for twenty-one years, or until her marriage at the age of eighteen, whichever comes first.
  • Covered Educational Expenses: To pay for your girl child’s education, you may take out 50% of the account balance as of the conclusion of the prior fiscal year. You can get this by presenting your admissions documentation.
  • Guaranteed Returns: Since SSY is a government-backed program, there is a guarantee of

Also Read: Rashtriya Swasthya Bima Yojana

Tax benefits of Sukanya Samriddhi Yojana

The SSA has been granted the following tax benefits to further promote investments in SSY:

  • Under Section 80C, investments made in the SSY plan are deductible up to a maximum of Rs 1.5 lakh.
  • Compound interest earned on this account is also tax-free, according to Section 10 of the Income Tax Act.
  • Furthermore, the proceeds received upon maturity or withdrawal are not subject to income tax.
Sukanya Samriddhi Yojana Interest

Sukanya Samriddhi Yojana interest rate 2023

The following is a historical chart of interest rates under the Sukanya Samriddhi Yojana.

  • Interest rate during the third quarter of fiscal year 2023–2024, or October through December 2023 (Q3 FY 2023–2024)
  • The interest rate for the second quarter of fiscal year 2023–2024, which runs from July 1, 2023, to September 30, 2023, is 8%.
  • For the first quarter of FY 2023–2024, which runs from 1 April 2023 to 31 June 2023, the interest rate has gone up to 8%.
  • For the fourth quarter of FY 2022–2023, which ran from 1 January 2023 to 31 March 2023, the interest rate was 7.6%.
  • For the first quarter of FY 2022–2023, which ran from 1 April 2022 to 30 June 2022, the interest rate was 7.6%.
PeriodSSY Interest Rate (% annually)
October to December 2023
(Q3 FY 2023-24)
July to September 2023 
(Q2 FY 2023-24)
Apr to Jun 2022 
(Q1 FY 2023-24)
April 2022 to March 2023 
April 2021 to March 2022 
(All quarters of FY 2021-2022)
April 2020 to March 2021 
(All quarters of FY 2020-21)
Jan to March (Q4 FY 2019-20)8.4
June to Dec 2019 
(Q2 & Q3 of FY 2019-20)
Apr to Jun 2019 (Q1 FY 2019-20)8.5
Jan to March 2019 (Q4 FY 2018-19)8.5
Oct to Dec 2018 (Q3 FY 2018-19)8.5
Jul to Sep 2018 (Q2 FY 2018-19)8.1
Apr to Jun 2018 (Q1 FY 2018-19)8.1
Jan to March 2018 (Q4 FY 2017-18)8.1
Oct to Dec 2017 (Q3 FY 2017-18)8.3
Jul to Sep 2017 (Q2 FY 2017-18)8.3
Apr to Jun 2017 (Q1 FY 2017-18)8.4

Calculation of Sukanya Samriddhi Yojana interest

The lowest balance for the calendar month, which is used to calculate interest on the SSY account, is the total amount owed between the fifth and last day of the month. Every financial year, at the conclusion, there will be a single credit of interest.

In general, you may compute the interest earned on an SSY account using the formula below:

A = P(1+r/n)^nt


P = Initial Deposit
r = Rate of interest
n = Number of years the interest compounds
t = Number of years
A = Amount at maturity

Alternatively, you can enter the information, including the age of the girl child, the account start year, and the likely annual investment amount, into our Sukanya Samriddhi Yojana Calculator to determine the maturity amount.

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Features of Sukanya Samriddhi Yojana

  • The girl child’s parents or legal guardian open the account.
  • There is a two-account maximum that can be open. Nonetheless, three accounts may be formed in the event of twins.
  • Minimum Amount of Deposit: 250 Rupees
  • The maximum amount deposited is Rs. 1.50 lakh.
  • The interest rate is 8.1% annually. (may vary from one year to the next)
  • Early account cancellation is possible in the event of the depositor’s death.
  • After the year, the minimum amount outstanding for the designated year plus the Rs. 50 account revival charges are due.
  • The account reaches maturity either on the day the young girl marries or after 21 years from the initial opening date.

Benefits of Sukanya Samriddhi Yojana

  • The account is opened by the girl child’s parents or legal guardian.
  • The maximum number of accounts that can be opened is two. However, in the case of twins, three accounts could arise.
  • Minimum Amount of Deposit: 250 Rupees
  • The maximum amount deposited is Rs. 1.50 lakh.
  • The interest rate is 8.1% annually. (may vary from one year to the next)
  • The account may be closed early in the case of the depositor’s death.
  • After the year, the minimum amount outstanding for the designated year plus the Rs. 50 account revival charges are due.
  • The account matures on the day the girl kid gets married or after 21 years from the date of opening.
Sukanya Samriddhi Yojana Interest

Eligibility of Sukanya Samriddhi Yojana

  • When the girl child opens the SSY account, she should not be older than ten years old.
  • The account will continue to function until she turns 21.
  • An annual minimum investment of Rs. 250 is required to keep the account active.
  • The maximum amount that can be placed into the account each year is Rs. 1.50 lakh.
  • Opening two accounts for the same girl child is prohibited for parents.
  • A household may have up to two SSY accounts (one for each girl kid).

Documents Needed to Open Sukanya Samriddhi Yojana Account

  • properly Completed application
  • The girl child’s birth certificate
  • Evidence proving the parent’s or guardian’s address, such as a voter ID, passport, Aadhaar card, fixed line phone bill, etc.
  • Evidence of parent or guardian identity, such as a PAN card, voter ID, passport, or Aadhaar card.

How to open a Sukanya Samriddhi Account?

The procedures you need to do in order to open a Sukanya Samriddhi Account are listed below:

  • Fill out the application by going to the bank or post office location that is closest to you.
  • After filling out the form, submit it together with the necessary documentation.
  • Make the initial deposit payment, which can be anything from Rs. 250 to Rs. 1 lakh.
  • An SSY account will be opened in your name if all the information on the application form and payment is accurate. The bank or post office will verify the information.

How to fill out an SSY account form for the post office?

  • Ask for an application for a Sukanya Samriddhi Yojana account at the public office that is closest to you.
  • Mention your account-wide variety if you have a savings account with the postal provider.
  • Below “to the postmaster,” consists of the postal cop with and put up workplace branch statistics.
  • Upload the candidate’s photograph.
  • Mention the applicant’s call in conjunction with the “Sukanya Samriddhi Yojana” option.
  • Give the important details below the headings “account kind” and “account holder kind.”
  • Mention how much you plan to deposit while the account is being set up.
  • Add any other pertinent facts, like your deal with, pan, Aadhaar range, gender, and many others.
  • To affirm that all of the records are accurate, sign page 1.
  • To set up status commands for the amount to be deposited, please complete section 5 on page 2.

Also Read: Atal Pension Yojana Chart


In addition to the government-backed Sukanya Samriddhi Yojana (SSY), which aims to safeguard the financial future of Indian girls, there are several additional schemes in which parents can invest to ensure the future of their children. Therefore, you don’t need to worry if you don’t meet the eligibility requirements!

It also has many additional advantages, such as generating assets to support your child in achieving his or her goals in life and life insurance coverage, which provides coverage for the family in the event of the primary investor’s death.


Q: Who can open Sukanya Samriddhi Yojana?

Ans: A girl child’s Sukanya Samriddhi Account can be opened on her behalf by any parent or legal guardian.

Q: What is the minimum annual deposit amount required for Sukanya Samriddhi Yojana?

Ans: A minimum of Rs. 250 must be deposited annually.

Q: Who can avail Sukanya Samriddhi Yojana?

Ans: The Sukanya Samriddhi Scheme may only be used in the name of a girl child by her parents or legal guardians.

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