Are you ready to deposit 1 lakh every year in Sukanya Yojana, how much interest will you get on maturity

Sukanya Samriddhi Account : Sukanya Samriddhi Yojana is a tax-free small-savings scheme running in the name of daughters. This is a government scheme, which encourages long-term investment and a large amount can be created by investing in it. The interest rate on it for the current June quarter is 8.2 percent, which is the highest in small savings (equal to Senior Citizens Savings Scheme). Tax exemption is also available under Section 80C on investment of up to Rs 1.5 lakh every year in this scheme.

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Deposit Rules (Deposit Rules in SSY)

Under Sukanya Samriddhi Yojana, you can open an account in the post office for a daughter below 10 years of age. In this scheme, it is necessary to deposit at least Rs 250 in a financial year. At the same time, a maximum of Rs 1.50 lakh can be invested in a financial year.

The maturity period of Sukanya Samriddhi Yojana is 21 years. That is, if you start the scheme in 2024, it will mature in 2045. In this, you have to invest for the first 15 years, after which there is a lock-in period of 6 years. In the remaining 6 years, you keep getting the fixed interest on your deposit under the scheme. You also get the benefit of compounding in this.

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SSY Calculator : On investment of Rs 1 lakh every year

Interest rate in SSY: 8.2 percent per annum
Investment in one financial year: Rs 1,00,000 lakh
Investment in 15 years: Rs 15,00,000 (Rs 15 lakh)
Total amount on maturity of 21 years: Rs 46,18,385 (Rs 46.18 lakh)
Interest benefit: Rs 31,18,385 (Rs 31.18 lakh)

SSY Calculator : Maximum Investment Per Year

Interest rate in SSY: 8.2 percent per annum
Investment in one financial year: Rs 1,50,000
Investment in 15 years: Rs 22,50,000 (Rs 22.50 lakh)
Total amount on maturity of 21 years: Rs 69,27,578 (Rs 69.28 lakh)
Interest benefit: Rs 46,77,578 (Rs 46.78 lakh)

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Tax Free Scheme

Sukanya Samriddhi Yojana is a tax free scheme. It is tax exempted at three different levels i.e. EEE. First, exemption on annual investment up to Rs 1.50 lakh under Section 80C of the Income Tax Act. Second, there is no tax on the returns received from it. Third, the amount received on maturity is tax free. This scheme was launched on 22 January 2022 under the Beti Padhao, Beti Bachao campaign during the first term of the Modi government.

Premature withdrawal

When the daughter turns 18, 50% of the amount can be withdrawn before maturity for her marriage. Apart from this, money can be withdrawn before maturity in certain circumstances after 5 years of opening the account. Such as sudden death of the account holder, death of the guardian, serious illness of the account holder or inability to continue the account.