sukanya samriddhi yojana interest rate 2020

Sukanya Samriddhi Yojana Interest Rate 2021

Finance Investment Tax Planning

Last Updated on 03/01/2021 by Deepak Singla

Sukanya Samriddhi Yojana (SSY) is a savings scheme started by the Government of India that encourages parents to save money for their girl child. The scheme motivates the parents/legal guardian of the girl child to build a fund for marriage expenses and future educational purposes. SSY scheme was launched by Prime Minister Shri Narendra Modi on 22nd January 2015, and it is a part of the government’s ‘Beti Bachao, Beti Padhao’ campaign. The parents of the legal guardian of the girl child can avail the Sukanya Samriddhi Yojana by opening a savings account in their nearest post office or any authorized commercial bank. The account has to be opened before the girl attains 10 years of age.

Sukanya Samriddhi Yojana Interest Rate 2020-21

In the year 2021, the government has reduced the interest rates on various small money-saving schemes including the Sukanya Samriddhi Yojana (SSY). Currently, the Sukanya Samriddhi Yojana interest rate stands at 7.6%.

SSY scheme offers attractive rates of interest that is similar to other small savings scheme. The government of India declares the interest rates at the starting of every quarter of the financial year.

The below table compares the current and past Sukanya Samriddhi Yojana interest rates from 2017 to 2020:

Time Period Sukanya Samriddhi Yojana Interest Rate (per annum)
1st April 2017 to 30th June 2017 8.4%
1st July 2017 to 30th September 2017 8.3%
1st October 2017 to 26th December 2017 8.3%
1st January 2018 to 31st March 2018 8.1%
1st April 2018 to 30th June 2018 8.1%
1st July 2018 to  30th September 2018 8.1%
1st October 2018 to 31st December 2018 8.5%
1st January 2019 to 31st March 2019 8.5%
1st April 2019 to 30th June 2019 8.5%
1st July 2019 to 30th September 2019 8.4%
1st October 2019 to 31st December 2019 8.4%
1st January 2020 to 31st March 2020 8.4%
1st April 2020 onwards 7.6%

Top 20 Banks offering Sukanya Samriddhi Yojana

  1. State Bank of India
  2. Axis Bank
  3. United Bank of India
  4. UCO Bank
  5. Punjab National Bank
  6. Oriental Bank of Commerce
  7. Indian Bank
  8. ICICI Bank
  9. Corporation Bank
  10. Canara Bank
  11. Bank of India
  12. Allahabad Bank
  13. Vijaya Bank
  14. Union Bank of India
  15. Syndicate Bank
  16. IDBI Bank
  17. Punjab & Sind Bank
  18. Central Bank of India
  19. Bank of Baroda
  20. Andhra Bank

Sukanya Samriddhi Yojana (SSY) Interest Rate Calculator

Sukanya Samriddhi Yojana is a long-term investment scheme that enables you to generate a high rate of interest. A Sukanya Samriddhi Yojana Calculator helps you to determine the returns you receive as well as the invested amount and tenure.

Some of the benefits of SSY calculators are:

  1. Shows the year of maturity for your SSY account.
  2. Displays the amount you receive upon maturity.
  3. Enables you to plan your investment portfolio more effectively.

The SSY calculator uses the following formula to produce the result:

A= P (1+r/n)^ nt


A= Compound interest

P= Principal amount

r= Rate of Interest

n= The amount of times interest is compounded during a year

t= Number of years

Calculation Example of SSY Account Deposits

Let’s consider the following example:

  • Annual investments: Rs 3 lakh
  • Investment period: 15 years
  • Total amount invested at the end of 15 years: Rs 45 lakh
  • The interest rate for one year: Rs 7,600
  • The interest rate at the end of 15 years: Rs 3, 42, 000

The value of the SSY investment at the end of 15 years assuming 7.6% p.a is equal to Rs 3, 42, 000. Hence, the amount is almost doubled by investing in this guaranteed return investment in the long term.

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SSY Account Details

The parents/legal guardian can open only one SSY account per child. However, Sukanya Samriddhi Yojana scheme can be opened for more than two girls in some special cases like:

  1. a) If a girl child is born after the birth of twin or triplet girls, then the parents of the child can open a third SSY
  2. b) If a girl child is born before the birth of twin or triplet girls, or the triplets are born earlier, then a third SSY account can be opened.

A minimum amount of Rs 250 has to be deposited initially. Subsequently, the parents/legal guardian can deposit any amount in multiples of Rs 100. The maximum amount that one can deposit is Rs 1, 50, 000. The SSY scheme matures once the girl child attains 21 years of age. However, partial withdrawal of up to 50% of the balance in your SSY account is allowed after the girls turn 18 years old for either marriage or higher education purposes.


The Sukanya Samriddhi Yojana is a good scheme offered by the government to encourage savings for the girl children and the interest rate of the SSY scheme is comparatively higher than other small savings schemes.


Q: Is Sukanya Samriddhi Yojana interest rate the same in all the private and public sector banks?

Ans: Yes. Sukanya Samriddhi Yojana’s interest rate is fixed by the government at the beginning of each year and is applicable to both private and public sector banks.

Q: Is there any difference between the Sukanya Samriddhi Yojana interest rates offered by banks and post offices?

Ans: The benefits provided by the SSY are the same irrespective of whether it is offered by a post office or a private/public sector bank. The SSY interest rates are fixed by the government each quarter and this is applicable to post offices and banks as well.

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