Sukanya Samriddhi Yojana (SSY) completed its 10th anniversary on Wednesday (January 22, 2025). Launched by Prime Minister Narendra Modi on January 22, 2015, the scheme has been encouraging families to invest in their daughters’ bright futures for the past 10 years.
According to the Ministry of Finance, the number of participants in this system will exceed 4.2 billion by November 2024. The SSY account allows investment of a minimum of Rs 250 and a maximum of Rs 1.5 million annually in the name of a girl child.
SSY interest rate history
The SSY account offered an interest rate of 9.1% at inception from January 21, 2015 to March 3, 2015.
For one year from April 1, 2015, the SSY account offered an interest rate of 9.2%, attracting millions of subscribers.
However, in later years, the scheme recorded a lower interest rate of 7.6% over three years. From January 1, 2024, an interest rate of 8.2% will apply.
The table below shows the evolution of SSY interest rates over the past 10 years.
Source: Post Office
How is interest on SSY calculated?
Interest on investments in SSY accounts is calculated monthly based on the minimum balance in the account from the end of the fifth day to the end of the month.
However, this interest will be credited to your account at the end of the financial year, regardless of any change in accounting firm due to transfer.
Who can open an SSY account?
Parents of girls can open an SSY account immediately after birth. The age limit for opening this account is 10 years.
To be eligible to have an SSY account, the girl child must be resident in India from the time of account opening till the time of maturity/closure.
Only one SSY account is allowed per girl. Parents can open up to two SSY accounts for each child. However, exceptions can be made for more accounts in the case of twins or triplets.
