{"id":17366,"date":"2022-10-11T12:15:46","date_gmt":"2022-10-11T06:45:46","guid":{"rendered":"https:\/\/kuvera.in\/blog\/?p=17366"},"modified":"2023-05-08T13:00:26","modified_gmt":"2023-05-08T07:30:26","slug":"sukanya-samriddhi-yojana-ssy-vs-fixed-deposits-fd","status":"publish","type":"post","link":"https:\/\/kuvera.in\/blog\/sukanya-samriddhi-yojana-ssy-vs-fixed-deposits-fd\/","title":{"rendered":"Sukanya Samriddhi Yojana (SSY) vs Fixed Deposits (FD)"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_40 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" area-label=\"ez-toc-toggle-icon-1\"><label for=\"item-69d80b6a13848\" aria-label=\"Table of Content\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;direction:ltr;\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/label><input  type=\"checkbox\" id=\"item-69d80b6a13848\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/kuvera.in\/blog\/sukanya-samriddhi-yojana-ssy-vs-fixed-deposits-fd\/#Sukanya_Samriddhi_Yojana\" title=\"Sukanya Samriddhi Yojana\">Sukanya Samriddhi Yojana<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/kuvera.in\/blog\/sukanya-samriddhi-yojana-ssy-vs-fixed-deposits-fd\/#Eligibility\" title=\"Eligibility\">Eligibility<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/kuvera.in\/blog\/sukanya-samriddhi-yojana-ssy-vs-fixed-deposits-fd\/#Investment\" title=\"Investment\">Investment<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/kuvera.in\/blog\/sukanya-samriddhi-yojana-ssy-vs-fixed-deposits-fd\/#Process_Of_Application\" title=\"Process Of Application\">Process Of Application<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/kuvera.in\/blog\/sukanya-samriddhi-yojana-ssy-vs-fixed-deposits-fd\/#Key_Features_of_Sukanya_Samriddhi_Yojana_SSY\" title=\"Key Features of Sukanya Samriddhi Yojana (SSY)\">Key Features of Sukanya Samriddhi Yojana (SSY)<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/kuvera.in\/blog\/sukanya-samriddhi-yojana-ssy-vs-fixed-deposits-fd\/#Fixed_Deposit_FD\" title=\"Fixed Deposit (FD)\">Fixed Deposit (FD)<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/kuvera.in\/blog\/sukanya-samriddhi-yojana-ssy-vs-fixed-deposits-fd\/#Features_of_a_Fixed_Deposit\" title=\"Features of a Fixed Deposit\">Features of a Fixed Deposit<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/kuvera.in\/blog\/sukanya-samriddhi-yojana-ssy-vs-fixed-deposits-fd\/#Difference_between_Sukanya_Samriddhi_and_Fixed_Deposit\" title=\"Difference between Sukanya Samriddhi and Fixed Deposit\">Difference between Sukanya Samriddhi and Fixed Deposit<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/kuvera.in\/blog\/sukanya-samriddhi-yojana-ssy-vs-fixed-deposits-fd\/#Interest_Rate\" title=\"Interest Rate\">Interest Rate<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/kuvera.in\/blog\/sukanya-samriddhi-yojana-ssy-vs-fixed-deposits-fd\/#Eligibility-2\" title=\"Eligibility\">Eligibility<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/kuvera.in\/blog\/sukanya-samriddhi-yojana-ssy-vs-fixed-deposits-fd\/#Minimum_and_Maximum_Deposit\" title=\"Minimum and Maximum Deposit\">Minimum and Maximum Deposit<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/kuvera.in\/blog\/sukanya-samriddhi-yojana-ssy-vs-fixed-deposits-fd\/#Tenure\" title=\"Tenure\">Tenure<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/kuvera.in\/blog\/sukanya-samriddhi-yojana-ssy-vs-fixed-deposits-fd\/#Premature_Withdrawal\" title=\"Premature Withdrawal\">Premature Withdrawal<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/kuvera.in\/blog\/sukanya-samriddhi-yojana-ssy-vs-fixed-deposits-fd\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/kuvera.in\/blog\/sukanya-samriddhi-yojana-ssy-vs-fixed-deposits-fd\/#Frequently_Asked_Questions_FAQs\" title=\"Frequently Asked Questions (FAQs)\">Frequently Asked Questions (FAQs)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/kuvera.in\/blog\/sukanya-samriddhi-yojana-ssy-vs-fixed-deposits-fd\/#What_are_some_benefits_of_the_Sukanya_Samridhhi_Yojana_SSY\" title=\"What are some benefits of the Sukanya Samridhhi Yojana (SSY)?\">What are some benefits of the Sukanya Samridhhi Yojana (SSY)?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/kuvera.in\/blog\/sukanya-samriddhi-yojana-ssy-vs-fixed-deposits-fd\/#What_are_some_advantages_of_opening_a_fixed_deposit_account\" title=\"What are some advantages of opening a fixed deposit account?\">What are some advantages of opening a fixed deposit account?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/kuvera.in\/blog\/sukanya-samriddhi-yojana-ssy-vs-fixed-deposits-fd\/#Interested_in_how_we_think_about_the_markets\" title=\"Interested in how we think about the markets?\">Interested in how we think about the markets?<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p><span style=\"font-weight: 400;\">The Sukanya Samriddhi Yojana (SSY) is a scheme whose main objective is to secure a girl&#8217;s child&#8217;s future. <a href=\"https:\/\/kuvera.in\/fixed-deposit\/all\">Fixed Deposits (FD)<\/a> are well-liked due to their adaptable lock-in periods and high-interest rates when compared to other types of savings plans. The Sukanya Samriddhi Yojana initiative encourages parents to save for their daughter&#8217;s wedding and educational needs. Fixed deposits are financial instruments that generally offer higher interest rates to investors than regular savings accounts.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/kuvera.in\/fixed-deposit\/all\"><img loading=\"lazy\" class=\"aligncenter wp-image-20958 size-full\" src=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2023\/01\/FD-Banner-9.05-01-1.jpg\" alt=\"latest fixed deposits\" width=\"600\" height=\"150\" srcset=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2023\/01\/FD-Banner-9.05-01-1.jpg 600w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2023\/01\/FD-Banner-9.05-01-1-300x75.jpg 300w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2023\/01\/FD-Banner-9.05-01-1-150x38.jpg 150w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<h2 style=\"color: black; font-size: 20px;\"><span class=\"ez-toc-section\" id=\"Sukanya_Samriddhi_Yojana\"><\/span>Sukanya Samriddhi Yojana<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The Sukanya Samriddhi Yojana is a project that the Central Government\u00a0 introduced as a part of the &#8220;Beti Bachao Beti Padhao&#8221; initiative. The main purpose of this <a href=\"https:\/\/kuvera.in\/blog\/saving-schemes-types-interest-rates-and-benefits-of-savings-schemes-in-india\/\">tax savings plan<\/a> is to promote girl child prosperity.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3 style=\"color: black; font-size: 20px;\"><span class=\"ez-toc-section\" id=\"Eligibility\"><\/span>Eligibility<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The following are the conditions for eligibility:<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The girl child must be ten years old or younger.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A girl&#8217;s account can be opened by the guardian or either of her parents.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Only one account can be opened for each girl child.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A household can open a maximum of two Sukanya Samriddhi Yojana (SSY) accounts<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The guardian or parents may register a third account in the case of twin girls.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3 style=\"color: black; font-size: 20px;\"><span class=\"ez-toc-section\" id=\"Investment\"><\/span>Investment<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Through participating public and private banks and post offices, investors can apply for the Sukanya Samriddhi Scheme. Investors must submit the following documents:<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The girl&#8217;s birth certificate<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Photo ID of the applicant&#8217;s parent or legal guardian<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Address proof of the applicant&#8217;s parent or legal guardian<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Additional KYC proofs like PAN and voter ID<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3 style=\"color: black; font-size: 20px;\"><span class=\"ez-toc-section\" id=\"Process_Of_Application\"><\/span>Process Of Application<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Download the application form from the Reserve Bank of India (RBI) website, the Indian Post website, or the official websites of participating public sector and private banks. Key information about the girl child and her parent or legal guardian should be entered into the form. The important fields that must be filled out on the Sukanya Samriddhi Yojana (SSY) scheme form are as follows:<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Primary Account Holder: Girl Child&#8217;s Name<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Joint Holder: Parent or guardian&#8217;s name<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Initial deposit amount<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Date and Cheque\/DD Number for the Initial Deposit<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Date of birth and other information from the girl&#8217;s birth certificate<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Parent or legal guardian identification documents, such as a driver&#8217;s licence, Aadhaar, etc.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Current and Permanent Address (as shown on the parent&#8217;s or legal guardian&#8217;s ID papers)<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Details of further KYC proofs, including PAN and voter identification cards.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3 style=\"color: black; font-size: 20px;\"><span class=\"ez-toc-section\" id=\"Key_Features_of_Sukanya_Samriddhi_Yojana_SSY\"><\/span>Key Features of Sukanya Samriddhi Yojana (SSY)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A tax benefit of up to Rs. 1.5 lakhs is available for investing in SSY under Section 80C of the Income Tax Act of 1961.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The minimum investment each year is Rs.250, allowing parents and guardians more flexibility when making deposits. The highest amount that can be deposited to Sukanya Samriddhi Yojana (SSY) in a given year is Rs. 1.5 lakh.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">This plan is backed by the Indian government. Thus, there is a guarantee of returns for the girl child.\u00a0<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">When compared to other government-backed tax savings plans like PPF, there is a higher fixed rate of return. (The current interest rate for FY 2022-23 is 7.60% p.a.)<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">One must remain invested in this scheme until the girl child is 18 or 21 years old, and it provides the benefit of compounding for long-term investment.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The maturity profits and interest accrued on the SSY account are paid to the girl child. This enables the girl child to become financially independent at that age.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">One special advantage of SSY is that interest will continue to be paid on the account even after maturity if the account is not cancelled by the account holder.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">In the event of their transfer, the parent or guardian managing the SSY account might have it transferred from one location in the nation through another (bank\/post office).<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2 style=\"color: black; font-size: 20px;\"><span class=\"ez-toc-section\" id=\"Fixed_Deposit_FD\"><\/span>Fixed Deposit (FD)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Fixed deposits, also known as FDs, are an investment product provided by banks and Non-Banking Finance Companies (NBFCs). Investors can invest in FDs for a predetermined period of time and receive a fixed interest rate.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The investment amount is set for the specified time period once the amount is invested in a fixed deposit. Investors earn interest on the principal amount, which is credited to the FD account in accordance with the payment duration. Investors can select a payout frequency of monthly, quarterly, half-yearly, or yearly. In light of this, the interest rate is applied to the investment amount and compounded as necessary\u2014monthly, quarterly, half-yearly, or annually.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3 style=\"color: black; font-size: 20px;\"><span class=\"ez-toc-section\" id=\"Features_of_a_Fixed_Deposit\"><\/span>Features of a Fixed Deposit<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The amount can only be deposited once in an FD account. Users must open a new FD plan or account for any additional investment.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The tenure generally varies from seven days to ten years. The maturity can be chosen in days, months, or years.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Each bank and NBFC has a different minimum investment requirement. Generally, there is no limit on the maximum amount of investment.\u00a0 Usually, the interest rate is more than the interest rate on savings accounts.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Once an investment is made, the interest rate is fixed and does not vary. The fixed interest rate on any type of FD is generally unaffected by changes in the market.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Investment options include set payouts and interest payments made at maturity. The interest will be credited to the savings account on a monthly, quarterly, half-yearly, or annual basis depending on the payout option users choose.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Since a fixed deposit is supposed to have a lock-in period, any early withdrawal incurs a penalty and loss of interest. The fine varies from bank to bank.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">In the event of an emergency, a <a href=\"https:\/\/kuvera.in\/blog\/loan-against-fixed-deposit\/\">loan against a fixed deposit<\/a> is available. Generally, such a loan will have a lower interest rate than other loans. A loan against FD is a secured loan, with the FD serving as collateral.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3 style=\"color: black; font-size: 20px;\"><span class=\"ez-toc-section\" id=\"Difference_between_Sukanya_Samriddhi_and_Fixed_Deposit\"><\/span>Difference between Sukanya Samriddhi and Fixed Deposit<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Both SSY and FD are excellent investment options. However, they vary significantly in some key areas. For instance, while the Sukanya Samriddhi Yojana is a girl child welfare programme and can only be opened for a girl child, FDs can be started by any Indian resident over the age of 18.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">For a better understanding, the following table compares Sukanya Samriddhi with bank FDs based on various factors:<\/span><\/p>\n<p>&nbsp;<\/p>\n<table style=\"width: 100%;\" border=\"1.5\">\n<tbody>\n<tr>\n<td><b>Category\u00a0<\/b><\/td>\n<td><b>Sukanya Samriddhi Yojana<\/b><\/td>\n<td><b>Fixed Deposit<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Eligibility<\/b><\/td>\n<td><span style=\"font-weight: 400;\">An account can be opened in a girl&#8217;s name by a parent or legal guardian. The child must, however, be less than 10 years old.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Any Indian citizen may open an account with a financial institution, regardless of their gender.<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Interest Rate<\/b><\/td>\n<td><span style=\"font-weight: 400;\">The government sets the interest rate. The current interest rate is 7.6%.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">The bank occasionally changes the FD interest rates. The interest rates would change based on the amount and the tenure. Senior citizens typically receive a higher interest rate from banks.<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Investment Amount<\/b><\/td>\n<td><span style=\"font-weight: 400;\">A minimum deposit of Rs. 250 must be made at the time the account is opened. The annual maximum deposit allowed is Rs. 1.5 lakh.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">The minimum sum of money required to start an account will vary depending on the bank.<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Lock-In Period<\/b><\/td>\n<td><span style=\"font-weight: 400;\">The lock-in period is 21 years or the date of the girl&#8217;s marriage, whichever comes first. However, after the age of 18, a partial withdrawal is permitted for higher education.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">The Lock-in period may last between 7 days and 10 years, or even longer.\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Partial Withdrawal<\/b><\/td>\n<td><span style=\"font-weight: 400;\">For the purpose of marriage or higher education, up to 50% of the total amount accrued may be withdrawn. However, only until the account user turns 18 years old is a partial withdrawal permitted. Additionally, relevant documentation must be submitted.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Generally, partial withdrawal is not permitted.<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Premature Closure<\/b><\/td>\n<td><span style=\"font-weight: 400;\">If the account holder passes away or if the funds are necessary for the treatment of life-threatening diseases, the account can be closed prematurely. When used for medical purposes, the account cannot be closed until five years have passed.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Premature closure is allowed. However, in the event of an early closure, the account holder will be required to pay a fee. The penalty fees can change depending on the bank.<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Penalties<\/b><\/td>\n<td><span style=\"font-weight: 400;\">Deposits must be made annually. The status of the account will be changed to &#8220;Account under Default&#8221; if deposits are not made. To reactivate the account, an Rs. 50 fine must be paid.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">An FD account only allows one-time investments.\u00a0 Penalties are levied only in the case of pre-closure.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<h3 style=\"color: black; font-size: 20px;\"><span class=\"ez-toc-section\" id=\"Interest_Rate\"><\/span>Interest Rate<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The Sukanya Samriddhi Yojana interest rate is determined quarterly by the Central Government. The interest rate offered by the government on the Sukanya Samriddhi Yojana is currently 7.6%. The interest rate of the Sukanya Samriddhi Yojana is compounded annually. In the case of fixed deposits, every bank has its own fixed deposit interest rates, which vary based on tenure and amount. These rates are periodically changed. Senior citizens are eligible for an additional 0.50% &#8211; 0.75% interest rate over regular rates.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3 style=\"color: black; font-size: 20px;\"><span class=\"ez-toc-section\" id=\"Eligibility-2\"><\/span>Eligibility<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">An account can be opened in a girl child&#8217;s name under the Sukanya Samriddhi Yojana by the biological parent or legal guardian. However, the girl must be under the age of ten. Generally, any Indian resident above the age of 18 can open a fixed deposit account at any bank in India.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3 style=\"color: black; font-size: 20px;\"><span class=\"ez-toc-section\" id=\"Minimum_and_Maximum_Deposit\"><\/span>Minimum and Maximum Deposit<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The minimum first investment under the Sukanya Samriddhi Yojana is Rs. 250, and the maximum annual investment amount is Rs. 1,50,000. The minimum deposit amount for fixed deposits, however, varies from bank to bank.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3 style=\"color: black; font-size: 20px;\"><span class=\"ez-toc-section\" id=\"Tenure\"><\/span>Tenure<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The lock-in period or tenure for a Sukanya Samriddhi Account is 21 years or the date of the girl&#8217;s marriage, whichever comes first. However, after the girl becomes 18 years old, the Sukanya Samriddhi Yojana permits a partial withdrawal for purposes related to higher education. When it comes to fixed deposits, typically, all financial institutions provide terms ranging from seven days to ten years or even longer.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3 style=\"color: black; font-size: 20px;\"><span class=\"ez-toc-section\" id=\"Premature_Withdrawal\"><\/span>Premature Withdrawal<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Premature withdrawals are permitted under the Sukanya Samriddhi Yojana but are subject to certain special conditions, such as the account holder&#8217;s early demise or the need for treatment of certain life-threatening disorders. Regarding fixed deposits, some banks do permit the premature closure of fixed deposit accounts. The account holder will nevertheless be required to pay a small fine in the event of early closure. The penalty fees differ from bank to bank.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h4 style=\"color: black; font-size: 20px;\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">When comparing SSY vs. FD, both investments have advantages and disadvantages. SSY offers an interest rate that is typically higher than that of FDs, but it is only available to girls who are younger than 10 years old. Although FDs can be opened by any Indian resident, SSY is a good\u00a0 option for parents who want to guarantee the future of their girl child. By investing in both, one can diversify their financial portfolio. However, it is important to do research before investing.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h4 style=\"color: black; font-size: 20px;\"><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions_FAQs\"><\/span>Frequently Asked Questions (FAQs)<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\">\n<h4 style=\"color: black; font-size: 20px;\"><span class=\"ez-toc-section\" id=\"What_are_some_benefits_of_the_Sukanya_Samridhhi_Yojana_SSY\"><\/span>What are some benefits of the Sukanya Samridhhi Yojana (SSY)?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The Sukanya Samriddhi Yojana was introduced as part of the Beti Bachao, Beti Padhao campaign. This scheme offers the girl child a number of benefits, including-<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><strong>Cost-effective payments:<\/strong> A minimum of Rs. 250 must be deposited each financial year to maintain an SSY account. You are permitted to make deposits of up to Rs. 1.5 lakh every financial year. People from all socioeconomic groups appear to find the payments to be extremely reasonable. Even if you miss a minimum payment of Rs.250 for an entire year, a penalty of Rs.50 will be assessed, but the account will be continued.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><strong>Educational expenses covered:<\/strong> To pay for your daughter&#8217;s college fees, you may take 50% of the account balance as of the end of the previous financial year. This can be obtained by providing admissions documentation.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><strong>Interest rates:<\/strong> The rate is 7.6% p.a. at the moment.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><strong>Guaranteed profits:<\/strong> Since Sukanya Samriddhi Yojana is a government-backed scheme, returns are generally assured when it matures.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><strong>Easily Transferred:<\/strong> The SSY account can be transferred from any Indian post office to any Indian bank, or vice versa.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\">\n<h4 style=\"color: black; font-size: 20px;\"><span class=\"ez-toc-section\" id=\"What_are_some_advantages_of_opening_a_fixed_deposit_account\"><\/span>What are some advantages of opening a fixed deposit account?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Some benefits of investing in a fixed deposit account are:\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><strong>Guaranteed interest rate:<\/strong> The guaranteed rate of interest is one of the main benefits of making an investment in a fixed deposit. You will definitely earn the rate of interest set by\u00a0 your bank after you invest in an FD. Additionally, the interest rate on FDs is available on the official websites of <a href=\"https:\/\/kuvera.in\/fixed-deposit\/bankFD\">banks<\/a> and NBFCs. You may quickly determine the interest rate and invest with the bank or <a href=\"https:\/\/kuvera.in\/fixed-deposit\/nbfcFD\">NBFC<\/a> offering the highest interest rate.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><strong>Loan secured by a fixed deposit:<\/strong> In the event that you find yourself in need of money, you can apply for a loan against your fixed deposit. The interest rate on a loan secured by an FD will be lower than on an unsecured loan because the FD is used as security. The procedure is usually simple.\u00a0<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><strong>A flexible tenure:<\/strong> You can invest in a fixed deposit for a term that works with your goals or financial needs. You have the option of investing for a tenure of 7 days to 10 years or even longer.\u00a0<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>Blog latest updated on 3rd May 2023.<\/p>\n<p>&nbsp;<\/p>\n<h4 style=\"color: black; font-size: 20px;\"><span class=\"ez-toc-section\" id=\"Interested_in_how_we_think_about_the_markets\"><\/span>Interested in how we think about the markets?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>Read more:\u00a0<a href=\"https:\/\/kuvera.in\/blog\/category\/zen-and-the-art-of-investing\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Zen And The Art Of Investing<\/strong><\/a><\/p>\n<p>Watch\/hear on YouTube:<\/p>\n<p>&lt;<\/p>\n<style>.embed-container { position: relative; padding-bottom: 56.25%; height: 0; overflow: hidden; max-width: 100%; } .embed-container iframe, .embed-container object, .embed-container embed { position: absolute; top: 0; left: 0; width: 100%; height: 100%; }<\/style>\n<div class=\"embed-container\"><iframe src=\"https:\/\/www.youtube.com\/embed\/f7yfzUhQDiM\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\">\ufeff<\/span><\/iframe><\/div>\n<p>&nbsp;<\/p>\n<p>Start investing through a platform that brings goal planning and investing to your fingertips. Visit\u00a0<a href=\"https:\/\/app.kuvera.in\/\">Kuvera.in<\/a>\u00a0to discover\u00a0<a href=\"https:\/\/kuvera.in\/blog\/direct-plans-better\/\">Direct Plans<\/a>\u00a0and\u00a0<a href=\"https:\/\/app.kuvera.in\/explore\/fixed-deposit\/c\/all\">Fixed Deposits<\/a>\u00a0and\u00a0<a href=\"https:\/\/kuvera.in\/user\/login\">start investing today.<\/a><\/p>\n<p>#MutualFundSahiHai #KuveraSabseSahiHai!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Sukanya Samriddhi Yojana (SSY) is a scheme whose main objective is to secure a girl&#8217;s child&#8217;s future. Fixed Deposits (FD) are well-liked due to their adaptable lock-in periods and high-interest rates when compared to other types of savings plans. The Sukanya Samriddhi Yojana initiative encourages parents to save for their daughter&#8217;s wedding and educational [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/kuvera.in\/blog\/sukanya-samriddhi-yojana-ssy-vs-fixed-deposits-fd\/\">Read More&#8230;<\/a><\/p>\n","protected":false},"author":11,"featured_media":17375,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[543,99],"tags":[176,1747,983],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sukanya Samriddhi Yojana (SSY) vs Fixed Deposits (FD) - 2023<\/title>\n<meta name=\"description\" content=\"Sukanya Samriddhi Yojana is a scheme that can be opened only for girl child whereas FD can be opened by an Indian resident who is 18 or above. 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