Sukanya Samriddhi Yojana – Interest Rates
You will currently earn an interest rate of 7.6% per annum on your Sukanya Samriddhi Yojana account. The Indian government determines and revises the interest rate of the scheme on a quarterly basis.
How is the interest rate on deposits calculated?
The scheme’s interest rate is announced by the government at the end of each quarter. Interest on deposits you make will be calculated on the lowest balance in the Sukanya Samriddhi account between the 5th and the end of the month. Thus, to obtain a higher amount of interest, the depositor must ensure that the deposit in the account is credited before the 5th of the month. Interest is credited to the account at year-end.
Premature termination of Sukanya Samriddhi account
The account will be immediately closed in the event of the death of the account holder upon presentation of a death certificate issued by the competent authority and the balance will be paid to the guardian of the account holder together with the interest still due.
The interest rate for amounts held in the Sukanya Samriddhi Account from the date of death to the date of closure of the account will be the same as the interest rate for post office savings accounts.
Accounts can be terminated prematurely for extremely compassionate reasons, such as when a girl needs medical assistance for a life-threatening illness or when a guardian dies and the account holder would suffer undue hardship if the account remains open (girl). The account must be open for five years for this to be allowed. Once all necessary documents have been submitted, early account closure will be permitted. Unpaid amounts with interest due under the Plan will be paid to the Account Holder or Account Guardian, as applicable.