For the financial year 2020, currently, the Sukanya Samriddhi Yojana interest rate is 7.6% compounded yearly. The government of India fixes the rate of interest of the scheme and is revised on a quarterly basis. Let’s take a look at the historic Sukanya Samriddhi interest rates.
“The rates of interest on various small savings schemes for the third quarter of the financial year 2021-22 starting from October 1, 2021, and ending on December 31, 2021, shall remain unchanged from the current rates applicable for the second quarter (June 1, 2021 to September 30, 2021) for FY 2021-22,” the finance ministry said in a notification on Thursday.
According to the notification issued by the Ministry of Finance, the interest rates on small savings schemes for the third quarter of 2021-22 (1 October 2021 to 31 December 2021) will remain the same. This means that the interest rates will remain at the same level as they were during the second quarter (June 1, 2021 to September 30, 2021).
Let us tell you that on March 31, the Finance Ministry had reduced the interest rate on small schemes by up to 1.10 percent. In the notification, the new rates were said to be applicable from April 1, 2021 of the new financial year. However, after increasing protests, the government withdrew this decision.
The interest rate on Sukanya Samriddhi Yojana will be 7.6 percent, the interest rate on the five-year senior citizen savings scheme will be 7.4 percent, the interest rate on fixed deposits from one year to five years will be 5.5 to 6.7 percent. At the same time, the interest rate on five-year recurring deposit will be 5.8 percent.
The interest rates of small savings schemes are fixed
every three months. The interest rates of small savings schemes including Public Provident Fund (PPF), Senior Citizen Saving Scheme (SCSS), National Saving Certificate (NSC), Kisan Vikas Patra (KVP), Sukanya Samriddhi Yojana are revised every three months.
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