For the Financial Year 2015-16 government has declared Interest Rate of 9.2% on the Sukanya Samriddhi Yojana. Please note that the interest rate is not fixed and linked to the government bond yield. SSY will offer 75 basis points higher than the 10-year government bond yield for the previous year.
Update: Earlier the interest rates for the small saving schemes like PPF, SSY, NSC used to be declared annually once. From FY 2016 - 2017 the rate of interest will be reviewed every three months so interest rate on small saving schemes will be fixed on quarterly basis and may change every quarter.
As per latest update govt. has slashed rate for small saving schemes by 0.2 percentage point for the quarter January, 2018 - March 2018 from the rates applicable in the previous quarter. That means interest rate for SSY will be 8.1% in that period.
Interest Rates for SSY
April 1, 2016 - June 30, 2016 : 8.60% July 1, 2016 - September 30, 2016 : 8.60% October 1, 2016 - December 31, 2016 : 8.50% January 1, 2017 - March 31, 2017 : 8.50% April 1, 2017 - June 30, 2017 : 8.40% July 1, 2017 - September 30, 2017 : 8.30% October 1, 2017 - December 31, 2017 : 8.30% January 1, 2018 - March 31, 2018 : 8.10%
Points to note -
- Interest rate for SSY is not fixed and subject to change every quarter from FY 2016 - 2017.
- One of the highest rates of interest offered by Government on small savings scheme.
- Interest earned is tax free.
- PPF offers 25 basis points higher than the yield of 10-year government bonds where as SSY offers 75 basis points higher than the yield of 10-year government bonds so Sukanya Samriddhi Yoajana may always give a little higher return than PPF.
That's all for this topic Sukanya Samriddhi Yojana (SSY) Account Interest Rate. If you have any doubt or any suggestions to make please drop a comment. Thanks!
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