sukanya samriddhi yojana interest rate

Good Evening friends, in this article we are talking about the Sukanya Samriddhi Yojana. This yojana was launched by Prime Minister Mr. Narendra Modi in the year of 2014.

This scheme is provide the financial security to a girl till the times she get married. The Sukanya Samriddhi Yojana is for that girls whose age is below 10 years. The account matures in 21 years from the time it has been opened.

Sukanya Samriddhi Account Interest Rate

This scheme is based on the government security. For this scheme the government of India has decides the rate of interest for this scheme quarterly basis. The interest rate is on the yearly basis, and the amount of interest is directly transfer to bank account.

YearInterest Rate (%)
1 April 2019-30 June 20198.50
1 January 2019 – 31 March 20198.50
1 October 2018 – 31 December 2018 8.50
1 July 2018 – 30 September 2018 8.10
1 April 2018 – 30 June 2018 8.10
1 January 2018 – 31 March 2018 8.10
1 October 2017 – 31 December 2017 8.30
1 July 2017 – 31 September 2017 8.30
1 April 2017 – 30 June 2017 8.40
1 January 2017 – 31 March 2017 8.50
1 October 2016 – 31 December 2016 8.50
1 July 2016 – 30 September 2016 8.60
1 April 2016 – 30 June 2016 8.60
From 1 April 2015 9.20
From 1 April 2014 9.10

The government has ensure that Sukanya Samriddhi Yojana interest rate is profitable for the parents of the girl child, this amount is the security amount for the girl child. The interest rate for the financial year 2019-2019 is 8.50 %. The interest rate is compounded on the annual basis. This the best interest rate among other saving scheme.

The parents of the girl child they will get the best interest from this yojana. Under the section of 80 C of the Income Tax Act 1961. There is no other deposit scheme in the country that offer such a high rate of interest in any type of girl yojana.

Charges of Sukanya Samriddhi Yojana

Financial YearAssessment Year Interest Rate (%)Minimum Amount Limit (Rs.)Maximum Amount Limit (Rs.)
Q1 of 2019-20 Q1 of 2020-21 8.50 Rs.250Rs.1.5 lakh
Q4 of 2018-19 Q4 of 2019-20 8.50 Rs.250 Rs.1.5 lakh
Q3 of 2018-19 Q3 of 2019-20 8.50 Rs.250 Rs.1.5 lakh
Q2 of 2018-19 Q2 of 2019-20 8.10 Rs.250 Rs.1.5 lakh
Q1 of 2018-19 Q1 of 2019-20 8.10 Rs.250 Rs.1.5 lakh
Q4 of 2017-18 Q4 of 2018-19 8.10 Rs.250 Rs.1.5 lakh
Q3 of 2017-18 Q3 of 2018-19 8.30 Rs.250 Rs.1.5 lakh
Q2 of 2017-18 Q2 of 2018-19 8.30 Rs.1,000 Rs.1.5 lakh
Q1 of 2017-18 Q1 of 2018-19 8.40 Rs.1,000 Rs.1.5 lakh
Q4 of 2016-17 Q4 of 2017-18 8.50 Rs.1,000 Rs.1.5 lakh
Q3 of 2016-17 Q3 of 2017-18 8.50 Rs.1,000 Rs.1.5 lakh
Q2 of 2016-17 Q2 of 2017-18 8.60 Rs.1,000 Rs.1.5 lakh
Q1 of 2016-17 Q1 of 2017-18 8.60 Rs.1,000 Rs.1.5 lakh
2015-16 2016-17 9.20 Rs.1,000 Rs.1.5 lakh
2014-15 2015-16 9.10 Rs.1,000 Rs.1.5 lakh

The comparison of Sukanya Samriddhi interest rate with other popular savings instruments such as PPF, RD and FD is show in the given below table:

SchemeSukanya Samriddhi YojanaPublic Provident FundFixed DepositRecurring Deposit
Interest Rate (FY 2019-2020)8.50% p.a8.00% p.a3.50% to 8.00% p.a5.75% to 8.05% p.a

Eligibility For Sukanya Samriddhi Yojana

  • Only those parents can apply for this scheme who are the legal parents of the girl or the legal guardian, they can open a Sukanya Samriddhi account in the name of girl child.
  • The girl child age should be below 10 years, at the time of account opening. The account will be operational till the girl child reaches the age of 21.
  • The investment rate can start from Rs. 250 and the maximum of Rs. 1,50,000 annually with the further deposit in the multiples of Rs. 100.
  • A single girl can not have the multiple account of Sukanya Samriddhi Yojana.
  • The parents of the girl child can take the high rate of interest from this scheme.
  • Only two account of the Sukanya Samriddhi Yojana is allowed in one family. One account for each girl child.
ParametersDetails
Yojana NameSukanya Samriddhi Yojana
Account TypeSmall Saving Scheme
Launched Date22 January 2015
Launched By PM Narendra Modi
Target AudienceGirl Child
End DateNA
Country India
Current Interest Rate8.4%
Age LimitLess than 10 years.
Deposit LimitMinimum 250, or Maximum 1.5 lakh

Documents For Sukanya Samriddhi Yojana

The process for opening the account for your girl child then you have to submit legal documents. In the given below article we mentioned some documents that will be submitted by the girl child parents or guardian.

  • Birth Certificate of Gild Child
  • Address Proof of Gild Child Parents or guardian.
  • Proof of Identity of the parents or guardian.

Authorized Banks for Sukanya Samriddhi Yojana

The Government of India has decided that to select some bank for open the gild child account for Sukanya Samriddhi Yojana. The Reserve Bank of India has issued the authorized bank for this yojana.

State Bank of India Punjab & Sindh Bank
United Bank of India Oriental Bank of Commerce
Union Bank of India Indian Overseas Bank
UCO Bank Indian Bank
Central Bank of India IDBI Bank
Bank of Maharashtra ICICI Bank
Bank of Baroda Dena Bank
Andhra Bank Corporation Bank
Syndicate Bank Bank of India
Punjab National Bank Axis Bank
Allahbad Bank

Benefits of Sukanya Samriddhi Yojana

If you are starting the account of Sukanya Samriddhi yojana then you will the more benefits from this scheme. There are very few existing saving plans in India that could match the benefits of Sukanya Samriddhi Account for the girl child. This scheme gives the excellent opportunity for the parents of the girl child. The parents of the girl child can save the money for their daughter future.

Tax Free Sukanya Samriddhi Yojana

In this yojana one of the greatest advantage is this, the account of Sukanya Samriddhi Yojana is totally EEE tax free. The meaning of EEE tax free is that the amount of the deposit that account would be exempted from taxes along with the facts that the proceeds and the maturity amount too would be exempted from taxes under the section 80 C.

This is the biggest reason why the Sukanya Samriddhi Yojana is compared with the PPF Investment.

  • The deposited amount of Sukanya Samriddhi Yojana that would be completely deductible under the section 80 C of the Income Tax. For this scheme only 1.5 lakh is the maximum amount you can invest in this yojana.
  • The interest on this account that would also be tax free.
  • On the time of account close the maturity amount will be exempted from the taxes.

Customer Care Number of Sukanya Samriddhi Yojana

In this point we mentioned the helpline number for all those parents who are filling the application form for their daughter secure life. In case any of having the trouble to opening the account of Sukanya Samriddhi Yojana then they call on the helpline number. The helpline number is available 24 x 7. You can call any time and from any where.

The helpline number of Sukanya Samriddhi Yojana is 01126862526

Key Features of Sukanya Samriddhi Yojana

In this scheme the parents of girl child they will see the lots of benefits for their girl child. Most of the middle class peoples start this yojana for their daughter, to secure their daughter life.

  • The interest rate of Sukanya Samriddhi Yojana that would be 8.4% for FY 2019-2020 annually. The rate of interest may very high every year according to the government budget.
  • Parents or guardian of the child can open the Sukanya Samriddhi account in any of post office or nationalized banks, that would be listed by the RBI. For this scheme the initial deposit amount is 1000 or more. You can also deposit a multiple of 100.
  • This yojana account would be opened in the name of gild child by the parents or the legal guardian or the girl child.
  • Only one account can be open in a single girl name. That means that a girl can not have the more than one account on their name in banks or post office. From one family only two girl account can be open in the Sukanya Samriddhi Yojana.
  • The maximum age of girl child is less than 10 years or 10 years.
  • The minimum 1000 amount can be deposit every year. In case if you can not deposit the amount then the account will be discontinued. Then, if you deposit the amount then the girl child can be reactivated. And you have the pay the penalty of the late deposit Rs. 50 is the amount of penalty for the financial year.
  • In case if you want to withdrawal the amount then you can withdrawal only half of the amount. If you want to withdrawal full amount then it would be done only on that case, the marriage of the girl, or for her higher education, at the same rate of interest as per the scheme of every financial year.
  • Sukanya Samriddhi Yojana account will be mature after 21 year from the date of opening year of the account. In case the gild child does not want to close their account then they can deposit the amount and take the benefit of the interest with the current interest rate of amount.
  • All the amount of Sukanya Samriddhi Yojana and their interest they both are the tax free under the section of 80C. The feature of this scheme is that to improved the interest rate every year.

Account Transfer in Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana is launched for all over India. hence, the account of this scheme is transferable in all over India. On that case if the account holder or depositor can moving to the other place then they can transfer their this yojana account.

This yojana has the clear rules if you want to withdrawal the amount then you can withdraw only 50% of amount after the account holder turns 18 years, this can be only for the gild marriage or their higher education.

If the girl child has the marriage after the 18 years, the account mat not be possible to continue, this account will be close by the bank or government. On that case the affidavit and relevant certificate proof will be required that for the girl is above 18 years and their parents are doing that girl marriage.