Sukanya Samriddhi Yojana: Government scheme Sukanya Samriddhi Yojana (SSY) is the highest interest paying small savings scheme. This is such a scheme of the Central Government, through which you can arrange for a better future for your daughter. This scheme not only gives higher interest than FD, RD or NSC. Sukanya Samriddhi Yojana is 100% safe as it is backed by the government. If you invest in this scheme in a disciplined manner, you can arrange a good amount of funds when your daughter completes 21 years. Keep in mind that this age can range from higher education to marriage. In such a situation, SSY can prove to be a very useful scheme.
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Higher interest as well as tax benefits (Tax Free Scheme)
The interest on Sukanya Samriddhi Yojana for the quarter April to June 2024 is 8.2 percent per annum. This is a tax free small-saving scheme running in the name of daughters. Tax exemption is available on this 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. Secondly, there is no tax on the returns received from this. Third, the amount received on maturity is tax free. This scheme was started on 22 January 2022 under the Beti Padhao, Beti Bachao campaign in the first term of the Modi government.
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How much can you deposit?
A maximum of Rs 1,50,000 can be invested in this scheme in a financial year. In this scheme, it is necessary to deposit at least Rs 250 in a financial year. Investment option can also be on monthly basis. The maturity of this scheme is 21 years, but you have to invest in it only for 15 years. After which the account matures after 6 years. In the remaining 6 years, you continue to get fixed interest on your deposit under the scheme.
Eligibility for the scheme (SSY Eligibility)
In SSY, an account can be opened in the post office for a daughter below 10 years of age. For this it is necessary to have the birth certificate of the daughter. ID proof and address proof of parents will also be required. Under the scheme, separate accounts can be opened for two daughters. In case of twins, more than 2 accounts are possible.
How will you be able to give 51 lakhs (SSY Calculator)
Interest rate in SSY: 8.2 percent per annum
Investment in one financial year: Rs 1,11,000
Investment in 15 years: Rs 16,65,000 (Rs 16.65 lakh)
Total amount on maturity of 21 years: Rs 51,26,408 (approximately Rs 51 lakh)
Interest Benefit: Rs 34,61,408 (about Rs 34.61 lakh)
If deposit maximum limit
Interest rate in SSY: 8.2 percent per annum
Maximum investment: Rs 1,50,000 annually
Investment in 15 years: Rs 22,50,000 (Rs 22.50 lakh)
Total amount on maturity of 21 years: Rs 69.80 lakh
Interest benefit: Rs 47.30 lakh
