New Delhi, June 5: Responding to a Parliamentary query on March 23, 2026, Minister of State for Finance Pankaj Chaudhary confirmed that Sukanya Samriddhi Yojana (SSY) continues to offer an annual interest rate of 8.2% — unchanged since January 1, 2024.
MP TR Baalu had raised concerns that reduced interest rates might be deterring new subscriptions. But Chaudhary dismissed the claim outright: “There has been no decline in participation due to interest rate changes, and deposits have continued to increase year after year.”
And the numbers back him up. According to the Ministry of Finance, SSY crossed 424.57 lakh accounts in 2024–25, with total deposits reaching ₹2.99 lakh crore — a 20% rise over the ₹2.37 lakh crore recorded in 2023–24.
Steady growth since launch in 2015
The sharp upward trend dates back to the scheme’s inception on January 22, 2015. By the end of the first full financial year (2015–16), there were 69.99 lakh accounts and deposits totaled ₹7,000 crore. In contrast, 2024–25 saw 6-times more accounts and a 43-fold increase in deposits, underscoring the scheme’s increasing popularity among Indian families.
Timeline of key milestones:
| Period | No. of Accounts (lakh) | Deposits (₹ lakh crore) |
|---|---|---|
| 2014–15 | 4.2 | 0.001 |
| 2016–17 | 100.84 | 0.17 |
| 2019–20 | 192.5 | 0.73 |
| 2022–23 | 350.08 | 1.75 |
| 2024–25 | 424.57 | 2.99 |
Why the 8.2% rate remains competitive
The SSY interest rate is higher than most fixed deposits available in 2025-26. For example, State Bank of India currently offers 7.0% on 5-year FDs for the general public while the same maturity on SSY returns 8.2%.
Under Income Tax rules, deposits up to ₹1.5 lakh per year qualify for a deduction under Section 80C of the Income Tax Act, 1961. Interest earned is tax-free, and the maturity amount is also exempt on the Old Tax Regime — an unbeatable combination for long-term savings.
Account opening: documents and eligibility
To open an SSY account, depositors must submit the SSY registration form, the girl child’s birth certificate, ID proof of the depositor, and residential proof. Only one account per girl child is allowed, and the account must be opened before the child turns 10 years old.
Premature closure rules are strict: accounts can be closed only on the account holder’s death or in extreme compassionate cases certified by the government.
Will the government raise the rate?
Baulu’s suggestion to restore an “earlier higher rate” was rebuffed by the government. With the current 8.2% already one of the highest among small savings schemes, the Ministry sees no need for a revision.
It’s worth recalling that SSY’s rate has slid down from a peak of 9.2% (April 2015–March 2016) to 7.6% (April 2020–March 2023) before climbing back to 8.2% on April 1, 2023. Analysts say the government is now prioritizing stability so that families can plan long-term investments without worrying about sudden rate changes.
Until then, SSY remains a trusted, high-return vehicle for any Indian family looking to build a corpus for a girl child’s future.
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