Is the government planning to revise the Sukanya Samriddhi Yojana (SSY) interest rate to boost participation? The Finance Ministry has now clarified its stance in Parliament, addressing concerns over falling interest rates and their impact on subscriptions.
No proposal to revise SSY interest rate
The government has ruled out any immediate plan to revise the interest rate under the Sukanya Samriddhi Yojana (SSY), one of India’s most popular small savings schemes for the girl child.
Responding to a question in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary said, “The interest rate under the Sukanya Samriddhi Account Scheme has remained at 8.2% per annum from January 1, 2024 onwards.”
This effectively means there is no proposal to restore the earlier higher rate of 8.1% or make any fresh upward revision at present.
Are subscriptions slowing due to lower interest rates? Govt says no
Amid concerns that lower interest rates may be discouraging new investments, the government dismissed such claims.
“No. Subscriptions (deposits and number of accounts) under the scheme have been growing since 2014-15,” the minister clarified.
This suggests that despite rate fluctuations over the years, SSY continues to attract steady participation from investors.
SSY continues to see strong growth
Data shared in Parliament shows a sharp and consistent rise in both the number of accounts and total deposits since the scheme’s launch in 2015.
| Year | Accounts (in lakh) | Deposits (₹ lakh crore) |
| 2014-15 | 4.2 | 0.001 |
| 2015-16 | 69.99 | 0.07 |
| 2016-17 | 100.84 | 0.17 |
| 2017-18 | 124.29 | 0.32 |
| 2018-19 | 155.34 | 0.5 |
| 2019-20 | 192.5 | 0.73 |
| 2020-21 | 232.68 | 1.01 |
| 2021-22 | 293.75 | 1.39 |
| 2022-23 | 350.08 | 1.75 |
| 2023-24 | 387.15 | 2.37 |
| 2024-25 | 424.57 | 2.99 |
(Source: Finance Ministry)
The data highlights how deposits have nearly touched Rs 3 lakh crore, while accounts have crossed 4.2 crore, underlining the scheme’s popularity.
What is Sukanya Samriddhi Yojana?
Launched on January 22, 2015, under the Beti Bachao Beti Padhao initiative, SSY is a government-backed savings scheme designed to encourage parents to build a financial corpus for their girl child.
Who can open an SSY account?
Parents or legal guardians can open an account in the name of a girl child
The child must be below 10 years of age at the time of opening
Only one account per girl child is allowed (maximum two accounts per family, with exceptions in case of twins)
How the scheme works
Minimum annual deposit: Rs 250
Maximum annual deposit: Rs 1.5 lakh
Deposit period: Rs 15 years
Maturity: 21 years from account opening or upon marriage (after age 18)
Tax benefits: EEE (Exempt-Exempt-Exempt) status under Section 80C
When was the SSY interest rate last revised?
The interest rate on SSY was last revised to 8.2% per annum with effect from January 1, 2024, where it continues to remain unchanged till March 2026.
SSY interest rate trend over the years:
| PERIOD | RATE OF INTEREST (%) |
| 03.12.2014 TO 31.03.2015 | 9.1 |
| 01.04.2015 TO 31.03.2016 | 9.2 |
| 01.04.2016 TO 30.09.2016 | 8.6 |
| 01.10.2016 TO 31.03.2017 | 8.5 |
| 01.04.2017 TO 30.06.2017 | 8.4 |
| 01.07.2017 TO 31.12.2017 | 8.3 |
| 01.01.2018 TO 30.09.2018 | 8.1 |
| 01.10.2018 TO 30.06.2019 | 8.5 |
| 01.07.2019 TO 31.03.2020 | 8.4 |
| 01.04.2020 TO 31.03.2023 | 7.6 |
| 01.04.2023 TO 31.12.2023 | 8 |
| 01.01.2024 TO 31.03.2026 | 8.2 |
The trend shows that while rates have moderated from earlier highs of over 9%, they have seen a gradual recovery in recent years. (Source: National Savings Institute)
What this means for investors
The government’s response makes it clear that SSY remains a stable and attractive long-term savings option despite interest rate changes. The continued growth in accounts and deposits suggests that investors still trust the scheme for its safety, tax benefits, and guaranteed returns.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Please consult a qualified professional before making investment decisions.