Sukanya Samriddhi Yojana Calculator: To ensure a bright future for daughters, the government has introduced the Sukanya Samriddhi Yojana (SSY), which is regarded as a secure and favored investment choice. By participating in this scheme, parents can build a significant fund for their daughter’s higher education and wedding. With careful planning, this scheme can yield a corpus of up to Rs 70 lakh. This is a small savings initiative provided by the Post Office, and accounts can also be established through banks.
Interest Rate in SSY
The interest rate for the Sukanya Samriddhi Yojana is determined by the government every three months. At present, this scheme offers an interest rate of 8.2% compounded annually, which is considered to be higher than many other secure investment alternatives.
Maturity period in SSY
A minimum deposit of Rs 250 per financial year is permitted under this scheme, with a maximum limit of Rs 1,50,000 per year. Investors have the option to make monthly contributions or annual lump sum deposits, based on their convenience. Contributions to this scheme are also eligible for tax deductions under Section 80C of the Income Tax Act.
Who can open an account?
Parents can establish a Sukanya Samriddhi Account before their daughter reaches 10 years of age. A family can have a maximum of two daughters eligible for an account. However, special cases such as twins or triplets are allowed.
Maturity Period
Investments in this scheme remain valid for 15 years from the date the account is opened. If the minimum deposit of Rs 250 is not maintained in any given year, the account will become inactive. Nevertheless, it can be reactivated by making a minimum deposit of Rs 250 and paying a penalty of Rs 50 for each year of default.
When can you withdraw money?
A maximum of 50% of the account balance can be withdrawn once the daughter turns 18 or completes the 10th grade. This amount can be taken out in a lump sum or in installments. The account matures when the daughter reaches 21 years of age or at the time of her marriage. If the account is opened immediately after the daughter’s birth, the investment period is 15 years, and after that, only interest is earned for 6 years.
This is how a fund of 70 lakhs will be created
If parents open an SSY account when their daughter is one year old and invest Rs 150,000 annually, they can receive approximately Rs 6927578 upon maturity. This will include an original investment of approximately Rs 2250000, while interest earnings will be approximately Rs 4677578.
