Sukanya Samriddhi Yojana: The Central Government’s Sukanya Samriddhi Yojana (SSY) is seen as one of the most trustworthy government initiatives aimed at securing the future of daughters. The interest and maturity amount on investments made under this scheme are completely guaranteed. This scheme allows parents to create a solid financial plan for their daughter’s education, career, and marriage.
What makes this scheme special is that it not only offers great returns but also provides tax exemption benefits and tax-free maturity. Let’s take a look at how much money you can expect to receive upon maturity if you deposit Rs 2,000 every month into your Sukanya Samriddhi Account.
How to invest in Sukanya Samriddhi Yojana?
You can only open a Sukanya Samriddhi Yojana account in the name of a daughter who is under 10 years old. The minimum deposit is Rs 250, while the maximum is Rs 1.5 lakh annually. You need to invest for just 15 years, but the account remains valid for 21 years. This means you won’t have to make any contributions in the last six years, and interest will keep accumulating.
Right now, this scheme offers an interest rate of 8.2% per annum, which is set quarterly by the central government. Contributions to this scheme are tax-deductible, and the entire maturity amount is tax-free.
How much will you earn if you invest Rs 5000 monthly?
If a parent puts in Rs 2,000 each month into the Sukanya Samriddhi Yojana, the total annual investment will be Rs 24,000. This investment is needed for 15 years, leading to a total deposit of Rs 3.6 lakh over that period. Assuming an average interest rate of 8.2% per annum and compounding according to government rules, the maturity amount after a 15-year investment period, which totals 21 years, would be around Rs 9.6 lakh to Rs 10 lakh. It’s worth noting that no new deposits are required from the 16th year to the 21st year, but interest continues to accrue on the amount already deposited. This results in a total investment of Rs 3.6 lakh, resulting in a nearly three-fold increase in the maturity amount.
How much money can you make with different investment amounts?
The maturity amount for the Sukanya Samriddhi Yojana changes based on how much you invest. If a parent puts in Rs 1,000 each month, they could get around Rs 4.8 to Rs 5 lakh when the account matures after 21 years. Investing Rs 3,000 monthly could bring in about Rs 14.5 to Rs 15 lakh, while Rs 4,000 a month might yield around Rs 19 to Rs 20 lakh. If you go for Rs 5,000 a month, you could see about Rs 24 to Rs 25 lakh after 21 years.
How does the balance grow over time?
If you put in Rs 60,000 a year into the Sukanya Samriddhi Yojana, or Rs 5,000 each month, the balance after interest at the end of the first year is roughly Rs 64,800. Keep investing, and this could grow to about Rs 3.6 lakh in five years. After 10 years, you might have around Rs 8.75 lakh, and after 15 years, it could reach about Rs 19.8 lakh. Even if you stop investing after that, interest keeps piling up, and by the end of 21 years, the maturity amount could be around Rs 24.5 lakh.
When can you take the money out?
You can withdraw the full amount from the Sukanya Samriddhi Yojana 21 years after opening the account. But if your daughter turns 18 and needs funds for her education, you can take out 50% of the deposit early. The rest will be available when the account matures.
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