Sukanya Samriddhi Yojana Interest Rate: Latest Sukanya Samriddhi Yojana Interest Rate
Parents can open up to two of these accounts for their daughters. Interested persons can open an account with the specified bank or post office by submitting the account opening documents. These accounts are valid for 21 years or until the girl turns 18 and gets married.
Characteristics
The account can be opened with an initial deposit of Rs 250 and thereafter any multiple amount of Rs 50 can be deposited, provided that a minimum of Rs 250 is deposited in a financial year, but the total funds deposited in an account on a single occasion or on several occasions shall not exceed Rs 1,50,000 during a financial year.
Deposits to the account can be made up to the completion of 15 years from the date the account was opened. So, for a 9-year-old child, deposits must continue until the child is 24 years old. Between 24 and 30 years (when the account matures), the account continues to earn interest on the balance.
Currently, SSY offers the highest tax-free return with Sovereign Guarantee and enjoys Exempt-Exempt-Exempt (EEA) status. Annual deposit (contributions) qualify for the Section 80C benefit and maturity benefits are not taxable.
In accordance with the rules of the notified scheme, the account is managed by the guardian until the girl reaches the age of 18. After turning 18, the account will be managed by the girl by submitting the necessary KYC documents.
Interest rate
The government announces the plan’s interest rate at the end of each quarter. The next interest rate reset is scheduled for March 31, 2022. From April 1 through June 30, 2022, the interest rate quoted on that day will be in effect. The interest rate for the program is set by the Indian government and is changed regularly. Let’s take a look at past Sukanya Samriddhi interest rates.
Sukanya Samriddhi Account Scheme – Interest rate since inception
Source: National Institute of Savings website
Documents required to open an SSY account
- SSY Account Opening Form
- Birth certificate of the little girl (mandatory)
- Identity proof
- Proof of address
- Photography of parents and children
How is the interest rate on deposits calculated?
Between the fifth and the end of the month, interest on your deposits will be calculated on the lowest balance in your Sukanya Samriddhi account. Therefore, in order to receive a higher interest rate, the depositor must ensure that the deposit is credited to the account before the 5th of the month. At the end of the financial year, the interest will be credited to your account. The Sukanya Samriddhi Yojana interest rate is now 7.6% compounded annually for FY20202.
Sukanya Samriddhi account due date
The account will mature after the completion of 21 years from the date of its opening. Account maturity may be permitted before the completion of 21 years if requested by the account holder due to marriage. The account holder, i.e. a girl, will be required to provide a duly signed statement on non-judicial stamped paper attested by a notary supported by proof of age confirming that she will not be under 18 at the date of the wedding. No such closure will be permitted one month before or after three months from the wedding date.