The Sukanya Samriddhi Yojana was launched to secure daughters’ futures, but it is currently in the news due to a change in one of its rules that will take effect on October 1, 2024. This Modi government scheme is also considered to be a scheme to make the daughter a millionaire. Let’s perform a comprehensive calculation to determine how much money you would raise for your daughter if you invested Rs 10,000 every month.

Obtaining a strong 8.2% interest rate

The SSY Account, also known as the Sukanya Samriddhi Yojana Account, offers compound interest at 8.2 percent per annum for this quarter, i.e., from July 1, 2024, to September 30, 2024. It tops the list of most popular small savings schemes run by the government, and its benefits are also innumerable. This scheme is a part of the ‘Beti Bachao Beti Padhao’ campaign, which aims to enable parents or guardians to meet the expenses of their daughters from education to marriage.

‘Triple-E’ Tax Benefits

In 2015, Prime Minister Narendra Modi’s government launched this scheme. Every quarter, the SSY Scheme revises its interest rates. In this case, the maximum investment limit is Rs 1.5 lakh. Speaking of other benefits, ‘Triple E’ tax benefits are available on investments made in Sukanya Samriddhi Yojana. This investment is eligible for tax deduction under Section 80C, which is a maximum of Rs 1.5 lakh. Apart from this, the interest received on this account gets the benefit of compounding, which is tax-free under Section 10 of the IT Act. Aside from this, there is no tax on the income at maturity or withdrawal.

A deposit of Rs 10,000 will create this amount of money.

If we discuss the fund that is collected through monthly investments of Rs 10,000, the calculation becomes straightforward. The calculation then becomes very simple. A=P(1+r/n)^nt formula works in this scheme. In this formula, A represents the compound interest or compounding interest, P denotes the original or principal amount, r signifies the interest rate, n signifies the number of compounding cycles in a year, and t signifies the number of investment years. If we calculate using the SSY Calculator, you will invest Rs 10,000 every month, or Rs 1.2 lakh annually.

If you have a 5-year-old daughter and invest Rs 1.2 lakh annually, the investment will grow to an estimated Rs 55.61 lakh after 21 years, assuming an interest rate of 8.2% per year. The amount invested in this will be Rs 17.93 lakh, while the interest after 21 years will be Rs 37.68 lakh. Conversely, if you invest Rs 1,50,000 annually, the daughter will receive Rs 69.8 lakh upon maturity, of which she will invest Rs 22.5 lakh and earn Rs 47.3 lakh in interest. That is, when the daughter turns 21, she will be a millionaire and will say to you, ‘Thank you, Papa’.

This big change has just happened.

The popular government’s Sukanya Samriddhi Yojana recently underwent a significant change to ensure the financial security of daughters’ futures, which is crucial for you to understand. In this scheme, now only parents or legal guardians can operate the daughter’s account. Failure to comply may result in the account being closed. Understanding the SSY Scheme Rule Change in detail reveals that it specifically applies to Sukanya accounts opened under the National Small Savings Schemes (NSS).

The new rule requires a daughter to transfer it to her natural parents or legal guardian if someone other than her legal guardian opens it. Failure to do so could result in the account being closed. According to the report, this change in the scheme will come into effect on October 1, 2024.

Source : Aaj tak