Wednesday, June 19, 2024
HomefinanceSukanya Samriddhi Yojana: Your daughter can become a millionaire at the age...

Sukanya Samriddhi Yojana: Your daughter can become a millionaire at the age of 21! Know how?

The central government has increased the interest rate of Sukanya Samriddhi Yojana from 7.6% to 8% for April to June 2023.

Sukanya Samriddhi Yojana: Sukanya Samriddhi Yojana i.e. SSY is Government of India supported small savings scheme which helps parents to save money for long term financial needs of their girl child. An investor is allowed to invest in this completely risk-free investment option till his daughter turns 14 years old. However, 50 percent of the maturity amount can be withdrawn at the age of 18 years of the girl child and the full maturity amount at the age of 21 years.

In SSY scheme, Government of India is giving SSY interest rate of 8 percent per annum, which can also be paid on quarterly basis. The central government announced the interest rate of Sukanya Samriddhi Yojana at 8 percent EPR annually for the quarter April to June 2023. Earlier it was 7.60 per cent per annum. Hence, in Q1FY24, the Government of India (GoI) increased the SSY interest rate by 40 bps, which is a good news for SSY account holders.

Sukanya Samriddhi Yojana calculator

According to the SSY calculator, if a person starts investing in Sukanya Samriddhi Yojana account immediately after the birth of his girl child, he will be able to invest for 15 years. Till the girl is 14 years old. An investor in this scheme can also claim income tax benefits under section 80C of the Income Tax Act. If an investor invests ₹10,000 per month, he will be able to invest ₹1.20 lakh per year in 12 equal installments.

According to the SSY calculator, if an investor chooses not to withdraw 50 per cent of the maturity amount after his daughter turns 18, he will end up receiving a maturity amount of Rs 51,03,707 or approximately Rs 51 lakh. In this ₹51 lakh, the total investment would be ₹18 lakh and the interest earned after the maturity period of 21 years would be ₹33,03,707 or approximately ₹33 lakh. In this case, you will get a total of Rs 51 lakh.

Bhupendra Pratap
Bhupendra Pratap
Bhupendra Pratap has over 3 years of experience in writing finance content, entertainment news, cricket and more. He has done BA in English. He loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @insuranceindiaain@gmail.com
RELATED ARTICLES
- Advertisment -

Most Popular

Recent Comments