Sukanya Samriddhi Account Interest Rate is 7.6 % in Financial Year 2020-2021. The Sukanya Samriddhi Account (SSA) is a government-backed savings scheme in India that is specifically designed for the girl child.
The Sukanya Samriddhi Yojana scheme was launched as part of the Beti Bachao, Beti Padhao campaign, with the aim of promoting the welfare of girls in the country. One of the major benefits of the SSA is the attractive interest rate offered on the deposits made into the account.
The interest rate on SSA deposits is determined by the government on a quarterly basis and is generally higher than the interest rate offered on other fixed deposit schemes in the country.
As of October 2021, the interest rate on SSA deposits is 7.6% per annum for the first quarter of the financial year. This is a 0.1% increase from the previous quarter’s interest rate of 7.5%. The interest rate on SSA deposits is compounded annually, which means that the interest earned in a year is added to the principal amount, and interest is calculated on the new principal for the next year.
It’s worth noting that the interest earned on SSA deposits is tax-free under Section 80C of the Income Tax Act. Additionally, the deposits made into the SSA account are eligible for the tax benefits under Section 80C of the Income Tax Act, which means that the depositor can claim a tax deduction of up to Rs. 1.5 lakh on the deposit made into the account.
The SSA has a maturity period of 21 years, and the account can be opened by any parent or legal guardian on behalf of a girl child who is below the age of 10. The account can be opened with a minimum deposit of Rs. 250, and there is no maximum limit on the deposit. Deposits can be made into the account until the girl child reaches the age of 18.
In conclusion, Sukanya Samriddhi Account is an excellent savings scheme for parents who want to secure the future of their girl child. With an attractive interest rate of 7.6% per annum and tax benefits, the scheme is a smart choice for those looking for a long-term savings option. Additionally, the scheme’s objective of promoting the welfare of the girl child makes it a socially responsible investment.
Sukanya Samriddhi Account Interest Rate
The Government of India launched “Beti Bachao, Beti Padhao” (Save Girl Child, Educate Girl child) as a National mission towards women empowerment and financial security of girl child.
As part of the mission, a savings scheme called “Sukanya Samriddhi” has been introduced. Among the long term investments, this is certainly the best in class with attractive returns. is a small savings scheme launched in January 2015 and it is aimed at encouraging savings for a girl child’s education and marriage.
A new account exclusively for the Girl Child from 0 to 10 years of age, One year grace for the present year, a girl child Born on or after 2.12.2003 is also eligible.
The Sukanya Samriddhi scheme (Sukanya Samriddhi Yojana) will earn a higher interest rate of 9.2 percent interest (yearly compounded) in the financial year 2015-16 (April to March). In Financial Year 2014-2015, the Sukanya Samriddhi scheme earned an interest of 9.1 percent.
Maturity Value
Opening of Account: A Sukanya Samriddhi Account can be opened by the guardian in the name of a girl child till she attains the age of ten years. However, this year a one-year grace period has been given.
However, only one account is allowed per girl child. Parents can open this account for a maximum of two children. In the case of twins or triplets, this facility will be extended to the third child. The account can be opened in post offices or authorized bank branches. Sukanya Samriddhi Account Interest @ 7.6 %
Operation of Account: The account will be operated by the guardian of a girl child till the girl child, in whose name the account has been opened, attains the age of 10 years. On attaining the age of 10 years, the girl child may herself operate the account.
Deposits/Contribution: The account may be opened with an initial deposit of Rs 1,000 and thereafter any amount in multiples of Rs 100 can be deposited. The minimum deposit for a financial year is Rs 1,000 and maximum Rs 1.5 lakh. There is no limit on a number of deposits either in a month or in a financial year. So, Minimum Contribution is Rs.1000/- and Maximum contribution is Rs.1,50,000/-.
Income Tax exemption: A contribution of up to Rs 1.5 lakh under the Sukanya Samriddhi scheme qualifies for income tax deduction under Section 80C of Income Tax Act. Also, interest income and maturity amount would be tax-free, making Sukanya Samriddhi scheme similar to the public provident fund (PPF) in terms of tax aspects.
For the coming the financial year 2015-16, the government would be paying 9.2 percent interest on the Sukanya Samriddhi scheme(This interest rate has been declared recently), higher than the 8.7 percent announced for PPF accounts.
The government will every year declare the interest rate of small savings schemes like the Sukanya Samriddhi scheme and PPF. In this Financial Year 2014-2015, Sukanya Samriddhi scheme earned 9.1 percent as compared to 8.7 percent for PPF.
Interest rates revisions of Sukanya Samriddhi Account
Sukanya Samriddhi Account Interest Rate
Withdrawal: In Public provident fund (PPF), partial withdrawal is permissible every year from the seventh financial year of opening the account. In the case of Sukanya Samriddhi’s account, up to 50 percent of the accumulated amount can be withdrawn only after the account holder turns 18 while full withdrawal is possible after she turns 21.
So, Premature withdrawal allowed up to 50% for the girl’s higher education and marriage after she attains 18 years of age. In PPF, No premature withdrawal is allowed except in case of the death of the account holder.
Loan Facility: A loan facility is available from the third financial year of opening the PPF account. In the Sukanya Samriddhi account, there is no such facility. So, No loan can be taken on the SSA Balance.
Partial Withdrawal: Up to 50 % of the accumulated amount can be withdrawn after the account holder turns 18.
Maturity: The account can be closed after the girl child in whose name the account was opened completes the age of 21. If the account is not closed after maturity, the balance will continue to earn interest as specified for the scheme from time to time. No tax will be levied on the SSA Balance.
Transferability and penalty: The account may be transferred anywhere in India. An account where the minimum amount has not been deposited in a particular year will attract a fine of Rs.50 per year. Source: India Post Official Posters.
The Sukanya Samriddhi Yojana scheme was launched as part of the Beti Bachao, Beti Padhao campaign, with the aim of promoting the welfare of girls in the country. One of the major benefits of the SSA is the attractive interest rate offered on the deposits made into the account.
The interest rate on SSA deposits is determined by the government on a quarterly basis and is generally higher than the interest rate offered on other fixed deposit schemes in the country.
As of October 2021, the interest rate on SSA deposits is 7.6% per annum for the first quarter of the financial year. This is a 0.1% increase from the previous quarter’s interest rate of 7.5%. The interest rate on SSA deposits is compounded annually, which means that the interest earned in a year is added to the principal amount, and interest is calculated on the new principal for the next year.
It’s worth noting that the interest earned on SSA deposits is tax-free under Section 80C of the Income Tax Act. Additionally, the deposits made into the SSA account are eligible for the tax benefits under Section 80C of the Income Tax Act, which means that the depositor can claim a tax deduction of up to Rs. 1.5 lakh on the deposit made into the account.
The SSA has a maturity period of 21 years, and the account can be opened by any parent or legal guardian on behalf of a girl child who is below the age of 10. The account can be opened with a minimum deposit of Rs. 250, and there is no maximum limit on the deposit. Deposits can be made into the account until the girl child reaches the age of 18.
In conclusion, Sukanya Samriddhi Account is an excellent savings scheme for parents who want to secure the future of their girl child. With an attractive interest rate of 7.6% per annum and tax benefits, the scheme is a smart choice for those looking for a long-term savings option. Additionally, the scheme’s objective of promoting the welfare of the girl child makes it a socially responsible investment.
Sukanya Samriddhi Account Interest Rate
The Government of India launched “Beti Bachao, Beti Padhao” (Save Girl Child, Educate Girl child) as a National mission towards women empowerment and financial security of girl child.
As part of the mission, a savings scheme called “Sukanya Samriddhi” has been introduced. Among the long term investments, this is certainly the best in class with attractive returns. is a small savings scheme launched in January 2015 and it is aimed at encouraging savings for a girl child’s education and marriage.
A new account exclusively for the Girl Child from 0 to 10 years of age, One year grace for the present year, a girl child Born on or after 2.12.2003 is also eligible.
The Sukanya Samriddhi scheme (Sukanya Samriddhi Yojana) will earn a higher interest rate of 9.2 percent interest (yearly compounded) in the financial year 2015-16 (April to March). In Financial Year 2014-2015, the Sukanya Samriddhi scheme earned an interest of 9.1 percent.
Important points to be remembered:
- The account can be opened in any Post Office by furnishing a birth certificate of a girl child along with KYC documents.
- Parent/Guardian can Open only one account in the name of one girl child and a maximum of two accounts in the names of two different girl children.
- Account fetches the highest rate of annual interest which is compounded annually, interest for the financial year 2014 -2015.
- The minimum amount required to open the account is Rs.1000/- and subsequent deposits in multiples of Rs.100/- Minimum deposit is Rs.1,000/- and Maximum deposit up to Rs.1,50,000/- can be made in a financial year.
- The account shall mature on completion of 21 years from the date of opening of the account. If the account is not closed on Maturity, interest shall be payable on the balance in the account till the closure of the account.
- Withdrawal of 50% of the balance at credit at the end of preceding financial is allowed for the purpose of higher education or marriage of the account holder girl when she attains the age of 18 years.
- Normal premature closure is allowed after the marriage of a girl, on attaining the age of 18 years.
- Income Tax exemption for all Deposit and Withdrawal.
Maturity Value
| Monthly Deposit(In Rupees) | Yearly Contribution(In Rupees) | Total Contribution For 14 Years(In Rupees) | Maturity Value After 21 Year(In Rupees) |
|---|---|---|---|
| 1000 | 12X1000 = 12000/- | 168000 | 607128 |
| 2500 | 12X2500 = 30000/- | 420000 | 1517820 |
| 5000 | 12X5000 = 60000/- | 840000 | 3035640 |
| 7500 | 12X7500 = 90000/- | 1260000 | 4553460 |
| 10000 | 12X10000 = 120000/- | 1680000 | 6071280 |
| 12500 | 12X12500 = 150000/- | 2100000 | 7589103 |
Opening of Account: A Sukanya Samriddhi Account can be opened by the guardian in the name of a girl child till she attains the age of ten years. However, this year a one-year grace period has been given.
However, only one account is allowed per girl child. Parents can open this account for a maximum of two children. In the case of twins or triplets, this facility will be extended to the third child. The account can be opened in post offices or authorized bank branches. Sukanya Samriddhi Account Interest @ 7.6 %
Operation of Account: The account will be operated by the guardian of a girl child till the girl child, in whose name the account has been opened, attains the age of 10 years. On attaining the age of 10 years, the girl child may herself operate the account.
Deposits/Contribution: The account may be opened with an initial deposit of Rs 1,000 and thereafter any amount in multiples of Rs 100 can be deposited. The minimum deposit for a financial year is Rs 1,000 and maximum Rs 1.5 lakh. There is no limit on a number of deposits either in a month or in a financial year. So, Minimum Contribution is Rs.1000/- and Maximum contribution is Rs.1,50,000/-.
Income Tax exemption: A contribution of up to Rs 1.5 lakh under the Sukanya Samriddhi scheme qualifies for income tax deduction under Section 80C of Income Tax Act. Also, interest income and maturity amount would be tax-free, making Sukanya Samriddhi scheme similar to the public provident fund (PPF) in terms of tax aspects.
Interest Rate on SSA (Sukanya Samriddhi Yojana) :
For the coming the financial year 2015-16, the government would be paying 9.2 percent interest on the Sukanya Samriddhi scheme(This interest rate has been declared recently), higher than the 8.7 percent announced for PPF accounts.
The government will every year declare the interest rate of small savings schemes like the Sukanya Samriddhi scheme and PPF. In this Financial Year 2014-2015, Sukanya Samriddhi scheme earned 9.1 percent as compared to 8.7 percent for PPF.
Interest rates revisions of Sukanya Samriddhi Account
| Financial Year | Date Range | Interest Rate | Minimum Investment | Maximum Investment |
|---|---|---|---|---|
| 2014-15 | 1 April 2014 to 31 March 2015 | 9.1 % | 1,000 | 1,50,000 |
| 2015-16 | 1 April 2015 to 31 March 2016 | 9.2 % | 1,000 | 1,50,000 |
| 2016-17 | 1 April 2016 to 30 Sep 2016 | 8.6 % | 1,000 | 1,50,000 |
| 2016-17 | 1 Oct 2016 to 31 Mar 2017 | 8.5 % | 1,000 | 1,50,000 |
| 2017-18 | 1 April 2017 to 30 June 2017 | 8.4 % | 1,000 | 1,50,000 |
| 2017-18 | 1 July 2017 to 31 December 2017 | 8.3 % | 1,000 | 1,50,000 |
| 2017-18 | 1 January 2018 to 31 March 2018 | 8.1 % | 1,000 | 1,50,000 |
| 2018-19 | 1 April 2018 to 30 September 2018 | 8.1 % | 250 | 1,50,000 |
| 2018-19 | 1 October 2018 to 31 March 2019 | 8.5 % | 250 | 1,50,000 |
| 2019-20 | 1 April 2019 to 30 June 2019 | 8.5 % | 250 | 1,50,000 |
| 2019-20 | 1 July 2019 to 31 March 2020 | 8.4 % | 250 | 1,50,000 |
| 2020-21 | 1 April 2020 to 31 December 2020 | 7.6 % | 250 | 1,50,000 |
Withdrawal: In Public provident fund (PPF), partial withdrawal is permissible every year from the seventh financial year of opening the account. In the case of Sukanya Samriddhi’s account, up to 50 percent of the accumulated amount can be withdrawn only after the account holder turns 18 while full withdrawal is possible after she turns 21.
So, Premature withdrawal allowed up to 50% for the girl’s higher education and marriage after she attains 18 years of age. In PPF, No premature withdrawal is allowed except in case of the death of the account holder.
Loan Facility: A loan facility is available from the third financial year of opening the PPF account. In the Sukanya Samriddhi account, there is no such facility. So, No loan can be taken on the SSA Balance.
Partial Withdrawal: Up to 50 % of the accumulated amount can be withdrawn after the account holder turns 18.
Maturity: The account can be closed after the girl child in whose name the account was opened completes the age of 21. If the account is not closed after maturity, the balance will continue to earn interest as specified for the scheme from time to time. No tax will be levied on the SSA Balance.
Transferability and penalty: The account may be transferred anywhere in India. An account where the minimum amount has not been deposited in a particular year will attract a fine of Rs.50 per year. Source: India Post Official Posters.