Sukanya Samriddhi Account or SSA interest rate for the financial year 2014-15 is 9.1%. This is the highest interest rate among all small deposit schemes.
But SSA interest rate will not be fixed for every year. As per Sukanya Samriddhi Account rule it will be changing every year. So far the interest rate is looking very promising. With compounding annually feature, one can expect a very high return from Sukanya Samriddhi Account New Saving Scheme.
In this article we will also take a look at the existing deposit schemes or savings scheme interest rate and compare with SSA interest rate.
SSA Interest Rate Comparison
Let’s compare SSA interest rate with all existing deposit or savings scheme.
|Savings Scheme / Deposit Scheme||Interest Rate for Current FY||Interest|
|Sukanya Samriddhi Account||9.1%||Compounding Annually|
|5-Year Post Office Recurring Deposit Accountt||8.4%||Compounding Quarterly|
|Post Office Time Deposit Account||1yr.A/c 8.40%2yr.A/c 8.40%3yr.A/c 8.40%5yr.A/c 8.50%||Interest payable annually but calculated quarterly.|
|Post Office Monthly Income Account Scheme||8.40%||Payable Monthly|
|Senior Citizen Savings Schemee||9.20%||Payable Quarterly|
|Public Provident Fund Account||8.70%||Compounded Annually|
|National Savings Certificates (NSC) for 5 year||8.5%||Annually|
|National Savings Certificates (NSC) for 10 year||8.8%||Annually|
|Kisan Vikas Patra (KVP)||Amount Double in 100 month|
|Bank FDs||7.0 – 9.5%||It depends on Bank to Bank|
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As per the comparison chart we can easily find that Sukanya Samriddhi Account or SSA interest rate is so far high. Although the senior citizen savings scheme is drawing the highest interest rate, but this is only for senior citizens.
Sukanya Samriddhi Account details and SSA interest rate is included in post office website as well. The interest accumulated under Sukanya Samriddhi Account will be calculated on compounding yearly basis. But it seems it will add into the account after 14th year of opening he account.
I will try to get details and try to put more light on that. Seems like in the coming budget FM will address more about Sukanya Samriddhi Account features and may change the SSA interest rates as well.