Question

Sukanya Samriddhi Yojana is a government-backed small savings scheme for the benefit of girl child. It is a part of the Beti Bachao, Beti Padhao Yojana and can be opened by the parents of a girl child below the age of 10. SSY account can be opened at designated banks or post offices. Sukanya Samriddhi Account has a tenure of 21 years or until the girl child marries after the age of 18. The SSY scheme comes with a higher interest rate along with several tax benefits.

Interest Rates: 7.6% per annum (Q4 FY 2022-23)

Minimum Deposit Amount    Rs. 250
Maximum Deposit Amount    Rs. 1.5 Lakh in a financial year

Answer 1

Ref. No. 2239/44-2383

In the name of Allah the most Gracious the most Merciful

The answer to your question is as follows:

Whether the rate of interest is low or high, whether the interest is given by a private institution or by the government, the interest will be unlawful and haram in Islamic Shariah.

And Allah knows best

Darul Ifta

Darul Uloom Waqf Deoband