Sukanya Samriddhi Yojana: If a person starts investing ₹12,500 per month in the Sukanya Samriddhi Yojana account immediately after the birth of his girl child, the girl child will become a millionaire at the age of 21.
Sukanya Samriddhi Yojana: To promote the ‘Beti Bachao, Betio Padhao’ campaign, Modi government launched Sukanya Samriddhi Yojana (SSY) in the year 2015. Even today, this scheme will eliminate your worries about not only the education but also the marriage expenses of your beloved daughter. If a person starts investing ₹12,500 per month in the Sukanya Samriddhi Yojana account immediately after the birth of his girl child, the girl child will become a millionaire at the age of 21.
If you start investing Rs 12,500 every month or Rs 1.50 lakh annually in an SSY account after the birth of your daughter, you will have approximately Rs 69 lakh by the time the girl turns 21. This amount will easily meet the expenses of your beloved’s marriage and education.
Not only this, you can also claim income tax exemption on ₹1.50 lakh invested in SSY account in a financial year under Section 80C of the Income Tax Act.If you start investing Rs 12,500 every month or Rs 1.50 lakh annually in an SSY account after the birth of your daughter, you will have approximately Rs 69 lakh by the time the girl turns 21. This amount will easily meet the expenses of your beloved’s marriage and education. Not only this, you can also claim income tax exemption on ₹1.50 lakh invested in SSY account in a financial year under Section 80C of the Income Tax Act.
While declaring the interest rates of small savings schemes for the fourth quarter of the current financial year, the Central Government has declared the SSY interest rate at 8.2 percent. Although this SSY interest rate may change every quarter, a net return of around 8% can be expected at the time of maturity.
Sukanya Samriddhi Yojana Calculator: Any person can deposit in his/her Sukanya Samriddhi Yojana account until his/her daughter turns 14 years old. 50% of the maturity amount can be withdrawn when the girl turns 18 and the remaining amount can be withdrawn when the girl turns 21. However, if a person does not want to withdraw money from the SSY account of the girl after she turns 18, then she can withdraw the entire amount after she turns 21.
Assuming 8.2% return on his money at the time of maturity, if a person invests ₹ 12,500 every month in 12 installments or ₹ 1.50 lakh at one time, then this amount on maturity will be around ₹ 69,32,648.
Benefit in Income Tax also: Investment under Sukanya Samriddhi Yojana is exempted under Section 80C of the Income Tax Act. Under this, one can claim income tax benefit of up to ₹ 1.50 lakh invested in SSY account in a financial year. The SSY interest earned on this and the SSY maturity amount are also 100% tax free.
