Sukanya Samriddhi Interest Rate: You can invest a minimum of Rs 250 and a maximum of Rs 1.5 lakh annually in the scheme. It has been made only for daughters. By investing in this, you can plan the expenses for your daughter’s future.
SSY Interest Rate Hiked: Before the Lok Sabha elections, the government has announced to increase the interest rate on small savings scheme. This will benefit those who invest in Sukanya Samriddhi Yojana keeping their daughter’s future in mind. The government has increased the interest rate on Sukanya Samriddhi Yojana (SSY) by 20 basis points for the January-March quarter. According to the circular issued by the Finance Ministry, the interest rate has increased from the current 8 percent to 8.2 percent. Let us know about the scheme in detail-
What is Sukanya Samriddhi Yojana?
Being a government supported scheme, Sukanya Samriddhi is 100% safe. Under this, you can invest a minimum of Rs 250 annually and a maximum of Rs 1.5 lakh. This scheme has been made only for daughters. By investing in this, you can plan the expenses for your daughter’s future. Under the scheme, by investing for 15 years, money can be collected for the expenses of daughter’s education and marriage etc. By investing regularly over a long period, big money can be raised on maturity. You can open Sukanya Samriddhi account by going to any post office or bank.
Who can apply
Under Sukanya Samriddhi Yojana, parents can open the account of girls between the age of zero to 10 years. In this you can open an account with an investment of Rs 250. Earlier 8 percent interest was being given on it annually. But now for the January to March quarter it has been increased to 8.2 percent. In this you also get the benefit of compounding. Only one account can be opened in the name of a girl child. Under this, you can open the account of only two girls. But if you have two girls (twins) together, then you can open an account for three girls.
Interest and maturity period
Investments in Sukanya Samriddhi Yojana are exempted from income tax under 80C. The return received on its maturity is completely tax free. If you deposit Rs 1.5 lakh annually, it becomes approximately Rs 67 lakh on maturity. There is tremendous benefit of compounding in this. The maturity period of the scheme is 21 years. But one has to invest in it for 15 years. That means your account matures after 6 years of investment closure. If you open an account for a newborn girl, it will become mature at the age of 21 years. Similarly, if you open an account for your child at the age of 4 years, then the maturity of the account will be at the age of 25 years. The daughter can handle the account herself after she turns 18.
Daily investment of Rs 417
Under Sukanya Samriddhi Yojana, you can deposit up to Rs 1.5 lakh every year. If you want to deposit Rs 1.5 lakh every year, then you will have to deposit Rs 12500 every month, which is approximately Rs 417 per day. If you open an account for a newborn girl, then by investing Rs 12500 every month, you invest Rs 22.50 lakh in 15 years. On completion of 21 years, the daughter will get a total of Rs 67,34,534 at the time of maturity. During this period you will get interest of around Rs 44.85 lakh.
Important documents for Sukanya Samriddhi
1. Identity card of parents
2. Daughter’s Aadhar Card
3. Bank account passbook opened in daughter’s name
4. Passport size photo of daughter
5. Mobile number
