Sukanya Samriddhi Yojana (SSY) Interest Rate April-June 2023: The Finance Ministry has increased the Sukanya Samriddhi Yojana (SSY) interest rate to 8%. The revised rate will be applicable in the first quarter of FY 2023-24 starting tomorrow (April 1). For the fourth quarter of FY 2022-23, the SSY interest rate was 7.6%.
Along with SSY, the Government has also revised the interest rates of some other small savings schemes like Senior Citizens Savings Scheme (SCSS), Kisan Vikas Patra, Post Office Fixed Deposits, Post Office Monthly Income Scheme and Post Office Recurring Deposit. There is no change in Public Provident Fund (PPF) interest rate.
Sukanya Samriddhi Account can be opened in the name of a girl child aged below 10 years. A family can open a maximum of two SSY accounts in the name of two girls.
The amount deposited in the SSY account qualified for deduction under Section 80C of the Income Tax Act. Also, the interest earned from SSY deposited is tax-free.
The SSY account matures after 21 years from the date of account opening or at the time of marriage of the girl child after she attains the age of 18 years. In the case of marriage, the SSY account can be closed 1 month before or 3 months after the date of marriage.
The SSY deposits earn interest at the prescribed rate notified by the Ministry of Finance on a quarterly basis. The interest is 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. Also, the interest is credited to the account at the end of each financial year.
The Government revises interest rates for various small savings schemes on a quarterly basis. The next revision of the interest rates will happen by June 30, 2023.