Sukanya Samriddhi Yojana Interest Rate 2024 for the present quarter October to December 2024 has been notified by central government. One can now check new interest rate payable on SSY post office scheme for girl child. Sukanya Samriddhi Yojna is being implemented under Beti Bachao Beti Padhao Yojana by PM Modi led union government. This scheme offers maximum interest rate offered on any deposit for girl child.
A person can open Sukanya Samriddhi Yojana account at any time till the girl child becomes 10 years of age. Each applicant will have to deposit certain amount in SSY account and the accumulated amount with interest amount would be given to the girl on reaching the maturity age.
Read this article till the end to know what is Sukanya Samriddhi Yojana interest rate, what is minimum amount to open SSY amount, how much maximum balance can be retained, how to make deposits, what are premature withdrawal terms and conditions and other aspects regarding the scheme.
SSY account will earn on the prescribed rate as notified by Ministry of Finance on quarterly basis.
Sukanya Samriddhi Yojana Interest Rate is 8.2% Per Annum (with effect from 1 January 2024).
The interest rate on SSY account is calculated on yearly basis and is compounded annually.
The Sukanya Samriddhi Yojana interest rate shall be calculated for the calendar month on the lowest balance in the account between the close of the fifth day and the end of the month.
Interest shall be credited to the account at the end of each financial year.
Interest shall be credited to the account at the end of each FY where account stands at the end of FY. (i.e. in case of transfer of account from Bank to PO or vice versa)
Interest earned is tax free under Income Tax Act.
Minimum Amount to Open Sukanya Samriddhi Yojana Account
Minimum amount to open Sukanya Samriddhi Yojana account is Rs. 250. Subsequent deposit can be made in the multiples of Rs. 50. Deposits can be made in lump-sum. There is no limit on number of deposits either in a month or in a financial year.
Maximum Balance to be Retained in SSY Account
The maximum balance which can be retained in Sukanya Samriddhi Yojana account is Rs. 1,50,000 in a financial year. Sukanya Samriddhi Account will be operated by the guardian till the girl child attains the age of majority (i.e. 18 years).
Who can Open Sukanya Samriddhi Account
SSY account can be opened by the guardian in the name of girl child below the age of 10 years.
Only one account can be opened in India either in Post Office or in any bank in the name of a girl child.
Sukanya Samriddhi Yojana account can be opened for maximum of two girls in a family. Provided in case of twins/triplets girls birth more than two accounts can be opened.
Deposits under Sukanya Samriddhi Yojana
Account can be opened with minimum initial deposit Rs. 250.
Minimum deposit in a FY is Rs. 250 and maximum deposit can be made up to Rs. 1.50 lakh (in multiple of Rs.50) in a FY in lumpsum or in multiple installments.
Deposit can be made maximum up to completion of 15 years from the date of opening.
If minimum deposit Rs. 250 is not deposited in a account in a FY , the account shall be treated at defaulted account.
Defaulted account can be revived before completion of 15 years from the date of opening of account by paying minimum Rs. 250 + Rs. 50 default for each defaulted year.
Deposits qualify for deduction under section 80C of Income Tax Act.
Criteria for Withdrawal under Sukanya Samriddhi Yojana
Withdrawal may be taken from account after girl child attains age of 18 or passed 10th standard.
Withdrawal may be taken up to 50% of balance available at the end of preceding F.Y.
Withdrawal may be made in one lump sum or in installments, not exceeding one per year, for a maximum of five years, subject to the ceiling specified and subject to actual requirement of fee/other charges.
Premature Closure of SSY Account
Account may be prematurely closed after 5 years of account opening on the following conditions : –
On the death of account holder. (from date of death to date of payment PO Savings Account interest rate will be applicable).
On extreme compassionate grounds
Life threatening decease of a/c holder.
Death of the guardian by whom account operated.
Complete documentation and application required for such closure.
For premature closure of account submit prescribed application form along with pass book at concerned Post Office.
Sukanya Samriddhi Account Closure on Maturity
After 21 years from the date of account opening, or
At the time of marriage of girl child after attaining age of 18 years.(but no closure is allowed before 1 month or after 3 months from the date of marriage).
