SUKANYA SAMRIDDHI YOJANA: JUST RS 10K PER MONTH CAN CREATE RS 55 LAKH FOR YOUR DAUGHTER - SEE CALCULATION

Sukanya Samriddhi Yojana: If you are thinking about saving money for your baby girl, then you can explore Sukanya Samridhi Yojana (SSY). Backed by the Government of India, Sukanya Samridhi Yojana is considered one of the best investment plans for girl child, especially for middle-class Indian families struggling to save funds for their girl child.

With SSY, you not only earn interest of over 7 per cent but also get tax benefits. Deposit under SSY qualify for tax deduction under section 80C of Income Tax Act. Moreover, with SSY, you can save around Rs 55lakh for your girl child.

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Sukanya Samridhi Yojana investment

You can open a Sukanya Samridhi Yojana account for your daughter with a minimum deposit of Rs 250 and a maximum deposit of Rs 1,50,000/- (in multiples of Rs 50) in a year, either in lump-sum or in installments.

However, you must note that a deposit may be made for a maximum of fifteen years following the date of opening.

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Sukanya Samridhi Yojana maturity

Sukanya Samridhi Yojana accounts mature either after 21 years from the opening date or when the account holder gets married after turning 18.

Additionally, monthly contributions made before the 5th of each month ensure optimal interest earnings, further minimising potential losses in interest compared to lump sum contributions.

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Sukanya Samridhi Yojana interest rate

Under Sukanya Samridhi Yojana, you will get an interest rate of 8.2% per annum, which will be on a quarterly basis. Moreover, the interest is credited to the account at the end of each financial year.

Additionally, the interest earned under this scheme is tax free under the Income Tax Act.

Sukanya Samridhi Yojana maturity amount

According to open-source calculator, if your daughter is 10 years old, then with an yearly investment of Rs 1.2 lakh, which is Rs 10,000 per month, with an annual interest rate of 8.2 per cent, Sukanya Samridhi Yojana maturity amount would be around Rs 55,42,062.

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Similarly, if you increase the amount to the maximum deposit limit, which is Rs 1.50 lakh, which is Rs 12,500, your investment amount would be Rs 69,27,578 or Rs 69.2 lakh on maturity or when your daughter celebrates her 21st birthday.

(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)

2024-09-04T12:55:08Z dg43tfdfdgfd