Under the observation of Central Government, Sukanya Samriddhi Yojana (SSY) has become a popular and important scheme for the girl child. If you want to invest in small amounts for a long duritation to secure your girl child’s future, then, this article will provide you informations.
Under this scheme, accounts can only be opened in the name of daughters under the age of 10. A minimum annual deposit of ₹250 and a maximum of ₹1.5 lakh can be made. Deposits must be made for 15 years, but the account remains active for 21 years. Currently, the government offers an annual interest rate of 8.2%, which is revised quarterly. Investments in this scheme are tax-deductible, and the interest earned upon maturity is completely tax-free.
Understand the Sukanya Samriddhi Yojana (SSY) calculation:
Suppose your daughter is currently one year old and you start depositing ₹2,000 every month into the Sukanya Samriddhi Yojana (SSY). This means an annual investment of ₹24,000. Depositing this amount for 15 years results in a total investment of ₹3.60 lakh. If compounded at an interest rate of 8.2%, the maturity amount after 21 years will be ₹11.08 lakh. This means you receive more than two and a half times the deposit. It’s worth noting that no new deposits are required from the 16th to the 21st year, but interest continues to accrue on the previously deposited amount. This is why the total amount grows to approximately ₹11.08 lakh after 21 years.
The full amount can only be withdrawn after 21 years of account opening. However, if the daughter reaches 18 and needs funds for her education, 50% of the amount can be withdrawn before that time. The remaining amount is available upon maturity.
Desclaimer: For any financial invest anywhere on your own responsibility, Times Bull will not be responsible for it.