The Modi government just gave a boost to the popular Sukanya Samriddhi Yojana (SSY) savings scheme for girls. The interest rate has jumped by 0.2%. As of October 1st, the government raised the interest rate by 0.2%, from 8% to 8.2%.
Benefits of SSY
Sukanya Samriddhi Yojana account withdrawal and maturity rules
When your daughter turns 18, the Sukanya Samriddhi Yojana account unlocks like a magic chest! She (or her guardian) can take out up to half of the savings in a year.
Small savings schemes' interest rates hiked up to 20 bps for Q4FY24
Interest rates on some popular savings schemes are going up for the next quarter, starting January.
The star of the show is the Sukanya Samriddhi Yojana (SSY) scheme for girls, where the interest rate jumps by 0.2%, from 8% to 8.2%.
Also getting is the 3-year term deposit scheme, with its rate climbing from 7% to 7.1%.
Small savings schemes' latest interest rates for the January- March 2024 quarter