If you want to secure the future of your daughters, then Sukanya Samriddhi Yojana is an excellent government saving scheme. This scheme is being run for daughters under the ‘Beti Bachao-Beti Padhao’ initiative.
Anyone can open an account under this scheme for their daughter below 10 years . Under the scheme, an account can be opened with even Rs 250 annually, which later becomes a big fund. Let us tell you that when the daughter turns 21, then the return on investment can be in lakhs of rupees. Currently, the interest rate in this scheme along with tax benefits is higher than fixed deposits and PPF.
Sukanya Samriddhi Yojana Interest Rates (2023)
This is a small savings scheme. The government decides the interest rate for this scheme every three months. The interest rate of Sukanya Samriddhi Yojana ( SSY Interest Rates ) for the quarter of July to September 2023 is 8 percent , that is, at this time you will get interest at the rate of 8 percent per annum on this scheme. In this you get compound interest on annual basis. The interest rate offered in this scheme is mentioned in the table below:
October 2023- December 2023 8.00%
July 2023- September 2023 8.00%
April 2023 – June 2023 8.00%
April 2020- March 2023 7.6 %
1 January 2019 – 31 March 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 %
1 January 2018 – 31 March 2018 8.1 %
How to invest in Sukanya Samriddhi Yojana
If you want to invest in Sukanya Samriddhi Yojana (SSY) i.e. open an account, then this facility is available in post office, government and private banks. For this you will need some documents:
Documents required for Sukanya Yojana
- Birth certificate of girl child
- Photo ID of the applicant’s parent or legal guardian
- Address proof of the applicant’s parents or legal guardian
- KYC proof like PAN, Voter ID, Aadhar Card
Application procedure
Application form for Sukanya Samriddhi Yojana can be downloaded from RBI website, Indian Post website and official website of banks. Then you have to enter the key details in the application form by the girl child, parent or legal guardian:
Primary Account Holder: Girl Name
Joint Holder: Name of parent or legal guardian
initial deposit amount
Cheque/DD number and date for initial deposit
Date of birth of girl child with birth certificate details
Identity of parent or legal guardian like driving license, Aadhaar card etc.
Current and permanent address (as per ID document of parent or legal guardian)
Other KYC proof details like PAN, Voter ID card etc.
How to open SSY account
Currently there is no online method to open an account for Sukanya Samriddhi Yojana. You can download the application form from the website of the bank or Indian Post. Then after filling that form, you can open a Sukanya Samriddhi Yojana (SSY) account offline by going to your nearest post office or bank. To open an account you can follow the steps given below:
Step-1: First of all, go to your nearest bank or post office , where you want to open SSY account.
Step-2: Application form for SSY has to be filled. Also, necessary documents will have to be attached.
Step-3: You can pay the amount you want to open the account through cash, check or demand draft. You can deposit Rs 250 to Rs 1.5 lakh per year in this account .
Step-4: Your application and payment will be processed by the bank or post office.
Step-5: After processing, your SSY account will be activated. You will also be given a passbook by the bank or post office.
How to make online payment for SSY account
If you want, you can make online payment for SSY account. For this, first of all you have to download IPPB app (India Post Payments Bank Mobile Banking App) in your smartphone. For this the steps given below have to be followed:
