Sukanya Samriddhi Yojana New Interest Rate 2023: Currently 7.6% per annum for Q1

Interest Rates of Sukanya Samriddhi Yojana – Sukanya Samriddhi Yojana is the government of India scheme. The scheme has aim to the betterment of the life of Girlchild in the country. It was launched by Prime Minister Narendra Modi. The scheme is a small saving account for girls below the age of 10. It can only be opened before age of 10. However, you can only be debited after the marriage of the girl and the account has a tenure of 21 years only. The scheme is established under Beti Bacho Beti Padhao Abhiyan. The scheme will help the girl after her marriage also. These accounts are different from the normal saving account as the Sukanya Samriddhi Yojana accounts have an Interest rate of 7.6%. 

sukanya samriddhi yojana new interest rates

Sukanya Samriddhi Yojana Interest Rate 2023

Scheme Name Sukanya Samriddhi Yojana
Launched by PM Narendra Modi
Beneficiaries Girlchild
Benefits High-interest rates on Saving Account
Interest Rates 7.6% per annum (Q1 FY 2023)
Maturity Period 21 years or After the marriage of a girl
Minimum Deposit Amount Rs. 250
Maximum Deposit Amount Rs. 1.5 lakh

Sukanya Samriddhi Yojana Q1 Interest Rates 2023

The government of India has declared interest rates of 7.6% on the Sukanya Samriddhi Yojana for the Q1 (April-June) of Financial Year 2023.
Interest Rated of last 6 Quarters on Sukanya Samriddhi Yojana
Quarter Interest Rates of Sukanya Yojana
Jan to Mar 2023 (Q4 FY 2021-22) 7.6
Oct to Dec 2021 (Q3 FY 2021-22) 7.6
Jul to Sep 2021 (Q2 FY 2021-22) 7.6
April to June 2021 (Q1 FY 2021-22) 7.6
Jan to March 2021 (Q4 FY 2020-21) 7.6
Oct to Dec 2020 (Q3 FY 2020-21) 7.6

Sukanya Samriddhi Yojana Current Interest Rates 2023

Sukanya Samriddhi Yojana (SSY) Eligibility

  • The parents or Legal Guardians of the girlchild are allowed to open a Suknya Samriddhi account.
  • The age of the girl child must be below the age of 10 years at the time of account opening.
  • In one family two girl child accounts of Sukanya Samriddhi Yojana can be opened.
  • One account per girl child is allowed under SSY.

Note – There are exceptions where three Sukanya Samridhi Yojana accounts can be opened. The special cases are:

  • If one girl child is born before the birth of a twin or triplets.
  • If triplets are born for the first time.
  • But if a girl is born after the birth of twin or triplet girls then the third account can not be opened.

Benefits of Sukanya Samriddhi Yojana (SSY)

Benefits under SSY are:
  • Sukanya Samriddhi Yojana is for girlchild it has many benefits some of which are listed below:
  • Compared to other saving accounts it gives high-interest rates (Currently 7.6%) that will give a high return to the beneficiary.
  • Returns are guaranteed as the scheme is under government.
  • It also provides tax deduction benefits under section 80c. Annually Rs. 1.5 lakh of benefit.
  • It is so flexible that it has a minimum deposit amount of Rs. 250 a year, and a maximum deposit amount of Rs. 1.5 lakh a year. So people from any financial background can apply for an SSY account.
  • As the scheme is a long-term investment it provides the benefits of annual compounding. So even small investments are bound to give big returns.
  • The saving account under the scheme is flexibly transferable in any part of the country (bank or post office anywhere in the country)

How to fill SSY Application Form

To apply for the Sukanya Samriddhi Yojana you need to fill out the application form. The application form asks for some key information on the girlchild in whose name the account is opened. You need to have all the information about girlchild to be able to apply for the scheme:

  • Name of the girlchild.
  • Name of parents/legal guardians  (joint account holder)
  • Initial deposit amount.
  • Date of Birth of girlchild.
  • Cheque/ DD number and Date (Used for an initial deposit)
  • Birth certificate details (Certificate number, date of issue, etc)
  • Permanent address of the parents
  • Photo id of Parent/Guardian (DL, Aadhar Card)
  • KYC documents (PAN, Voter ID)

Fill out the application form by correctly providing the information above. And submit the application form with the documents to the account opening authorities.

Transfer of Sukanya Samriddhi Yojana Account

One of the important features of the scheme is flexibility. It can be transferred easily to another bank/post office.
You need to submit the account transfer request to the account’s current office (post office/ Bank). Fill out the application form and submit it to the Post Office where your account is currently located. You can also transfer accounts from one designated branch to another by doing the same process.
Sukanya Samriddhi Yojana (SSY) Deposit Limits

The minimum deposit amount for the Suknya Samriddhui Yojana account is Rs. 250 annually, and the maximum deposit amount is Rs. 1.5 lakh manually. For an account to continue to earn interest you need to deposit a minimum amount for at least 15 years.

Other Key Features of Sukanya Samriddhi Yojana

  • As we know that the minimum deposit amount for a year under SSY is Rs. 250. And if you are unable to deposit the amount any year the account will default. The account will earn interest rates as applicable in the scheme. If you want to revive the account any time before the completion of 15 years, you will need to pay Rs. 250 + Rs 50 for each defaulted year.
  • After the age of 18, the girl will be able to operate the account on her own. She just needs to submit the necessary documents to the post office/bank where the account is being held.
  • Withdrawal can also be made up to 50% of the available account balance at the end of the previous F.Y. When the girl completes her 18 years or passed 10th class she can withdraw for her higher education fee. Maximum one withdrawal can be made in a year, in a lump sum or in installments, for a maximum of 5 years, subject to the ceiling specified and to the actual requirement of fee/other charges.

Sukanya Samriddhi Yojana (SSY) Tenure/Maturity Period

The maturity period for any Sukanya Yojana account is the marriage of the girl after the age of 21(recently changed). Or when the girl is 21 years old. But to earn interest on the account minimum contribution needs to be made at least for 15 years.

Premature Closure of SSY AccountThere can be reasons that the account needs permanent closure. Some of the reasons are below:

  • After the age for marriage, the girl can deposit the amount for her marriage expenses.
  • If the account holder dies, the parents or Legal guardian with whom the joint account is opened can claim on the final amount. The amount will be handed over once the verification is done. For the verification of the death of the account holder, the nominee will need to submit all the necessary documents duly attested by the concerned authorities.
  • You can close the SSY account if there is any kind of direction from the central government regarding the inability of the depository to carry forward the account. you can close it in case the contribution towards the account is causing any kind of financial stress to the depositor. For that, you need to take permission from the competent authorities to process the closure and settlement of the account.
  • Sukanya Samriddhi Yojana will only be catered to under extreme cases such as life-threatening diseases or medical emergencies.

Sukanya Samriddhi Yojana Application

To Download the Sukanya Samriddhi Yojana Application Form – Click Here

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