Sukanya Samriddhi Yojana Interest Rate:Sukanya Samriddhi Yojana (SSY) of Post Office is such a Small Savings Scheme, in which you are guaranteed to get 3 times the total investment on maturity. That means you will get money by increasing 200 percent of the total deposited amount. That means the interest you get in this will be double the total investment. The special thing is that you have to invest in it for 15 years, while interest will continue to be added on the total closing balance for the next 6 years i.e. till maturity. A maximum of Rs 70 lakh can be raised through this scheme.
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SSY Calculator
Whatever you deposit in 15 years, you will get 3 times the fund.
Year of opening SSY account: 2024
Interest rate in SSY: 8.2 percent per annum
Annual investment: Rs 1,50,000
Investment in 15 years: Rs 22,50,000
Total amount on maturity of 21 years: Rs 69,27,578
Account maturity year: 2045
Interest benefit: Rs 46,77,578
Top Return: This scheme of mutual fund topped in the year 2024, has been giving 24% annual SIP return for 10 years
High interest rate, tax free too
The interest available on Sukanya Samriddhi Yojana currently (January to March 2024) is 8.2 percent per annum. Sukanya Samriddhi Yojana is a tax free scheme. 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.
The scheme was launched on 22 January 2022 in the first term of the Modi government. This scheme was started under the Beti Padhao, Beti Bachao campaign, the objective of which is a better future for daughters.
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What is the maturity period?
The maturity of SSY scheme is 21 years. If you open an SSY account for a newborn, it will mature after 21 years. You have to invest in this account 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. There is also the benefit of compounding. Similarly, if you start an account for a 4 year old daughter, it will mature in 25 years. When the daughter turns 18, she can manage her account.
Rules of Investing: Money will double in less than 5 years, triple in less than 8 years, this formula will explain where to invest.
Eligibility and Deposit Limit
Under the scheme, 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.
In SSY scheme, it is necessary to deposit at least Rs 250 in a financial year, which was earlier Rs 1000. At the same time, a maximum of Rs 1.50 lakh can be invested in a financial year. Investment option can also be on monthly basis, which will be maximum of Rs 12500.
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Can money be withdrawn before maturity?
When the daughter turns 18 years of age, 50 percent of the amount can be withdrawn before maturity for her marriage. Apart from this, after 5 years of opening the account, in some circumstances money can be withdrawn before maturity. Such as sudden death of the account holder, death of a parent, serious illness of the account holder or inability to continue the account.
(Source- SSY Calculator, India Post)
