What is the SSY or Sukanya Samriddhi Yojana interest rate 2019? How often currently it is changing now? What is the historical interest rate of Sukanya Samriddhi Yojana? How it affected you? Let us get answers to all these questions.
Sukanya Samriddhi Yojana (Account) is a Small Savings Special Deposit Scheme for the girl child. This scheme is specially designed for girl’s higher education or marriage needs. To know more about Sukanya Samriddhi Yojana or SSY Account, refer my earlier posts:-
- Sukanya Samriddhi Account-An investment scheme for your girl child
- Difference of Sukanya Samriddhi Account Vs PPF (With Tax Benefits)
- 5 unknown facts about Sukanya Samriddhi Yojana (Account) Rules
- Transfer Sukanya Samriddhi Account from Post Office to Bank
- Sukanya Samriddhi Account -When to invest to earn more returns?
As you may be aware that the Government will announce the interest rate of Sukanya Samriddhi Yojana interest rates on a quarterly basis, you may find it difficult to track. Hence, I am compiling the interest rate movement and bringing it in a single post for your reference.
The Government first introduced Sukanya Samriddhi Yojana Account in 2014. Hence, first, let us understand the historical returns of Sukanya Samriddhi Yojana Account from 2014 to till FY 2018-19.
Historical Returns of Sukanya Samriddhi Yojana
As I told you, this plan was launched by Government Of India in 2014. At that time for FY 2014-15, the interest rate was fixed at 9.1%. The interest rate for FY 2015-16 was fixed at 9.2%. However, from FY 2016-17, the rate of interest will be fixed on a quarterly basis. I already wrote a detailed post on this. I am providing the link below to understand this important change.
Below is the timetable for change in interest rates for all Post Office Savings Schemes.
Below is the interest rate movement of Sukanya Samriddhi Yojana Account from 2016-17, 2018-19 and 2019-20.
You notice that before 1st Quarter 2016-17, the interest rate of Sukanya Samriddhi Yojana interest rate was 9.2%. However, suddenly it was reduced to 8.6%. Even in the middle of FY 2017-18, it went to 8.1%. However, from FY 2018-19, it came back to the level of 8.5%.
Sukanya Samriddhi Yojana interest rate 2019
Let me now share with you Sukanya Samriddhi Yojana Interest Rate 2019. I will show you the interest rate from 1st January 2019 to 31st December 2019. This is one full year. However, for Sukanya Samriddhi Yojana, the year means the financial year (i.e 1st April 2019 to 31st March 2020).
Below is the Sukanya Samriddhi Yojana Interest Rate 2019. You notice that since 1st January 2019 it is at 8.5%. Let us see how it moves in the future in 2019.
Who can use the Sukanya Samriddhi Yojana Account?
Even though it is giving us the wonderful tax benefits, returns exactly like PPF, I suggest you to consider this as a debt product for your kids’ education goal. Hence, don’t use or rely on this product completely to accumulate the corpus for your kids’ education goal. You must combine debt (PPF, Sukanya Samriddhi Yojana or Debt Mutual Funds) and equity Mutual Funds to reach your financial goals.
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nithish
Dear Sir , Recently I approached HDFC to create SSY for my daughter. They suggested me to opt for HDFC Sanchay plus for a better return. Kindly advise which should i opt for.
Basavaraj Tonagatti
Dear Nitish,
Stick to YOUR’S. Bankers are nowadays dangerous species.
Chanpreet
Hi
My Daughter age is 12+. Is there any possibility to open Sukanya Samriddhi yojana for her?
Basavaraj Tonagatti
Dear Chanpreet,
Sadly NO.
Mansi Shah
Does opening NPS and PPF account both is beneficial or only one is enough…pls guide
Basavaraj Tonagatti
Dear Mansi,
Hard to say. Because both are meant for different purposes. However, I suggest you to stay away from NPS for your retirement accumulation.
CJ
Hello,
In my latest statement seems they have counted interest rate less than 7%. So do interest rate differs with bank to bank for sukanya yojana deposit??? If YES than which one is best to deposit???
Basavaraj Tonagatti
Dear CJ,
It is the same throughout India.
Alkit
some banks like yes bank also offers same interest rate. Do we get any tax benefit on this scheme
Basavaraj Tonagatti
Dear Alkit,
Whether this scheme offered by Banks or Post Offices, the interest rate will be the same as these banks and post offices are just a facilitator of the Government Scheme.
Bhaskar.banerjee
Dear sir I need small. pensions scream pls suggest which one batter.
Basavaraj Tonagatti
Dear Bhaskar,
It is hard for me to guide anything BLINDLY. However, you can explore with products like Pradhan Mantri Vaya Vandana Yojana, LIC’s Jeevan Akshay VI or Post Office SCSS.
Ekta
Thanks for this information.it helped me a lot in taking decisions
Basavaraj Tonagatti
Dear Ekta,
Pleasure 🙂
Deepak darsan Moharana
Hi Basu,
I am a reader of your blog since 4 years.
Please suggest better funds/policy for my daughter other than debt products(like SSY).
Basavaraj Tonagatti
Dear Deepak,
Whether your daughter needs a POLICY (Life Insurance)?