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economictimes.indiatimes.com / 2 years ago
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economictimes.indiatimes.com / 2 years ago
Sukanya Samriddhi Yojana (SSY) Account Interest Rate July-September 2023: Decision today
Sukanya Samriddhi Yojana (SSY) Interest Rate July-September 2023: The SSY interest rate for the July-September quarter of FY 2023-24 will be announced today (June 30). SSY account holders are expecting a further hike in the interest rate. However, another hike is unlikely as the SSY interest rate increased in the last quarter.
In the April-June quarter of FY 2023-24, the SSY interest rate was increased to 8.2%. The account allows depositing up to Rs 1.5 lakh per year in the name of a minor girl child aged 1-10 years. Deposits up to Rs 1.5 lakh in the SSY account qualify for tax deductions under Section 80C of the Income Tax Act (subject to the limit of Rs 1.5 lakh per year). The interest earned from SCSS deposits is also tax-free.
In the last six months, the Finance Ministry has increased interest rates for small savings schemes like Senior Citizen Savings Scheme (SCSS), National Savings Certificate (NSC), Sukanya Samriddhi Yojana (SSY) account, Kisan Vikas Patra (KVP), and Post Office deposit schemes like Post Office Time Deposit, Post Office Monthly Income Scheme (POMIS) and Post Office Recurring Deposit (RD). Only Public Provident Fund (PPF) interest rate has remained unchanged.
While the Reserve Bank of India (RBI) has paused the repo rate hike after increasing it by 2.5% since May 2022, there is very little possibility of a further hike in the SSY account interest rate today.
The interest rates of small savings schemes, including SSY, are linked to yields of Government Securities (G-Secs). The Finance Ministry reviews the interest rates of small savings schemes like the Sukanya Samriddhi Account every quarter of a financial year. The review is done on the basis of the G-Secs yields of the previous three months.
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