Sukanya samriddhi yojana interest rate

Introduction for the Sukanya Samriddhi Yojana

  • Sukanya Samriddhi Yojana is a scheme initiative for a little girl. The program was started by the central government as part of the Beti Bachao, Beti Padhao campaign. The scheme comes with benefits under Section 80C of the Income Tax Act of India. For small savings plans, Sukanya Samriddhi Yojana is the best interest rate plan with tax-free returns. 

  • The account under Sukanya Samriddhi Yojana can be opened at any time after the birth of a baby girl up to the age of ten. The account can be opened at any authorized branch of any authorized post office or bank with a minimum deposit of rupees two hundred and fifty each financial year. A maximum of rupees one lakh and fifty thousand can be deposited under Sukanya Samriddhi Yojana during an exercise. The account will remain in effect for twenty-one years from the date it is opened or until the girl gets married after she turns eighteen.

  • To open an account under Sukanya Samriddhi Yojana, guardians will need to present the birth certificate to the post office or bank along with the application form. In addition to this, the identity card of the child and parents and proof of address must also be presented. The account must be opened on the name of the girl child and one account is permitted by the scheme to be opened for one child.

Interest rate for the Sukanya Samriddhi Yojana 

  • The interest rate for the second quarter of fiscal year 2021-2022, therefore from July 1, 2021 to September 30, 2021, has been kept unchanged at 7.6%. 

  • The interest rate for the first quarter of fiscal year 2021-2022, therefore from April 1, 2021 to June 30, 2021, was 7.6%. 

  • The entire payment into the “Insolvency Account” (if a minimum amount of rupees two hundred and fifty has not been deposited), which is not paid within the prescribed time limits, would bear interest on the current savings account. postal; unless the default is due to the death of the guardian who opened the Account. 

Benefits of Sukanya Samriddhi Yojana 

1. High Interest 

  • The Sukanya Samriddhi account offers a higher rate of interest than other savings plans which provide financial security to the child. Each fiscal year, the government declares the applicable interest rate for that year, while the interest on your investments is compounded annually. The resources in the person’s account will increase several times upon expiration, thanks to the power of composition.

2. Significant Tax Savings 

  • The person’s contributions to Sukanya Samriddhi Yojana for their girl child’s future are compatible for tax withdrawal under Section 80C of the Income Tax Act 1961. Hence, you can claim tax deductions up to rupees one lakh fifty thousand invested in the program. In addition, tax savings are also available on interest earned and the amount received at maturity or withdrawals. Sukanya Samriddhi Yojana is under the authority of the Ministry of Revenue and is one of the most popular investment policies with exempt status. 

3. Guaranteed benefits at maturity 

  • At maturity, the person’s account balance under Sukanya Samriddhi Yojana along with the accrued interest will be settled straight to the child (or policyholder). Therefore, the program essentially helps your daughter to become financially independent and self-sufficient once she is mature enough to make decisions for herself in life.

Procedure to calculate the interest rate on the Sukanya Samriddhi Yojana account 

  • Interest according to this scheme is compounded on an annual basis, so the interest in the Sukanya Samriddhi Yojana account is calculated on the lowest balance of the calendar month, that is between the duration of the fifth day in a month and at the last of the month. Interest accrued on this account is credited to the account at the end of the year. 

To calculate the interest, the person can follow the following formula: 

  • A = P (1 + r / n) ^ nt
  • , which means that the “A” stands for the “amount at maturity”. The “P” stands for the “initial deposit”, whereas the “r” stands for the “rate of interest”. Meanwhile, the “n” refers to the “number of years on which the interest has been compounded” and the “t” denotes the “number of years”. 

Main features of Sukanya Samriddhi Yojana

  • The interest rate offered on a Sukanya Samriddhi Yojana account is 7.6% per annum. (e.g., July 1, 2021, to September 30, 2021) on an annual basis. 

  • The minimum deposit to a Sukanya Samriddhi Yojana account is rupees two hundred and fifty. 

  • The maximum amount that can be deposited in one year is rupees one lakh fifty thousand in the name of Sukanya Samriddhi Yojana. 

  • There is no limit to the number of deposits per month or fiscal year. 

  • An annual deposit of up to rupees one lakh fifty thousand qualifies for tax benefits under section 80C. 

  • You can continue to deposit in your Sukanya Samriddhi Yojana account until the age of fifteen from the date of opening your account 

  • The account expires after the end of the mandate which is twenty-one years. The balance of the Sukanya Samriddhi Yojana, including interest, is paid to the child upon presentation of the application and proof of identity, residence and citizenship.

The tax advantages offered under the Sukanya Samriddhi Yojana Scheme

The account opened under this scheme has provided many tax advantages which are as follows: 

  • The investment made under the Sukanya Samriddhi Yojana scheme is eligible for a deduction under article 80C, subject to a maximum of rupees one lakh and fifty thousand.

  • Interest accrued on the investment may also benefit from the tax exemption.

  • The amount that will be received at maturity or withdrawn is also tax-free.

These were the tax benefits offered under the program to the applicants applying.

Eligibility criteria for enrolling in the Sukanya Samriddhi Yojana

If an applicant wants to open their account in the Sukanya Samriddhi Yojana then they should first check their eligibility as only the eligible candidates can open the account and register under the program. The eligibility criteria’s which should be followed by the candidate is given below: -

  • The first criteria say that the account must be opened before the child is ten years old 

  • The second standard states that the parents or a legal guardian can open the account in the name of the child 

  • The third norm mentions that a family with two daughters can only open a maximum of two accounts and if there is a third child, it is not possible to open a third account under the Sukanya Samriddhi Yojana.

  • The fourth criterion says that multiple accounts for the same child are not allowed under Sukanya Samriddhi Yojana 

  • The fifth standard states that if a person is unable to invest the minimum deposit of rupees two hundred and fifty into their daughter's account under Sukanya Samriddhi Yojana, the account will be considered a “default account” and will earn applicable interest under the scheme. 

  • The sixth norm mentions that if there’s an early closure of accounts under Sukanya Samriddhi Yojana then it is not allowed, however, the premature closure may be considered in specific cases. The cases such as the unfortunate disappearance of the child or if the child is undergoing medical treatment for a fatal illness. The case of the unfortunate death of the guardian would be also considered.

  • The seventh criteria say that after a girl turns the legal age which is eighteen, then the girl will be able to manage her account under the Sukanya Samriddhi Yojana.

These were the seven eligibility criteria mentioned under the program of Sukanya Samriddhi Yojana and if the person must take care and go through these before opening the account under the scheme.

Documents required for submission under the program of Sukanya Samriddhi Yojana 

If a person wants to get their account open under the program of Sukanya Samriddhi Yojana then they are expected to submit a certain set of documents to the organisation of the scheme. The documents are mandatory for submission and this step cannot be avoided by the person.

The list of documents that need to be submitted under the program is listed below: -

  • The first document to be submitted is the Aadhar card as this is the identification document of the person applying.

  • The second paper must give proof regarding the age as age is also under standard criterion in the scheme.

  • The third document must be the Sukanya Samriddhi Yojana account opening form of the individual and it must be submitted positively. 

  • The fourth document must be the child's birth certificate and must be presented when opening the account. 

  • The fifth document must be an identity document and proof of address of the depositor must be presented when opening the account. 

  • The sixth paper has to be the medical certificate if several children are born under one order. 

  • The seventh paper must be any other document required by the bank or the post office.

  • The eight documents must be the domicile certificate.

  • Other details such as the name, family background, profession, status, mobile number, email Id, date of birth, etc have to be delivered to the scheme’s organisation.

These were the list of documents that should be submitted by the person applying in the scheme and must take care of all of these. Any other supporting documents regarding certain proofs given by them can also be delivered along with the above-mentioned papers. 

Account Balance under the program of Sukanya Samriddhi Yojana

Sukanya Samriddhi Account Balance can be viewed online and offline through its electronic and physical passbook. The passbook will reflect all financial transactions made through the account. You can consult the balance of your account via the bank or postal branches of the office from which the account was opened. The balance can also be checked online on the bank's website after receiving the internet credentials of the bank where the account was opened. 

Procedure to check the account balance under the Sukanya Samriddhi Yojana

The person can check the account balance under the Sukanya Samriddhi Yojana in two ways, which is the online and offline method. Both of the ways are discussed below: -

  • In the Offline Method, more than twenty-five banks offer the probability to open Sukanya Samriddhi Yojana accounts. When an applicant unlocks Sukanya Samriddhi Yojana account with one of these banks, they are delivered with a passbook. The passbook can be updated frequently to access the balance of the Sukanya Samriddhi Yojana account. 

  • In the Online Method, with the advent of digitization, the Sukanya Samriddhi Yojana account balance can now also be checked online through bank statements. The steps to do so is been discussed below: -

  • The first step is to request and retrieve the login credentials of the Sukanya Samriddhi Yojana account from the respective bank. However, it should be noted that not all banks have started offering this feature yet. Therefore, the person will only be able to use this feature if the bank offers the possibility. 

  • Step two is to then use the login credentials to log into the bank's online banking portal. 

  • Step three is to then log into the account, the person can then go to the home page and check their balance there. It may also appear on the account dashboard. 

  • The final step is to then note that the process will only give the person access to check their balance. They will not be able to carry out any transaction through this portal.

This was the procedure to check the account balance under the Sukanya Samriddhi Yojana and the applicant must follow these steps if they want to get access over the balance. 

Helpline support details under the program of Sukanya Samriddhi Yojana

If a person is facing difficulties regarding the program and fails to solve them at their own level then they can reach out to the scheme’s organisation for assistance. 

The helpline support details of the Sukanya Samriddhi Yojana is given below and the person can reach out to any of these: -

  • The person can place a call at the toll-free number of the organisation which is 18002666868. The call must take place between 9:00 AM to 6:00 PM during the working days.

  • Secondly, the person can draft and send their formal addressed mail at [email protected] 

  • Thirdly, the person can go through the website such as or at for more information and data regarding the scheme. 

  • Fourthly, the customer care number of the scheme’s organisation is 18004252440

These were the four ways through which a person can reach out to the management and make an attempt to solve their confusion or difficulty regarding the Yojana. 

Frequently asked questions about the Sukanya Samriddhi Yojana 

Question 1) What is the age limit relaxation for girls under the Sukanya Samriddhi Scheme? 

Answer 1) Because the Sukanya Samriddhi initiative is new, the government does not want a small number of people to miss out on it because of their age. As a result, any girl kid who has reached the age of ten years exactly one year before the scheme's inception is also entitled to participate. The Sukanya Samriddhi Scheme is open to any girl child born between December 2, 2003, and December 1, 2004.

Question 2) What happens if the depositor (female child's guardian or parent) passes away? 

Answer 2) The scheme is either closed or the proceeds are transferred to the family of the girl child if the legal guardian or parent of the girl child dies. Alternatively, the programme can be continued with the deposited money until the maturity period expires, with the deposited amount earning interest until the girl child reaches the age of twenty-one.

Question 3) Is it possible to convert my regular bank account to a Sukanya Samriddhi account? 

Answer 3) No, the ability to convert a deposit account to a Sukanya Samriddhi Account is currently unavailable. Sukanya Samriddhi is a unique plan targeted at improving the financial situation of women in the country, and account conversion is not permitted.

Question 4) Should I invest in the Sukanya Samriddhi or the Recurring Deposit Scheme? 

Answer 4) Sukanya Samriddhi appears to be designed similarly to a recurring deposit system, however clients should be aware that, unlike recurrent deposits, this scheme is dedicated to providing financial stability to the country's girl children. Furthermore, the rate of interest offered on this scheme is higher than any bank's recurring deposit scheme rate.

Question 5) Will I be given a Sukanya Samriddhi Yojana passbook? 

Answer 5) Yes, all Sukanya Samriddhi Scheme account holders will receive a passbook to keep track of their transactions. The account holder's personal information, such as an address, name, and age, will be kept in the passbook. This is a useful resource for depositors in the event of a dispute or when transferring an account from one location to another, such as from a post office to an authorised bank.