Sukanya Samriddhi Yojana Interest Rate: Overview & Calculation Process

India is a developing country with a lot of progressing women. To further encourage them, the government and other organizations are focusing more on rearing girl children and building up their careers. Hence, to do this, the more important step is creating awareness among the common mass. In addition, the government enforces laws and offers different schemes to help all underprivileged girls.

One of these effective schemes is Sukanya Samriddhi Yojana. Although the government has fixed the interest rate for Sukanya Samriddhi Yojana, it gets revised every quarter.

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What Is Sukanya Samriddhi Yojana?

Originally a part of the ‘Beti Bachao, Beti Padhao’ movement of the Indian government, Sukanya Samriddhi Yojana is a small deposit scheme for the financial needs of a girl child.

Parents can open a Sukanya account right after the birth of a girl child. The chances of opening this account remain till the girl child turns 10. Here one can deposit from ₹ 250 to ₹ 1.5 lahks per financial year.

This account remains active till 21 years from its starting. However, in case of any emergency, such as a sudden need for money for educational purposes or marriage, you can withdraw 50% of the amount after the girl child turns 18.

What Are the Documents Required While Applying to Sukanya Samriddhi Yojana?

The documents required to open this account are -

Birth certificate of the girl child
Identity proof of the depositor
Residency proof of the depositor

There are certain rules to opening an account. These are -

You can open only one account per girl child.
Only the legal guardian can open the account.
You have to open the account in the name of the girl child in any notified post office or bank.
A minimum of ₹ 250 should be deposited in each financial year.

Like any other government scheme, the Sukanya Samriddhi Yojana account should contain the minimum balance. Otherwise, this account may turn into a default account. Hence, the problem with the default account is the account cannot be revived after 15 years.

What Is the Interest Rate of Sukanya Samriddhi Yojana?

Launched in 2014, Sukanya Samriddhi Yojana is a supporting scheme for the girl children of India. For better financial help, the interest rate of Sukanya Samriddhi Yojana gets revised after every quarter. The girls get a compounded interest yearly. The following table will show the interest rates for different years from the start to the last financial year.

Year	Interest Rate
From 1 April 2014	9.10%
From 1 April 2015	9.20%
1 April 2016 – 30 June 2016	8.60%
1 July 2016 – 30 September 2016	8.60%
1 October 2016 – 31 December 2016	8.50%
1 January 2017 – 31 March 2017	8.50%
1 April 2017 – 30 June 2017	8.40%
1 July 2017 – 31 September 2017	8.30%
1 October 2017- 31 December 2017	8.30%
1 January 2018 – 31 March 2018	8.50%
1 April 2018 – 30 June 2018	8.10%
1 July 2018 – 30 September 2018	8.10%
1 October 2018 – 31 December 2018	8.50%
1 January 2019 – 31 March 2019	8.50%
1 April 2019 – 30 June 2019	8.50%
1 January 2020 – 31 March 2020	8.4%
1 April 2020 – 31 December 2023	7.6%
1 January 2024 - 31 March 2024	8.2%

The interest rates of Sukanya Samriddhi Yojana are the most attractive among other saving schemes. This is because the government wants to encourage the parents to save money for the girl child. Therefore, this scheme is one of the most advantageous and secured accounts for the girl child.

Sukanya Samriddhi Yojana Interest Rate Calculator

Sukanya Samriddhi Yojana calculator gives the total maturity amount concerning the interest rate and tenure plan based on the SSY current interest rate. You need to put the necessary information on the tool, for example, the interest rate, yearly contribution, and the girl child’s age. Through different assumptions, the SSY calculator makes the calculation. These are,

The investment of the investors per financial year
If there is no deposit made for a certain period, the SSY calculator calculates interest based on the earlier deposits
The interest rate remains constant throughout the scheme
Considers whether the deposit has been made on a yearly or monthly basis

Hence, there is a formula for calculating the interest rate of Sukanya Samriddhi Yojana. This is, A = P(r/n+1) ^ nt. Here,

A denotes compound interest rate

P stands for the principal amount

r indicates the rate of interest

n is for the number of compounding interests in a particular financial year

Lastly, t refers to the time or number of years

Suppose Mrs. Khemka deposits a yearly investment of ₹ 50,000 in Sukanya Samriddhi Yojana. She continues investing for 15 years and does not withdraw anything before reaching 21. Let’s see the calculation.

Deposit Each Year for 21 Years	Interest Earned (as Per the Current Rate @8.2%) (Approx.)	Year-end Balance (Approx.)
₹ 50,000	₹ 4,100	₹ 54,100
₹ 50,000	₹ 8,536	₹ 1,12,636
₹ 50,000	₹ 13,336	₹ 1,75,972
₹ 50,000	₹ 18,530	₹ 2,44,502
₹ 50,000	₹ 24,149	₹ 3,18,651
₹ 50,000	₹ 30,229	₹ 3,98,881
₹ 50,000	₹ 36,808	₹ 4,85,689
₹ 50,000	₹ 43,926	₹ 5,79,615
₹ 50,000	₹ 51,628	₹ 6,81,244
₹ 50,000	₹ 59,962	₹ 7,91,206
₹ 50,000	₹ 68,979	₹ 9,10,185
₹ 50,000	₹ 78,735	₹ 10,38,920
₹ 50,000	₹ 89,291	₹ 11,78,211
₹ 50,000	₹ 1,00,713	₹ 13,28,925
₹ 50,000	₹ 1,13,072	₹ 14,91,996
₹ 0	₹ 1,22,344	₹ 16,14,340
₹ 0	₹ 1,32,376	₹ 17,46,716
₹ 0	₹ 1,43,231	₹ 18,89,947
₹ 0	₹ 1,54,976	₹ 20,44,922
₹ 0	₹ 1,67,684	₹ 22,12,606
₹ 0	₹ 1,81,434	₹ 23,94,040

Therefore, if you are thinking of opening an account and wondering about the calculation, then you can take help from Sukanya Samriddhi Yojana Calculator. The calculator effectively counts the interest with SSY's current interest rate within seconds. It gives an estimated total amount per financial year based on your deposit.

Thus, you can understand how much you can save for your girl child or how much is needed for her. Lastly, it is very convenient for everyone.

Parents need to give special attention to their daughter’s higher education and health to help them succeed. In addition, there is also the matter of marriage to consider. Therefore, to manage all these expenses, parents need to plan and save money beforehand.

In this regard, Sukanya Samriddhi Yojana’s interest rate can add up more on top of these savings and give a lump sum at the end of a certain period of time. Therefore, choosing the scheme can be an effective decision for the future of the girl child.

FAQs About Sukanya Samriddhi Yojana Interest Rate

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Does Sukanya Samriddhi Yojana fall under tax deduction?

Yes, Sukanya Samriddhi Yojana falls under 80C of the Income Tax Act 1961. Here the tax benefits up to ₹ 1.5 lakh will be rewarded to the account holders for the deposit made as an investment.

Which banks allow opening Sukanya Samriddhi Yojana accounts in their branches?

Most government-owned and private banks allow the opening of Sukanya Samriddhi Yojana accounts in their branches. Some of them are the State Bank of India (SBI), State Bank of Patiala (SBP), Central Bank of India, Bank of India (BOI), Bank of Baroda (BOB), etc.