Sukanya Samriddhi Yojana Interest Rate Rule
Sukanya Samriddhi Yojana Interest Rate Rule: Know full information about the rules for premature withdrawal from SSY account
Sukanya Samriddhi Yojana Interest Rate Rule: Sukanya Samriddhi Yojana (Sukanya Samriddhi Yojana) is a government scheme launched in the year 2014 by Prime Minister Narendra Modi! Sukanya Samriddhi Yojana Interest Rate is revised on a quarterly basis! SSY aims to provide financial security to a girl till she gets married! Sukanya Samriddhi Yojana Account can be opened for children below 10 years of age. The account matures in 21 years from the time it was opened!
Sukanya Samriddhi Yojana Interest Rate Rule: Know full information about the rules for premature withdrawal from SSY account
Determines the interest rate for Sukanya Samriddhi Yojana (Sukanya Samriddhi Yojana)! The interest rate is compounded on an annual basis and is credited to the account! Subscribers can also opt for monthly interest! For a month, the Sukanya Samriddhi Yojana Interest Rate is calculated on the minimum balance, which is in the account between the 10th and last day of the month! For the fourth quarter of FY2020-2021, the interest rate was 7.6%!
The government has ensured that the Sukanya Samriddhi Yojana Interest Rate is attractive enough for parents to be encouraged to invest more to protect the future of the girl child! The interest rate for the financial year 2019-2020 was 8.40% for the period between 1 January 2020 to 31 March 2020! The current quarter-related interest rate (1 April 2020 – 30 June 2020) is 7.60%, and it is compounded on an annual basis!
SSY interest rate calculation
To illustrate how SSY interest rate calculation works, here is an example! Mrs Malavika, a 3-year-old girl parent, started investing in SSY from the financial year 2015-16! The interest rate for this SSY Count is on! Let’s assume that the deposit and the date of deposit remain the same for 21 years! She contributes Rs 10,000 on 1 April of each financial year! The maturity amount that his daughter can attain at the end of 21 years is as follows!
| Period | Interest Rate(%) |
|---|---|
| After April 2020 | 7.6 |
| January 1, 2019 – March 31, 2019 | 8.5 |
| 1 October 2018 – 31 December 2018 | 8.5 |
| 1 July 2018 – 30 September 2018 | 8.1 |
| 1 April 2018 – 30 June 2018 | 8.1 |
| January 1, 2018 – March 31, 2018 | 8.1 |
| 1 July 2017 – 31 December 2017 | 8.3 |
| 1 October 2016 – 31 December 2016 | 8.5 |
| 1 July 2016 – 30 September 2016 | 8.6 |
| 1 April 2016 – 30 June 2016 | 8.6 |
| 1 April 2015 | 9.2 |
| 1 April 2014 | 9.1 |
Premature Withdrawal Rules From SSY Account
The rules that allow premature closure of accounts are given below:
- Once the girl attains the age of 18 and is getting married, premature withdrawal of Sukanya Samriddhi Scheme is allowed! However, an application must be submitted at least one month before the wedding and 3 months after the wedding to receive the benefits!
- If the girl becomes a non-citizen or non-resident, Sukanya Samriddhi Yojana (Sukanya Samriddhi Yojana), then the account will be considered closed! Any change in the situation should be reported to the parent or girl within one month!
- If the girl dies, the remaining balance in the account can be withdrawn by the guardian! However, the death certificate has to be submitted!
- If the account has been opened for 5 years or more, and the bank or Post Office feels that the continuation of the account is causing hardship to the girls, then the parent or girl child can opt for premature closure. !
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