Sukanya Samriddhi Yojana Interest Rate: The Post Office’s Sukanya Samriddhi Yojana (SSY) is a small savings scheme that guarantees a return of three times your total investment upon maturity. This means you’ll receive a 200% increase on your total deposit. This means the interest you receive will be double your total investment.
The key point is that you have to invest for 15 years, and interest will continue to accrue on your closing balance for the next six years, until maturity. A maximum of ₹70 lakh can be raised through this scheme.
SSY Calculator
Whatever you deposit in 15 years, you will get 3 times the fund
Year of opening SSY account: 2024
Interest rate in SSY: 8.2 percent annually
Annual investment: Rs 1,50,000
Investment in 15 years: Rs 22,50,000
Total amount on maturity in 21 years: Rs 69,27,578
Year of account maturity: 2045
Interest benefit: Rs 46,77,578
High interest rate, tax free too
The current interest rate on the Sukanya Samriddhi Yojana is 8.2% per annum. The Sukanya Samriddhi Yojana is a tax-free scheme. It offers three different levels of EEE tax exemptions. First, an annual investment of up to Rs 1.50 lakh is exempt under Section 80C of the Income Tax Act. Second, the returns earned are tax-free. Third, the maturity amount is tax-free.
The scheme was launched during the first term of the Modi government on January 22, 2022. This scheme was launched under the Beti Padhao, Beti Bachao campaign, which aims to ensure a better future for girls.
What is the maturity period?
The SSY scheme has a maturity period of 21 years. If you open an SSY account for a newborn, it will mature after 21 years. You must invest in this account for 15 years, after which the account matures after six years. For the remaining six years, your deposits continue to earn the interest rate set by the scheme, and this also provides the benefit of compounding. Similarly, if you open an account for your 4-year-old daughter, it will mature after 25 years. Once your daughter turns 18, she can manage her own account.
Eligibility and Deposit Limit
Under the scheme, an account can be opened at a post office for a daughter under the age of 10. A birth certificate is required for this. Parents’ ID and address proof are also required. Under the scheme, separate accounts can be opened for two daughters. In the case of twins, more than two accounts are possible.
The minimum financial year deposit under the SSY scheme is Rs 250, up from Rs 1,000 previously. A maximum of Rs 150,000 can be invested in a single financial year. Investments can also be made on a monthly basis, with a maximum of Rs 12,500.