Sukanya Samriddhi Account Scheme 2023 – Interest Rates & Other Details

Sukanya Samriddhi Account Scheme – Interest Rates & Other Details: As part of the Beti Bachao, Beti Padhao campaign, Prime Minister Narendra Modi started a program called Sukanya Samriddhi Yojana (SSY), which means “Girl Child Prosperity Scheme.” It started on January 22, 2015, in Panipat, Haryana.

About Of Sukanya Samriddhi Yojana (SSY)

The Government of India started a social movement on January 22, 2015, to do something about the number of boys to girls in our country going down. The message of the Beti Bachao Beti Padhao (BBBP) program is “Save girls, educate girl children.” This state program is run by the Ministry of Women and Child Development, Health and Family Welfare, and Human Resource Development.

 
The following are the goals of Beti Bachao Beti Padhao:
 
1) To stop children from being treated differently because of their gender and to end the practice of sex determination.
2) To secure the survival and protection of girls.
3) To increase female participation in education and other sectors.

The main goal of SSY is to help girls get an education and not get married so young. It aims to secure a bright future for the female child in India by assisting parents of a girl child in establishing a fund for their kid’s proper education and carefree marriage expenditures. For this reason, SSY has created the Sukanya Samriddhi Account.
 

Interest Rate For Sukanya Samriddhi Yojana

Interest rates of Sukanya Samriddhi Yojana are changed every three years by the government. The interest rate is more than that applicable to fixed deposits or other government schemes. Deposits can be made monthly or yearly for 15 years from the account’s opening date. Money can be withdrawn from the time the girl child attains the age of 18 years or later in some special events. Deposit should be done before the 10th of every month to get the interest for the whole month. Since the interest rates for this scheme are decided by the government, the rates are the same in same. However, interest is not paid if the money is not withdrawn even after the tenure is completed after the girl attains the age of 21.

 

Investment value

Minimum value – Rs.250 and Maximum value – Rs.1.5 lakh per annum

Current yearly interest rate

8% per annum

Maturity value

Would vary depending on the value invested

Maturity duration

21 years from the date of investment

Eligibility For Sukanya Samriddhi Yojana

Any girl child below 10 years is eligible for Sukanya Samriddhi Yojana Scheme.

1) She should be an Indian citizen to avail the benefits of the scheme.
2) Parents or guardians can open only two accounts under this scheme. If the parents give birth to triplets in the first delivery or twins in the second delivery, they have to submit medical documents to open the third account.

    How to Invest in Sukanya Samriddhi Yojana (SSY)?

    Investors can apply for the Sukanya Samriddhi Scheme at post offices or at state and private banks that are part of this scheme. Investors must submit a few documents and follow the steps listed below: 

    1) Birth certificate of the girl child
    2) Photo ID of applicant’s parent or legal guardian
    3) Address proof of applicant’s parent or legal guardian
    4) Other KYC proofs such as PAN and voter ID.

    Process of Application

    1) You can download the registration form from the RBI website, the Indian Post website, or the official website of a participating public sector or private bank.
    2) Fill out the form with the girl child’s and a parent’s or legal guardian’s important information. The most important areas must be filled out on the Sukanya Samriddhi Account form.
    3) The Girl Child’s name is the main account holder.
    4) Name of a parent or legal guardian as a joint holder
    5) Amount of the first deposit
    6) Cheque/DD Number and Date for the first payment
    7) Date of Birth of a Girl Child, as well as Birth Certificate Details
    8) Parent or legal guardian’s ID, like a driver’s license, Aadhaar card, etc.
    9) Present and permanent address (as shown on the parent or legal guardian’s ID card).
    10) Other KYC proofs, such as PAN, Voter ID card, and so on, are also listed.

    Sukanya Samriddhi Yojana (SSY) Interest Rates: Previous Rates

    Time Period

    SSY Interest Rate (% annually)

    Apr to Jun 2023 (Q1 FY 2023-24)

    8.0

    Jan to Mar 2023 (Q4 FY 2022-23)

    7.6

    Oct to Dec 2022 (Q3 FY 2022-23)

    7.6

    Jul to Sep 2022 (Q2 FY 2022-23)

    7.6

    Apr to Jun 2022 (Q1 FY 2022-23)

    7.6

    Jan to Mar 2022 (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

    Apr to Jun 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

    Jul to Sep 2020 (Q2 FY 2020-21)

    7.6

    Apr to Jun 2020 (Q1 FY 2020-21)

    7.6

    Jan to March (Q4 FY 2019-20)

    8.4

    Oct to Dec 2019 (Q3 FY 2019-20)

    8.4

    Jul to Sep 2019 (Q2 FY 2019-20)

    8.4

    Apr to Jun 2019 (Q1 FY 2019-20)

    8.5

    Jan to March 2019 (Q4 FY 2018-19)

    8.5

    Oct to Dec 2018 (Q3 FY 2018-19)

    8.5

    Jul to Sep 2018 (Q2 FY 2018-19)

    8.1

    Apr to Jun 2018 (Q1 FY 2018-19)

    8.1

    Jan to March 2018 (Q4 FY 2017-18)

    8.1

    Oct to Dec 2017 (Q3 FY 2017-18)

    8.3

    Jul to Sep 2017 (Q2 FY 2017-18)

    8.3

    Apr to Jun 2017 (Q1 FY 2017-18)

    8.4

    Sukanya Samriddhi Account Scheme – Interest Rates & Other Details