Sukanya Samriddhi Account interest rate 2016-17 has been revised downwards. Till last year it was the highest among all deposit schemes if you ignore the senior citizens schemes in post office. Starting from 1st January 2017, the new interest rates will be applicable upto 31st March 2017. Previously it used to be announced on yearly basis, however from 2016-17 onwards it is being decided quarterly.
Sukanya Samriddhi Yojana Account was launched with a much hyped interest rate of 9.1% and then reached 9.2% which was the highest interest rate among all small savings schemes in India. But after budget 2016, the new interest rate of SSA has been reduced to 8.6% which is really disappointing.
Checkout the Sukanya Samriddhi interest rate calculator to calculate the amount with new rates and also read Sukanya Samriddhi Account 2016 new Rules to know more about other important changes.
As the interest rate on Sukanya Samriddhi Account was not fixed, it created many doubts among investors whether it will remain same or change or go down in long run.
Sukanya Samriddhi Yojana Interest Rate 2016-17
After 2014-15, Govt. had declared new interest rates for all deposit schemes. It was 9.2% for the financial year 2015-16. But as per new amendments, Sukanya Samriddhi Account interest rate 2016-17 will be 8.6%.
The Sukanya Samriddhi Yojana interest rate has gone down-warded from the previous year, but Govt has made sure that Sukanya scheme is going to get much importance by keeping the interest rate at per with other schemes. This step will definitely encourage people to know more about this scheme and further invest for their girl child.
The new rate are effective from 1st April onward. You can use Sukanya Samriddhi Account maturity amount calculator to find out how much will be the benefits after maturity.
Sukanya Samriddhi Account Interest Rate Chart for Current Year vs PPF, FD, RD
Sukanya Samriddhi Account Interest Rate Chart with comparison with other popular savings instruments like PPF, RD and FD:
|Scheme||Sukanya Samriddhi Account (SSA)||Public Provident Fund (PPF)||Fixed Deposit (FD)||Recurring Deposit (RD)|
|Interest rate for 2016-17||8.50% p.a.||8.10% p.a.||6-9% p.a.||8.40%|
Govt. has changed the interest rate of senior citizens savings scheme (SCSS) to 9.3% from existing 9.2%. PPF account, NSC certificates, Kisan vikas patra, recurring deposit etc. was kept as it is.
When private sector banks (ICICI, HDFC, Axis etc) are reducing the interest rate of fixed deposit schemes, Govt. is also reducing the rates to make the interest rate of Sukanya Samriddhi Scheme at per but with better benefits.
However, we can hope that, Sukanya Samriddhi Account Interest Rate 2016-17 will not hamper the interest among the people in any part of India. Many special campaigns and awareness programs can be organized to make people aware about the advantages of Sukanya Samriddhi Account scheme.