Sukanya Samriddhi Yojana: The central government had increased the interest rates for government-backed small savings schemes in the first quarter of the financial year 2023-24. The central government had increased the interest rate of Sukanya Samriddhi Yojana (SSY) from 7.60 percent to 8 percent.
In the second quarter also, the government kept the interest rates at 8 percent. Now, if someone starts investing in Sukanya Samriddhi Yojana account after the birth of their girl child, they can expect a return of 7.6 per cent to 8 per cent.
If an investor starts investing in SSY account immediately after the birth of his girl child, he will contribute for 15 years as one can deposit amount in his Sukanya Samriddhi Yojana account till his girl child turns 14. It doesn’t become a year old.
When can I withdraw money
After the girl child turns 14, 50 percent of the maturity amount can be withdrawn when the girl child turns 18. And the remaining maturity amount can be withdrawn when the girl child turns 21. However, if a person does not consider it appropriate to withdraw money from his/her SSY account, then the entire withdrawal amount can be taken after the girl child turns 21.
Maturity of Sukanya Samriddhi Yojana
Assuming approximately 7.6 per cent return on his money at the time of maturity, if an individual invests ₹12,500 per month in 12 instalments, the investor will be able to avail income tax benefit limit of Rs 1.5 lakh under Section 80C in a financial year. would be able. If the investor makes a complete withdrawal when the girl child turns 21, the SSY maturity amount would be approximately Rs 63,79,634.
So, if an investor starts investing ₹12,500 per month in Sukanya Samriddhi Yojana account soon after the birth of his daughter, the girl child will become a millionaire at the age of 21.
income tax benefits
As mentioned above an investor can claim income tax benefits under Section 80C of the Income Tax Act up to ₹1.50 lakh invested in SSY account in a financial year. There will also be 100 percent tax exemption on SSY interest earned and SSY maturity amount. So, Sukanya Samriddhi Yojana is an EEE investment vehicle.
