On March 23, 2026, Minister of State for Finance Pankaj Chaudhary told the Lok Sabha that the Sukanya Samriddhi Yojana (SSY) interest rate remains frozen at 8.2% per annum. It has been at this level since January 1, 2024. The announcement comes even as the SSY continues to draw more investors.
And the growth is undeniable. Data from the Ministry of Finance shows the number of SSY accounts jumped from 387.15 lakh in 2023–24 to 424.57 lakh in 2024–25. Total deposits in these accounts surged from ₹2.37 lakh crore to ₹2.99 lakh crore in the same period. That’s an addition of ₹62,000 crore in just one year.
Why the government is not hiking SSY interest rates
MP TR Baalu had asked in Parliament whether the 8.2% rate was discouraging new subscriptions. But Chaudhary firmly ruled out any interest rate revision.
“The current rate of 8.2% per annum is already in place,” said Chaudhary. “The question of revising it does not arise.” He added that the scheme’s structure is working well.
The interest rate on SSY had fallen to 7.6% between April 2020 and March 2023. It was raised to 8.0% from April 2023, and then to 8.2% in January 2024. So far, it has attracted steady growth despite earlier cuts.
Growth in SSY accounts since 2015
The scheme, launched on January 22, 2015, now covers over 4.24 crore accounts nationwide. In its first year, only 69.99 lakh accounts were opened with total deposits of ₹0.07 lakh crore.
Here’s how the numbers grew year by year:
| Year | Number of Accounts (in lakh) | Total Deposits (₹ lakh crore) |
|---|---|---|
| 2014–15 | 4.2 | 0.001 |
| 2015–16 | 69.99 | 0.07 |
| 2016–17 | 100.84 | 0.17 |
| 2017–18 | 124.29 | 0.32 |
| 2018–19 | 155.34 | 0.50 |
| 2019–20 | 192.50 | 0.73 |
| 2020–21 | 232.68 | 1.01 |
| 2021–22 | 293.75 | 1.39 |
| 2022–23 | 350.08 | 1.75 |
| 2023–24 | 387.15 | 2.37 |
| 2024–25 | 424.57 | 2.99 |
Deposits have grown nearly 42,000 times since the scheme’s launch—from just ₹100 crore in 2014–15 to almost ₹3 lakh crore today.
Tax benefits that lift SSY’s appeal
The scheme offers tax-free returns under the Old Tax Regime. Investments up to ₹1.5 lakh per year qualify for a deduction under Section 80C. Interest too is tax-free. This makes SSY one of the most tax-efficient small savings tools.
The interest rate of 8.2% is still higher than most fixed deposits or other government-backed savings schemes. It’s also one reason families continue to open SSY accounts for their girl children.
The SSY remains one of the only government savings schemes that combine child welfare with guaranteed returns. With accounts growing every year, it’s now a trusted instrument for parents planning their daughter’s education and marriage.
Who can open an SSY account and how
Only parents or legal guardians can open an SSY account for a girl child below 10 years of age. One account per child is allowed. The minimum deposit is ₹250 per year, and the maximum is ₹1.5 lakh annually. The account matures when the child turns 21, but partial withdrawals are allowed after age 18 for higher education.
To open an account, you need:
- Completed registration form
- Birth certificate of the girl child
- ID and address proof of the depositor
Premature closure is allowed only in case of the girl child’s death.
Given the continued trust and rising participation, SSY is now a cornerstone of female empowerment through financial inclusion.
For more insights on long-term savings, read our post on LIC Policyholders: Are You Aware of Global Trends?
