Interest Rates in Sukanya Samriddhi Account (SSA) FY 2019-20 AY 2021-22 is 8.4% (Updated on 6th July 2019)
Are you planning to secure your girl child’s future? Are you thinking over investing in PPF or fixed deposits to make sure the money saved for your daughter grows securely over a period of time and matured when she is ready for either marriage or higher education? Well, if the financial future of your girl child is a concern for you, Sukanya Samriddhi Scheme would be best suited for you and your girl child
Interest rates in Sukanya Samriddhi Yojana
The government has made rate of interest in this scheme lucrative enough for parents and guardians to pour in more and more money for the security of their girl child. The interest rate for Sukanya Yojana for the current year 2019-20 is set to be 8.4% compounded yearly. This happens to be the best interest rates among other saving schemes including PPF. Please read this for SSA Vs PPF
When a guardian or parent is getting such a decent interest rate on Sukanya Samriddhi account and EEE tax exemption under 80C, they are more likely to invest more money into the account.
No other investment or deposit scheme in India offers such a high rate of interest along with tax exemption and security for the girl child.
This rate of interest is however not permanent and would keep changing every fiscal year based on the economic factors. However, considering the noble intent of the scheme, we are sure that it would continue to fetch higher interest rates than other saving schemes.
SSA Interest Rate change Chart
| Sno | FY | AY | Interest Rate | Min Amount Rs Limit | Max Amount Rs Limit |
| 1 | 2019 -20 (Q2) | 2020-21 (Q2) | 8.4 | Rs 250 | Rs 1.5 Lakhs |
| 1 | 2019-20 (Q1) | 2020-21 (Q1) | 8.5 | Rs 250 | Rs 1.5 Lakhs |
| 1 | 2018-19 (Q4) | 2019-20 (Q4) | 8.5 | Rs 1000 | Rs 1.5 Lakhs |
| 2 | 2018-19 (Q3) | 2019-20 (Q3) | 8.5 | Rs 1000 | Rs 1.5 Lakhs |
| 3 | 2018-19 (Q2) | 2019-20 (Q2) | 8.1 | Rs 1000 | Rs 1.5 Lakhs |
| 4 | 2018-19 (Q1) | 2019-20 (Q1) | 8.1 | Rs 1000 | Rs 1.5 Lakhs |
| 5 | 2017-18 (Q4) | 2018-19 (Q4) | 8.1 | Rs 1000 | Rs 1.5 Lakhs |
| 6 | 2017-18 (Q3) | 2018-19 (Q3) | 8.3 | Rs 1000 | Rs 1.5 Lakhs |
| 7 | 2017-18 (Q2) | 2018-19 (Q2) | 8.3 | Rs 1000 | Rs 1.5 Lakhs |
| 8 | 2017-18 (Q1) | 2018-18 (Q1) | 8.4 | Rs 1000 | Rs 1.5 Lakhs |
| 9 | 2016-17 (Q4) | 2017-18 (Q4) | 8.5 | Rs 1000 | Rs 1.5 Lakhs |
| 10 | 2016-17 (Q2) | 2017-18 (Q2) | 8.6 | Rs 1000 | Rs 1.5 Lakhs |
| 11 | 2016-17 (Q1) | 2017-18 (Q1) | 8.6 | Rs 1000 | Rs 1.5 Lakhs |
| 12 | 2015-16 | 2016-17 | 9.2 | Rs 1000 | Rs 1.5 Lakhs |
| 13 | 2014-15 | 2015-16 | 9.1 | Rs 1000 | Rs 1.5 Lakhs |
Comparison with PPF with Sukanya Samriddhi Account
The higher rate of interest being offered in SSA makes it a preferred choice while comparing it with PPF. The interest rate under the scheme is moreover linked with government bond yield. The SSA would give 50 basis points greater than the yield for 10 year government bonds.
Other benefits along with higher interest rates in Sukanya Samriddhi Account
- Complete EEE tax benefits under 80C
- Account is transferrable anywhere in India
- The minimum amount to be deposited every year quite low, i.e. Rs 1,000 per year
- The girl child can operate the account after 10 years
- The girl child to get the proceeds on maturity of the account
Till now, there has been no other scheme which offers the dual benefits of growth as well as financial security along with creating an awareness wherein the girl child is no more a burden on parents and guardians. The Sukanya Samriddhi Yojana, we hope will go a long way in creating better life for the girl child in India.
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