The Sukanya Samriddhi Yojana (SSY) interest rate for the October to December 2026 quarter has been announced at 8.2%, continuing the rate set since January 2024. This government-backed savings scheme encourages parents to save for their girl child's future with attractive interest and tax benefits.
- SSY interest rate remains 8.2% for October-December 2026.
- Account can be opened for a girl child below 10 years of age.
- Minimum yearly deposit is ₹250; maximum is ₹1.5 lakh.
- Account matures 21 years from opening.
- Withdrawals allowed for education after age 18 and for marriage after age 18.
- Deposits, interest, and maturity proceeds are exempt from income tax.
- Tax deduction on deposits available only under the old tax regime.
What is the Sukanya Samriddhi Yojana?
The Sukanya Samriddhi Yojana is a government savings scheme aimed at promoting the welfare of the girl child. Parents or guardians can open an SSY account for a girl child below the age of 10. The scheme encourages regular savings with a minimum annual deposit of ₹250 and a maximum of ₹1.5 lakh.
How does the interest rate work for SSY?
The interest rate on SSY accounts is a floating rate, linked to government securities. For the October to December 2026 quarter, the rate is fixed at 8.2%. This rate has remained steady since January 2024. The interest is calculated on the balance in the account and credited quarterly.
What are the maturity and withdrawal rules?
The SSY account matures 21 years from the date of opening. Partial withdrawals of up to 50% of the balance are allowed after the girl turns 18, specifically for educational purposes. The account can also be closed after the girl reaches 18 years of age if she gets married.
What tax benefits does SSY offer?
The scheme enjoys full EEE (Exempt-Exempt-Exempt) status, meaning deposits, interest earned, and maturity proceeds are exempt from income tax. However, tax deductions on deposits are available only under the old tax regime, not the new one.
How much can one accumulate with SSY?
If a parent deposits the maximum amount of ₹1.5 lakh annually for 15 years, the corpus can grow to approximately ₹44.8 lakh by maturity. If the amount remains untouched for the full 21 years, it can grow to about ₹71.8 lakh. The account earns ₹820 annually in interest for every ₹10,000 balance, and this interest is tax-free.
How is the SSY interest rate determined?
The interest rate is benchmarked against long-term government securities with an added spread of 75 basis points, as per the Shyamala Gopinath Committee framework. Recent fluctuations in government bond yields influence the SSY rate, which is reviewed quarterly.
In summary, the Sukanya Samriddhi Yojana remains a secure and tax-efficient savings option for parents planning long-term financial support for their daughters. The steady interest rate and flexible withdrawal options make it a valuable tool for education and marriage expenses.
