8% Interest, Sukanya Samriddhi, Jul-Sep 2023: 23 Banks to Open Account
On June 30, 2023; the announcement was made regarding the Sukanya Samriddhi Yojana (SSY) interest rate for the July’23-September’23 quarter of the fiscal year 2023-24. The Union Government has decided to maintain the current interest rate of 8% for the SSY account. Despite some expectations for a rise in the interest rate, it was unlikely as the rate was already increased in the previous quarter.
During the April-June quarter of FY 2023-24, the interest rate for the Sukanya Samriddhi Yojana (SSY) was raised to 8.0%. The SSY scheme permits individuals to deposit up to Rs 1.5 lakh per annum in the name of a minor girl child between the ages of 1 and 10 years. Furthermore, these deposits are eligible for tax deductions under Section 80C of the Income Tax Act, with a yearly limit of Rs 1.5 lakh. It is worth noting that any interest accrued from deposits made under the SSY scheme is also exempt from taxation.
Sukanya Samriddhi Yojana Interest Rate 2023 vs 2022
(i) The interest rate for the first quarter of the fiscal year 2023-2024, that is, from July 1, 2023, to September 30, 2023, will be 8%.
(ii) The interest rate for the first quarter of the fiscal year 2023-2024, that is, from April 1, 2023, to June 31, 2023, was increased to 8%.
(iii) In the fourth quarter of the fiscal year 2022-2023, from January 1, 2023, to March 31, 2023, the interest rate was 7.6%.
(iv) Similarly, in the first quarter of the fiscal year 2022-2023, from April 1, 2022, to June 30, 2022, the interest rate was also 7.6%.
If the minimum deposit of Rs. 250 has not been made in the “Account under default” and it is not regularized within the specified time, the remaining amount will earn interest in the post savings bank account. However, if the default is due to the death of the guardian who opened the Account, this condition does not apply.
23 Banks to Open Sukanya Samriddhi Yojana Account in 2023
To open a Sukanya Samriddhi Yojana (SSY) account for the girl child born in 2023, you have the option to choose between a participating bank or a post office branch. If you already have a savings account with a participating bank, it is recommended to open an SSY account there for convenience. You can easily access the SSY Account Opening Application Form by visiting the respective bank’s website. Simply fill out the form and submit it to any of the following participating bank to initiate the process of opening your SSY account.
- State Bank of India
- Allahabad Bank
- Andhra Bank
- Punjab and Sind Bank
- Bank of Baroda
- Canara Bank
- Bank of India
- Bank of Maharashtra
- Corporation Bank
- Central Bank of India
- Indian Overseas Bank
- Dena Bank
- Indian Bank
- UCO Bank
- Syndicate Bank
- United Bank of India
- Punjab National Bank
- Union Bank of India
- Oriental Bank of Commerce
- IDBI Bank
- Vijaya Bank
- Axis Bank
- ICICI Bank
Sukanya Samriddhi Yojana Interest Rate from 2017 to 2023
| Period | SSY Interest Rate (% annually) |
| Jul to Sep 2023 (Q2 FY 2023-24) | 8.0 |
| Apr to Jun 2023 (Q1 FY 2023-24) | 8.0 |
| January to March 2023 (Q4 FY 2022-2023) | 7.6 |
| October to December 2022 (Q3 FY 2022-23) | 7.6 |
| Jul to Sep 2022 (Q2 FY 2022-23) | 7.6 |
| Apr to Jun 2022 (Q1 FY 2022-23) | 7.6 |
| Jan to Mar 2022 (Q4 FY 2021-22) | 7.6 |
| Oct to Dec 2021 (Q3 FY 2021-22) | 7.6 |
| Jul to Sep 2021 (Q2 FY 2021-22) | 7.6 |
| Apr to Jun 2021 (Q1 FY 2021-22) | 7.6 |
| Jan to March 2021 (Q4 FY 2020-21) | 7.6 |
| Oct to Dec 2020 (Q3 FY 2020-21) | 7.6 |
| Jul to Sep 2020 (Q2 FY 2020-21) | 7.6 |
| Apr to Jun 2020 (Q1 FY 2020-21) | 7.6 |
| Jan to March (Q4 FY 2019-20) | 8.4 |
| Oct to Dec 2019 (Q3 FY 2019-20) | 8.4 |
| Jul to Sep 2019 (Q2 FY 2019-20) | 8.4 |
| Apr to Jun 2019 (Q1 FY 2019-20) | 8.5 |
| Jan to March 2019 (Q4 FY 2018-19) | 8.5 |
| Oct to Dec 2018 (Q3 FY 2018-19) | 8.5 |
| Jul to Sep 2018 (Q2 FY 2018-19) | 8.1 |
| Apr to Jun 2018 (Q1 FY 2018-19) | 8.1 |
| Jan to March 2018 (Q4 FY 2017-18) | 8.1 |
| Oct to Dec 2017 (Q3 FY 2017-18) | 8.3 |
| Jul to Sep 2017 (Q2 FY 2017-18) | 8.3 |
| Apr to Jun 2017 (Q1 FY 2017-18) | 8.4 |
Over the past six months, the Finance Ministry has raised interest rates for various small savings schemes, including the Senior Citizen Savings Scheme (SCSS), National Savings Certificate (NSC), Sukanya Samriddhi Yojana (SSY) account, Kisan Vikas Patra (KVP), and Post Office deposit schemes such as Post Office Time Deposit, Post Office Monthly Income Scheme (POMIS), and Post Office Recurring Deposit (RD). The interest rate for the Public Provident Fund (PPF) has remained unchanged.
After a series of repo rate hikes by the Reserve Bank of India (RBI) since May 2022, the rate hike has now been put on hold. Consequently, the likelihood of an increase in the interest rate of the Sukanya Samriddhi Account (SSY) was very slim between July 2023 – September 2023.
The interest rates of small savings schemes, including the SSY, are tied to the yields of Government Securities (G-Secs). Every quarter of the financial year, the Finance Ministry reviews the interest rates of small savings schemes such as the Sukanya Samriddhi Account. This review is based on the G-Secs yields from the preceding three months.
Given that the interest rates of most small savings schemes, including the SSY, are already on par with the fixed deposit rates offered by banks, the chances of a further increase in the SSY rate are minimal. Additionally, experts believe that with the RBI’s decision to pause the repo rate hike and the decreasing inflation, there is limited scope for an upward adjustment of the SSY account interest rate.
Hi, I am Nikesh Mehta, owner and writer of this site. I’m an analytics professional and also love writing on finance and related industry. I’ve done online course in Financial Markets and Investment Strategy from Indian School of Business. I can be reached at [email protected].
You Might Like
