Cheerful news for the families with girls as today the Modi government announces an increase in the interest rates for the Sukanya Samriddhi Yojana. This benefit is not just limited to the Sukanya Samriddhi Yojana but is also extended to three-year tenure small saving schemes and the senior citizen’s savings schemes. Specifically, it has implemented a 10 to 20 basis points (one percentage point is equal to 100 basis points) increase in the interest rates for the three-year fixed deposit scheme offered by post offices.

The increased rates are set to take effect from January to March in the upcoming quarter of 2024.

Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana

The government’s decision to increase the interest rates for Sukanya Samriddhi Yojana along with some
other schemes is a sign of significant development.

For Sukanya Samriddhi Yojana, the interest rate is getting a 0.20 percent raise resulting in an attractive
8.20 percent interest rate in the upcoming quarter.Until March 31, 2024, the government has raised the interest rates for certain small savings schemes and post office schemes. 

This was announced in a circular from the finance ministry on December 29, 2023. However, The interest rate for the Public Provident Fund (PPF) remains unchanged at 7.1 percent.

Sukanya Samriddhi Yojana (SSY), initiated under the ”Beti Bachao Beti Padhao” campaign, is a good
scheme for securing the financial future of girl children in India. The scheme was launched in 2015,
and the main aim of this scheme is to ensure the protection, survival, and increased participation of girls
in education. 

SSY is a small-deposit scheme that allows deposits ranging from a minimum of Rs. 500 to a
maximum of Rs. 1.5 lakh per annum, with a maturity period of 21 years.

The scheme can be started in banks like State Bank of India, ICICI Bank, and Axis Bank.
Parents of a girl child can manage the savings account of a girl until the girl is 10 years old. Later the girl
itself can handle it. 

The Attractive feature of this scheme is that you can deposit money in different ways and withdraw up to half of what you have saved whenever needed. Additionally,The tax benefit is provided as an encouragement for people to save for their girl children’s future.

Sukanya Samriddhi Yojana (SSY) is managed by the Ministry of Women and Child Development, Ministry
of Human Resource Development, and the Ministry of Health and Family Welfare.

Simply put, if you save money through SSY, the government adds extra money to it every year. This year, they are adding 8.0% extra, and they do this every year.

• Post Office Savings Account: Steady at 4 percent interest.
• Post Office 1-year Time Deposit: Unchanged at 6.9 percent interest.
• 2-year Time Deposit: Remains stable at 7 percent interest.
• Post Office Three-year Time Deposit: Increased by 10 basis points to 7.10 percent.
• 5-year Time Deposits: Interest remains unchanged at 7.5 percent.
• 5-year Recurring Deposits: Interest steady at 6.7 percent.
• Senior Citizen Savings Scheme: No change, still at 8.2 percent interest.
• Monthly Income Account Scheme: Maintains a 7.4 percent interest rate.
• National Savings Certificate: Interest remains at 7.7 percent.
• Public Provident Fund Scheme: Unchanged at 7.1 percent interest.
• Kisan Vikas Patra Scheme: Interest rate remains at 7.5 percent.
• Sukanya Samriddhi Yojana: Increased by 20 basis points, now at 8.2 percent from the
8 percents.

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Mahalakshmi Scheme Telangana

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