Sukanya Samriddhi Yojana Updated Interest Rates for the Fiscal Year 2023-24

Sukanya Samriddhi Yojana Updated Interest Rates for the Fiscal Year 2023-24

The interest rates for the Sukanya Samriddhi Yojana have been raised by 20 basis points (bps) by the government for the January–March 2024 quarter. The rate was increased by the government from 8% to 8.2%. 

The April–June 2023 quarter saw the most recent adjustment to these rates. The interest rate had been increased by the government from 7.6% to 8% at that time.

One of the main schemes in the government’s collection of social welfare schemes is the Sukanya Samriddhi Yojana. On behalf of a female child under the age of ten, guardians can create an account with an initial deposit of Rs. 250 and make yearly contributions of up to Rs. 1.50 lakh.

It is expected that more guardians will be encouraged to invest in their daughters’ futures by this planned increase in the Sukanya Samriddhi Yojana interest rate.

Rates on Three-Year Time Deposits

The 3-year time deposit rates have also slightly increased, from 7% to 7.1%, according to recent statistics. This indicates a little change in the government’s policy for medium-term savings. This little modification balances the larger rate increase observed in the Sukanya Samriddhi Yojana.

Interest Rates For PPF, and SCSS Remain Unchanged

In contrast, the interest rates on other essential savings programs, including Kisan Vikas Patra (KVP), Senior Citizen Savings Scheme (SCSS), National Savings Certificate (NSC), and Public Provident Fund Scheme (PPF), have remained constant. 

With a maturity date of 115 months, the PPF, SCSS, NSC, and KVP will all mature at 7.1%, 8.2%, 7.7%, and 7.5%, respectively. These rates nonetheless provide steady growth prospects for anyone trying to stabilize their financial situation.

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