Sukanya Samriddhi Yojana Interest Rate 2023: The majority of parents want to give their kids a stable future. The government is aware of the need for financial security and, in an effort to assist the populace, maintains launching beneficial programmes. The Sukanya Samriddhi Yojana programme, which attempts to assist parents in saving for their daughters, is one such programme. To encourage individuals to save for their girl child, the Beti Bachao Beti Padao campaign created the Sukanya Samriddhi Yojana programme.
Table of Contents
Sukanya Samriddhi Yojana Interest Rate 2023: Highlights
| Sukanya Samriddhi Yojana Highlights | |
| Interest Rates | 8% per annum (Q1 FY 2023-24) |
| Maturity Period (Sukanya Samriddhi Yojana Age Limit) | 21 years or until the girl child marries after the age of 18 |
| Minimum Deposit Amount | Rs. 250 |
| Maximum Deposit Amount | Rs. 1.5 Lakh in a financial year |
| Eligibility | The SSY can be opened in the name of a girl child under 10 by the girl’s parents or legal guardians. |
| Income Tax Rebate | Eligible for rebate under section 80C of the Income Tax Act, 1961 (Maximum cap of Rs. 1.5 Lakh in a year) |
What is the Sukanya Samriddhi Yojana (SSY)?
The Government of India began a social effort on January 22, 2015, to address the issue of the dropping child sex ratio in our nation. The Beti Bachao Beti Padhao (BBBP) movement promotes the idea that females should be educated and saved. The Ministry of Women and Child Development, the Ministry of Health and Family Welfare, and the Ministry of Human Resource Development are jointly in charge of this national effort. As an annual investment plan, the scheme requires yearly contributions up to its maturity.
Sukanya Samriddhi Yojana Interest Rate 2023
- The interest rate has increased to 8% for the first quarter of FY 2023-2024, or from 1 April 2023 to 31 June 2023.
- The interest rate for the fourth quarter of the fiscal year 2022–2023—that is, from 1 January 2023 to 31 March 2023—was 7.6%.
- For the first quarter of FY 2022–2023, from 1 April 2022 to 30 June 2022, the interest rate was 7.6%.
If a “Account under Default” (where a minimum deposit of Rs. 250 has not been made) is not regularized within the allotted time, the full deposit will earn interest on the post-savings bank account, unless the default is the result of the guardian who opened the Account passing away.
Sukanya Samriddhi Yojana age limit and maturity period
Opening SSY account
There can be only one SSY account per girl child. Any authorized commercial bank branch or post office can open SSY accounts. Between the time a girl is born through the age of ten, it can be opened at any time.
Beneficiary of SSY
From the time the account is opened until it matures or is closed, any girl child who resides in India is a beneficiary under the SSY.
Deposits under SSY
Until the girl child turns 18 years old, the guardian may deposit money and manage the account. After turning 18 years old, the girl child will have to handle the SSY account by law. The minimum deposit amount for an SSY account is Rs. 250 (formerly Rs. 1,000), with subsequent deposits in multiples of Rs. 50, and the maximum deposit amount is Rs. 1,50,000 every fiscal year for a period of up to 15 years. Cash, checks, demand drafts, and online transfers are all acceptable forms of deposit.
Maturity period of SSY
The maturity term for SSY is either upon her marriage after becoming 18 years old or 21 years from the account opening. However, only 15 years’ worth of donations are required. After then, even if no additional deposits are made, the SSY account will continue to accrue interest until it matures.
Benefits of Sukanya Samriddhi Yojana Program 2023
- Affordable Payments: A Rs. 250 minimum deposit is needed each fiscal year to maintain an SSY account. Up to Rs. 1.5 lakh can be deposited at your convenience per fiscal year. Everyone in the society appears to be able to make the payments. Even if you miss a year’s worth of payments, the account will still be kept open and a penalty of Rs. 50 will be added to the missing minimum payment of Rs. 250.
- Covered Educational Expenses: You may withdraw 50% of the account balance as of the end of the preceding financial year to pay for your girl child’s college costs. This can be obtained by providing admissions documentation.
- Attractive Interest Rates: In comparison to other government-backed programmes, the interest rate that applies to SSY accounts has always been high. The rate is currently 8% every year.
- Returns Are Guaranteed: Since SSY is a government-backed programme, returns are assured when it matures.
- Convenient Transfer: The SSY account can be moved effortlessly from any Indian post office to any Indian bank, and vice versa.
Calculation of Sukanya Samriddhi Yojana interest rate 2023
The SSY account’s interest is determined based on the lowest balance for the calendar month, or from the fifth day of the month to its conclusion. At the conclusion of each fiscal year, the interest will only be credited once.
In general, the formula shown below can be used to determine the interest earned on an SSY account:
A = P(1+r/n)^nt
Here
P = Initial Deposit
r = Rate of interest
n = Number of years the interest compounds
t = Number of years
A = Amount at maturity
Let’s use the following instance:
The parents open the SSY account for the girl child in 2020, the same year that she is born. When the account reaches maturity after 21 years, the girl child will receive the whole maturity amount.
Annual investments = Rs. 1 lakh
Investment Period = 15 years
At the conclusion of 15 years, the total amount invested = Rs. 15 lakh
SSY Interest rate for 1 year= 7.6%
Interest at the end of 21 years= Rs. 3,10,454.12
Maturity Value at the end of 21 years= Rs. 43,95,380.96
Sukanya Samriddhi Yojana eligibility criteria
- An SSY account can only be opened by a girl child’s parents or legal guardians.
- The girl child must be an Indian citizen who resides there and be under 10 when the account is opened.
- A girl child may only open one account.
- A household can only open two SSY accounts—one for each girl child—in total.
- Samriddhi Sukanya In the following exceptional circumstances, accounts may be opened for more than two girls:
- A third account may be formed when a girl kid is delivered before twin or triplet girls or if triplets are the first to arrive.
- A third SSY account cannot be opened when a girl child is born following the delivery of twins or triplets of girls.
How to Invest in Sukanya Samriddhi Yojana
To make an investment in the Sukanya Samriddhi Yojana, go to the authorized public sector/private sector bank or India Post Office branch closest to you. You only need to provide minimal KYC documentation, such as a PAN card, an Aadhaar card, an address proof, and a draught or cheque for the initial deposit (the very minimum needed to start an account).
FAQs on Sukanya Samriddhi Yojana Interest Rate 2023
The Sukanya Samriddhi Yojana programme was introduced as part of Prime Minister Narendra Modi’s Beti Bachao Beti Padao drive to ensure the future of the girl child. It is simple to begin investing in it through certified private or public banks and post offices.
A Sukanya Samriddhi Yojana account can be opened on behalf of a girl child by any parent or legal guardian.
The Sukanya Samriddhi Yojana account requires a minimum annual contribution of 250. The most you can contribute to a Sukanya Samriddhi Yojana in a fiscal year is Rs. 1.5 lakh.
A Sukanya Samriddhi Yojana account lasts for 21 years from the opening date, regardless of the age of the girl child. The Sukanya Samriddhi Yojana programme would therefore be complete when the girl kid becomes 30 if she is 9 years old.
Your annual payments will determine the maturity amount of your SSY account. Once the girl child reaches the age of 18, you may also prematurely withdraw 50% of the deposit sum for either educational expenses or wedding costs.
