New Calculation of Sukanya Samriddhi Yojana : Every parent is concerned about the bright future of their children. Every parent wants their children to get a good education and also be able to provide them financial support when they grow up. For this, timely planning is very important. Keeping these things in mind, the central government is also running an excellent scheme like Sukanya Samriddhi Yojana (SSY), in which you can open an account in the name of your daughter below 10 years of age. This is a very safe and tax free scheme for investment.
SSY: Small savings scheme with highest interest rate
Sukanya Samriddhi Scheme is the highest interest paying small savings scheme of the post office, where interest is being given at the rate of 8.2 percent per annum. Not only is high interest being given in this scheme, but it is also 100 percent safe as it is backed by the government. At the same time, this is a long term savings scheme, so by saving even small amounts, you can raise a large fund on maturity of the scheme.
SSY: Maturity and money deposit rules
The maturity period of Sukanya Samriddhi Scheme is 21 years (SSY Maturity Period). You have to invest in this account for 15 years. The account matures after 6 years. In the remaining 6 years, you keep getting the interest fixed under the scheme on your deposit. Under the scheme, separate accounts can be opened for 2 daughters. In case of twins, more than 2 accounts are possible.
If you start the account in 2024, it will mature in 2045. If the daughter is a newborn, she can get the full amount in 21 years, whereas if the daughter is 4 years old, she will get the amount in 25 years.
SSY Calculator : Annual deposit of Rs 55000
Year to start SSY account: 2024
Interest rate in SSY: 8.2 percent per annum
Annual investment: Rs 55,000
Total investment in 15 years: Rs 8,25,000
Total amount on maturity of 21 years: Rs 25,40,112
Account maturity year: 2045
Interest benefit: Rs 17,15,112
SSY Calculator : How much maximum fund will be created
Interest rate: 8.2% per annum
Maximum investment: Rs 1,50,000 lakh per annum
Investment in 15 years: Rs 22,50,000
Total amount on maturity of 21 years: Rs 69,27,578
Interest benefit: Rs 46,77,578
SSY is a tax free scheme
Like PPF, Sukanya Samriddhi Yojana is also a completely tax free scheme. Sukanya gets tax exemption at three different levels i.e. EEE. First, exemption on annual investment up to Rs 1.50 lakh under Section 80C of Income Tax Act. Second, there is no tax on the returns received from it. Third, the amount received on maturity is tax free.
(Source- SSY Calculator, India Post)
