Sukanya Samriddhi Yojana Interest Rate History 2015 to Present

Published on / By M. Pattabiraman Twitter: @pattufreefincal

Published: October 4, 2020 at 9:38 am

Last Updated on January 1, 2022

This is a table of Sukanya Samriddhi Yojana (SSY) interest rates from 2015 to the present.

Sukanya Samriddhi Yojana Interest Rate History 2015 to Present

PeriodRate
January 2022-March 20227.60%
October 2021-December 20217.60%
July 2021-September 20217.60%
April 2021-June 20217.60%
January 2021-March 20217.60%
October 2020-December 20207.60%
July 2020-September 20207.60%
April 2020-June 20207.60%
January 2020-March 20208.40%
October 2019-December 20198.40%
July 2019-September 20198.40%
April 2019-June 20198.50%
January 2019-March 20198.50%
October 2018-December 20188.50%
July 2018-September 20188.10%
April 2018-June 20188.10%
January 2018-March 20188.10%
October 2017-December 20178.30%
July 2017-September 20178.30%
April 2017-June 20178.40%
January 2017-March 20178.50%
October 2016-December 20168.50%
July 2016-September 20168.60%
April 2016-June 20168.60%
2015-169.20%
2014-15 (from Jan 2015)9.10%

Also See: PPF Interest Rate History 1968 to Present

Sukanya Samriddhi Yojana (SSY) was launched in 2015 as a part of Beti Bachao Beti Padhao campaign. The scheme is specifically focused towards the girl child and is designed as a small savings scheme that can be used as an investment vehicle towards future expenses of the girl child like education and marriage. In 2019, the government notified a new Sukanya Samriddhi Account Scheme, 2019 to replace Sukanya Samriddhi Account Scheme, 2016. An SSY account can be opened in any post office branch and branches of most commercial banks.  The age limit for account opening is up to 10 years from the date of birth of the girl child who must be a resident of India. Up to 2 SSY accounts can be opened by the parents, one each of up to 2 girl children (exception allowed for twins, triplets etc.). The girl child becomes the account holder when she reaches 18 years of age.

A minimum amount of Rs 250 is required to be deposited in the scheme in each financial year to keep the account active. Even for default accounts, the corpus will continue to earn the notified interest rates. The maximum investment is Rs 1.5 lakh every financial year which can be claimed as a deduction under section 80C and deposits can be made only up to the end of the 15th year from the account opening year. The interest income from the SSY and the maturity/withdrawal amount is also tax-free. Therefore, SSY is one of the few schemes that enjoys the EEE (Exempt-Exempt-Exempt) status.

The scheme matures on completion of 21 years from the date of account opening or when the girl gets married, whichever is earlier. Up to 50% of the balance at the end of the previous financial year in the SSY account can also be withdrawn for the girl child’s higher education once she passes 10th standard or attains 18 years of age, whichever is earlier. The entire corpus can also be withdrawn for the marriage of the girl child before the 21-year period provided the girl has attained 18 years of age.

The SSY interest rates have been steadily going down since the launch of the scheme which is in line with interest rate trends in other fixed-income instruments. However, the scheme still continues to earn one of the highest interest rates when compared to other small savings schemes like PPF and fixed income instruments.

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Pattabiraman editor freefincalDr M. Pattabiraman(PhD) is the founder, managing editor and primary author of freefincal. He is an associate professor at the Indian Institute of Technology, Madras. He has over nine years of experience publishing news analysis, research and financial product development. Connect with him via Twitter or Linkedin or YouTube. Pattabiraman has co-authored three print books: (1) You can be rich too with goal-based investing (CNBC TV18) for DIY investors. (2) Gamechanger for young earners. (3) Chinchu Gets a Superpower! for kids. He has also written seven other free e-books on various money management topics. He is a patron and co-founder of “Fee-only India,” an organisation to promote unbiased, commission-free investment advice.
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