SSY Interest Rate 2020-21: What is the current Sukanya Samriddhi Yojana Interest Rate for 2020-21? Know SSY Eligibility Criteria, Features Here!

by Vishwesh Rajan P | Updated Feb 01, 2021 18:01 IST

social social social social SSY Interest Rate 2020-21: What is the current Sukanya Samriddhi Yojana Interest Rate for 2020-21? Know SSY Eligibility Criteria, Features Here!

SSY Interest Rate 2020-21 is 7.6%, Sukanya Samriddhi Yojana was introduced to offer financial assistance to the girl child and So many are curious to know the SSY Interest Rate 2020-21. Under this scheme, the child’s parent or guardian can open a savings account in any authorised commercial bank or Indian Post Office. The Sukanya Samriddhi Yojana Interest Rate changes for every fiscal year and the SSY Interest rate for 2020-21 is 7.6%. Read this article to know more about the SSY Interest rate 2020-21, Benefits of Sukanya Samriddhi Yojana, How to apply for it, etc.

What is the SSY Interest Rate 2020-21?

The Sukanya Samriddhi Yojana is a government of India initiative launched in the year 2015. It is part of the ‘Beti Bachao, Beti Padhao’. The primary objective of the program is to secure the financial future of the girl child. Through this scheme, the parent or guardian of the child can open a savings bank account. The account can be opened children below the age of ten years. For the current financial year, the SSY interest rate is 7.6% compounded annually. The scheme’s tenure is for 21 years till or until the girl gets married after the age of 18 years.

Sukanya Samriddhi Yojana Interest Rate 2021

As mentioned earlier, the SSY interest rate for the fiscal year 2020-21 is 7.6%. The Sukanya Samriddhi Yojana interest rate is changed every year. Listed below are all the SSY interest rates over the year.

Period SSY Interest Rates PPF Interest Rates
1st January, 2021 onwards 7.60% 7.10%
1st October, 2020 - 31st December, 2020 7.60% 7.10%
1st July, 2020 - 30th September, 2020 7.60% 7.10%
1st April, 2020 - 30th June, 2020 7.60% 7.10%
1st January, 2020 - 31st March, 2020 8.40% 7.90%
1st October, 2019 - 31st December, 2019 8.40% 7.90%
1st July, 2019 - 30th September, 2019 8.40% 7.90%
1st April, 2019 - 30th June, 2019 8.50% 8.00%
1st January, 2019 - 31st March, 2019 8.50% 8.00%
1st October, 2018 - 31st December, 2018 8.50% 8.00%
1st July, 2018 - 30th September, 2018 8.10% 7.60%
1st April, 2018 - 30th June, 2018 8.10% 7.60%
1st January, 2018 - 31st March, 2018 8.10% 7.60%
01st October 2017 - 26th December 2017 8.30% 7.80%
01st July 2017 - 30th September 2017 8.30% 7.80%
01st April 2017 - 30th June 2017 8.40% 7.90%

What are the benefits of Sukanya Samriddhi Yojana?

The primary benefit is that it secures the future of your child financially, Apart from this there are several other benefits, some of them are listed below,

  1. Simple and Hassle-free process of opening a Savings account.: The minimum deposit for opening the SSY account is Rs.250 and this can invest upto a maximum of INR 1.5 lakhs in a financial year. The account’s minimum contribution was initially INR 1000, but now it has been revised to INR 250.
  2. Creates a Financial Corpus for the Girl Child: The Sukanya Samriddhi Yojana creates an opportunity to financially secure a child’s future at a very early age. It paves the way to finance the expenses of the child’s higher education. The SSY scheme allows the guardian or parent to withdraw 50% of the accumulated sum for higher education needs once the girl turns 18.
  3. Premature Withdrawal Rules: When the girl reaches 18 years of age, the scheme’s account holder can make premature withdrawals. In the case of uncertain demise of the parent or any medical emergency, premature withdrawal can be made upon completion of 5 years of the scheme from the date of initiation.
  4. Offers Tax Benefits: Through the SSY scheme, the following tax exemptions can be availed,
  • Under the U/S 80C of the Income Tax Act, tax exemption can be claimed on the investment made towards the scheme upto a maximum limit of INR 1.5 lakhs.
  • The interest amount earned through the invested among it tax-free.
  • The maturity returns are tax exempted under Section 10(10D) of the Income Tax Act.

What are the Features of Sukanya Samriddhi Yojana Scheme?

The Sukanya Samriddhi Yojana scheme has several beneficial features. Listed below are some of the few salient features of the scheme,

  1. The girl’s parent or guardian manages the SSY account until the girl ten years old.
  2. Once the child turns 18, she can operate her account.
  3. The contribution made towards the scheme ranges between INR 250 to INR 1.5 lakh in a financial year. The contribution can be made in multiples of INR 100.
  4. The deposition tenure of the SSY scheme is 15 years and the maturity period is 21 years.
  5. The Sukanya Samriddhi Yojana account can be transferred from the post office to a bank and vice versa, anywhere within India.
  6. To shift the account, the subscriber is required to submit the address of residential change.
  7. Depositions made to the account can be made in online transfer, demand draft, cash or cheque.

Eligibility Criteria to Avail Sukanya Samariddhi Yojana Account

For opening a Sukanya Samariddhi Yojana account, specific eligibility criteria need to be met. You can find them listed below,

  1. Only the child’s parent or legal guardian can open the Sukanya Samriddhi account under the girl’s name.
  2. While opening the account, the age of the child should be less than ten years.
  3. The maturity tenure is until the girl reaches the age of 21 years.
  4. Only one account can be opened under the SSY scheme in the name of the girl child.
  5. An individual family can open only two SSY under the name of each girl child.
  6. Investors can make use of the higher interest rates offered by the company fixed deposits.

What are the List of Banks that Offer Sukanya Samriddhi Account?

The Sukany Samriddhi account can be opened in any post office or authorised bank. Listed below are all the banks that offer the SSY account,

  1. United Bank of India
  2. State Bank of India
  3. Punjab National Bank
  4. UCO Bank
  5. Oriental Bank of Commerce
  6. ICICI Bank
  7. Indian Bank
  8. Canara Bank
  9. Corporation Bank
  10. Axis Bank
  11. Bank of India
  12. Allahabad Bank
  13. Union Bank of India
  14. Vijaya Bank
  15. Punjab & Sind Bank
  16. Syndicate Bank
  17. IDBI Bank
  18. Indian Overseas Bank
  19. Bank of Maharashtra
  20. The Central Bank of India
  21. Dena Bank
  22. Andhra Bank
  23. Bank of Baroda
Disclaimer: The above information is for general informational purposes only. All information on the Site is provided in good faith, however we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability or completeness of any information on the Site.

SSY Interest rate 2020-21 - FAQs

1. What is the Sukanya Sammriddhi Yojana Interest rate for 2020-21?

The SSY interest rate for 2020-21 is 7.60%

2. What are the benefits offered under SSY scheme?

The primary benefit is that it secures the future of your child financially, Apart from this there are several other benefits, some of them are listed below,

  1. Simple and Hassle-free process of opening a Savings account.: The minimum deposit for opening the SSY account is Rs.250 and this can invest upto a maximum of INR 1.5 lakhs in a financial year. The account’s minimum contribution was initially INR 1000, but now it has been revised to INR 250.
  2. Creates a Financial Corpus for the Girl Child: The Sukanya Samriddhi Yojana creates an opportunity to financially secure a child’s future at a very early age. It paves the way to finance the expenses of the child’s higher education. The SSY scheme allows the guardian or parent to withdraw 50% of the accumulated sum for higher education needs once the girl turns 18.
  3. Premature Withdrawal Rules: When the girl reaches 18 years of age, the scheme’s account holder can make premature withdrawals. In the case of uncertain demise of the parent or any medical emergency, premature withdrawal can be made upon completion of 5 years of the scheme from the date of initiation.
  4. Offers Tax Benefits: Through the SSY scheme, the following tax exemptions can be availed,
  • Under the U/S 80C of the Income Tax Act, tax exemption can be claimed on the investment made towards the scheme upto a maximum limit of INR 1.5 lakhs.
  • The interest amount earned through the invested among it tax-free.
  • The maturity returns are tax exempted under Section 10(10D) of the Income Tax Act.
3. What is the eligibility criteria for applying for the SSY scheme?

For opening a Sukanya Samariddhi Yojana account, specific eligibility criteria need to be met. You can find them listed below,

  1. Only the child’s parent or legal guardian can open the Sukanya Samriddhi account under the girl’s name.
  2. While opening the account, the age of the child should be less than ten years.
  3. The maturity tenure is until the girl reaches the age of 21 years.
  4. Only one account can be opened under the SSY scheme in the name of the girl child.
  5. An individual family can open only two SSY under the name of each girl child.
  6. Investors can make use of the higher interest rates offered by the company fixed deposits.
4. What are the features of Sukanya Sammriddhi Yojana Scheme?

The Sukanya Samriddhi Yojana scheme has several beneficial features. Listed below are some of the few salient features of the scheme,

  1. The girl’s parent or guardian manages the SSY account until the girl ten years old.
  2. Once the child turns 18, she can operate her account.
  3. The contribution made towards the scheme ranges between INR 250 to INR 1.5 lakh in a financial year. The contribution can be made in multiples of INR 100.
  4. The deposition tenure of the SSY scheme is 15 years and the maturity period is 21 years.
  5. The Sukanya Samriddhi Yojana account can be transferred from the post office to a bank and vice versa, anywhere within India.
  6. In order to shift the account, the subscriber is required to submit the address of residential change.
  7. Depositions made to the account can be made in the form of online transfer, demand draft, cash or cheque.
5. What is the maturity tenure of SSY Scheme?

The maturity tenure is until the girl reaches the age of 21 years.


Trending News