Sukanya Samriddhi Yojana: The Central Government’s Sukanya Samriddhi Yojana (SSY) has emerged as a reliable and guaranteed investment option for securing the future of daughters across the country. Under this scheme, the interest on investments and the maturity amount are fully guaranteed. This allows parents to ensure financial security for their daughters’ education, career, and marriage.
Let’s explore how you can invest in the Sukanya Samriddhi Yojana (SSY), and how much you’ll receive upon maturity if you invest Rs 5,000 per month.
How can you invest in Sukanya Samriddhi?
Under this government scheme, accounts can only be opened in the name of daughters under the age of 10. The minimum annual deposit is Rs 250 and the maximum is Rs 1.5 lakh. Deposits are only required for 15 years, but the account remains active for 21 years. Currently, the interest rate is 8.2% per annum, which is determined by the government every quarter. This scheme also offers tax benefits, and the interest on maturity is completely tax-free.
Maturity amount on monthly investment of Rs 5000
Suppose you invest Rs 5,000 every month in the Sukanya Samriddhi Yojana (SSY). That’s Rs 60,000 annually. Assuming an interest rate of 8%, the table below gives you an idea of how much you will receive after 21 years. If a parent deposits Rs 5,000 every month, the annual investment would be Rs 60,000. Compounding this amount over 15 years would result in a total investment of Rs 9 lakh. Assuming an interest rate of 8.2%, the maturity amount, with compounding, would be approximately Rs 24-25 lakh. That is, more than two and a half times the deposited capital.
It’s also important to note that investments under the Sukanya Samriddhi Yojana (SSY) are limited to 15 years. No new deposits are required from the 16th year to the 21st year. During this period, interest continues to accrue on the amount already deposited, allowing the balance to grow to Rs 24.5 lakh.