Current Sukanya Samriddhi Yojana interest rates is 7.6% per annum. This is a government savings scheme especially to benefit the girl child. You can open a savings account under the SSY scheme to generate a corpus for your girl child as soon as she is born or till she’s 10 years old.
What is Sukanya Samriddhi Yojana?
Sukanya Samriddhi Yojana scheme is a government-backed deposit scheme, designed towards promoting the welfare of the girl child. Parents of a girl child can invest in this scheme and receive Sukanya Samriddhi Yojana interest on it.
This SSY interest rate generates good returns as the interest is compounded annually, thus yielding bigger amounts over the course of the scheme. In addition to this Sukanya Samriddhi Yojana interest rate, you also get to enjoy tax benefits up to Rs 1.5 lakh. This is as per the guidelines in section 80C of the Income-Tax Act.
Considering these two benefits, it is no surprise that the scheme is immensely popular.
Sukanya Samriddhi Yojana: Eligibility Criteria?
The SSY account will be in your name, if you are the legal guardian or the parent of a girl child who is younger than 10 years.
The control of the account will be transferred to the girl once she gets 18 years old.
SSY Interest Rate: FAQs
From April 2021, the government of India has set the Sukanya Samriddhi Yojana interest rate at 7.6% per annum.
The government of India decides it on a quarterly basis.
You can open an account in your name if your girl child is younger than 10 years old. Once she turns 18, she will have the complete ownership of the account.