Sukanya Samriddhi Yojana is one of the most successful and beneficial schemes introduced by the Modi Government. The reason behind such a big success of this Scheme is the interest rate offered on the savings account. Sukanya Samriddhi Yojana Interest Rate 2019 was 8.5% p.a which is one of the highest interests that is offered by any type of account or scheme. This scheme is introduced to provide the benefit to the female section of the society by empowering the future generation with opportunity.
UPDATE: Government recently announced that the interest rates for the quarter Jan – Mar 2023 will remain unchanged for Sukanya Sukanya Yojana which is 7.6% for now.
Another aim of this scheme is to help the parents accomplish the goal of their daughter by providing funding at two major events like Education and Marriage. When the Sukanya Samriddhi Yojana Scheme was introduced back in 2015 the interest rate was around 9.1% p.a. Interest offered by for the Sukanya Samriddhi Yojana Scheme is changed every quarter. Below is the table which shows the historic interest rate offered on the Sukanya Samriddhi Yojana Account (yearly)-
| Time-Period | Interest Rate |
| Jan-Mar 2023 (FY 2022-23) | 7.6% |
| Oct-Dec 2021 (FY 2021-22) | 7.6% |
| July-Sep 2021 (FY 2021-22) | 7.6% |
| April-June 2021 (FY 2021-22) | 7.6% |
| January-March 2021 (FY 2021-22) | 7.6% |
| Oct-Dec 2020 (FY 2020-21) | 7.6% |
| July-Sep 2020 (FY 2020-21) | 7.6% |
| April-June 2020 (FY 2020-21) | 7.6% |
| January-March 2020 (FY 2020-21) | 8.4% |
| Oct-Dec 2019 (FY 2019-20) | 8.4% |
| July-Sep 2019 (FY 2019-20) | 8.4% |
| April-June 2019 (FY 2019-20) | 8.5% |
| Jan-March 2019 (FY 2019-20) | 8.5% |
| Oct to Dec 2018 (FY 2018-19) | 8.5% |
| Jul-Sep 2018 (FY 2018-19) | 8.1% |
| Apr-Jun 2018 (FY 2018-19) | 8.1% |
| Jan-March 2018 (FY 2018-19) | 8.1% |
Related Article– List of Bank Offering Sukanya Samriddhi Yojana Account
How Interest For Sukanya Samriddhi Yojana Is Calculated?
The Interest rate of Sukanya Samriddhi Yojana is calculated on the compound bases which is why this account can offer a high Return on Investment. The Interest earned is exempt of any taxed meaning the amount that you will receive will not be charged with any taxes and a full absolute amount will be paid. You can use the Sukanya Samriddhi Yojana Calculator to for any amount. To understand it further let’s take an example-
Example for Sukanya Samriddhi Yojana Interest Earned-
Before the calculation of the Interest earned and the maturity amount, we need to assume some factor that is deciding factor of the interest earned-
- The amount of Rs.10,000/- will be deposited on annual bases
- The interest rate of the scheme will be the same throughout the year although it changes every year.
- No partial withdrawal will be done throughout the 21 years of the maturity period
| Year | Yearly Deposite | Total Deposite at Year End | Balance at Year End |
|---|---|---|---|
| 1 | 10000 | 10000 | 10,810 |
| 2 | 10000 | 20000 | 22,496 |
| 3 | 10000 | 30000 | 35,128 |
| 4 | 10000 | 40000 | 48,783 |
| 5 | 10000 | 50000 | 63,545 |
| 6 | 10000 | 60000 | 79,502 |
| 7 | 10000 | 70000 | 96,751 |
| 8 | 10000 | 80000 | 115,398 |
| 9 | 10000 | 90000 | 135,555 |
| 10 | 10000 | 100000 | 157,345 |
| 11 | 10000 | 110000 | 180,900 |
| 12 | 10000 | 120000 | 206,363 |
| 13 | 10000 | 130000 | 233,889 |
| 14 | 10000 | 140000 | 263,644 |
| 15 | 284,999 | ||
| 16 | 308,084 | ||
| 17 | 333,038 | ||
| 18 | 360,015 | ||
| 19 | 389,176 | ||
| 20 | 420,699 | ||
| 21 | 454,776 |
Conclusion
The above table clearly indicates that the Return on Investment is very attractive. As per the assumption, the total investment made throughout the initial 14 years is Rs. 1,40,000/- and the final maturity amount earned after 21 years is Rs. 4,54.776 which is almost 3-4 times the investment made. Therefore, this scheme is very beneficial for the daughter’s education and marriage.
