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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
asked Feb 5, 2023 in Usury / Insurance by Meraj Siddiqui

1 Answer

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

 

answered Feb 9, 2023 by Darul Ifta
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