Sukanya Samriddhi Yojana: What is the latest Sukanya Samriddhi Yojana interest rate?

Sukanya Samriddhi Yojana, or SSY, is a welfare program for girls aimed at betterment for girls. Investing in SSY allows parents or legal guardians to provide financial protection for a girl child aged 10 years or less. With consistent deposits you can build up a sizable corpus. You can use this corpus to help your girl child achieve her aspirations for marriage, education, etc.

Sukanya Samriddhi Yojana- Interest Rates

You will currently earn 7.6 percent interest rate p.a. on your Sukanya Samriddhi Yojana account. The Indian government determines and review’s the scheme’s interest rate on a quarterly basis.

How is the interest rate on deposits calculated?

The interest rate on the scheme is announced by the government at the end of every quarter. The interest on the deposits made by you will be calculated on the lowest balance in the Sukanya Samriddhi Account between fifth and end of the month. Thus, to get higher interest amount, the depositor should ensure that deposit in the account is credited before 5th of the month. The interest shall be credited to the account at the end of the financial year.

Premature closure of Sukanya Samriddhi Account

The account will be immediately closed in the event of the account holder’s death upon presentation of a death certificate issued by the appropriate authority, and the remaining amount will be paid to the account holder’s guardian along with any outstanding interest.

The interest rate for the amounts held in Sukanya Samriddhi Account from the date of death to the date the account is closed will be the same as the interest rate for post office savings accounts.

Accounts may be prematurely closed on extremely humanitarian grounds, such as when a girl child needs medical assistance for a life-threatening illness or when a guardian passes away and the account holder would suffer undue hardship if the account was kept open (girl child). The account must have been open for five years in order for this to be permitted. After all necessary paperwork has been submitted, an early account closure will be permitted. Unpaid amounts with interest due in accordance with the plan will be paid to the account holder or the account guardian, as appropriate.