All You Need to know about Sukanya Samriddhi Yojana Savings Scheme
In sukanya Samriddhi Yojana Savings Scheme, one can invest a minimum of Rs 250 and a maximum of Rs 1.50 lakh in a financial year.
Sukanya Samriddhi Yojana (SSY) or Selvamagal Savings Scheme is a popular small savings scheme offered by the government. This scheme is specially designed for girl children.
Guardians can open an SSY account of girls below 10 years of age. Also, one should know that there is no permission for opening a joint account in this scheme. "Under this scheme, a maximum of two girl children in a household can open this account,” the sbi website states.
Sukanya Samriddhi Yojana: There has been no change in the interest rate for the sukanya Samriddhi Yojana scheme since the beginning of last quarter. As of July-September 2024 quarter, the interest rate for the scheme stands at 8.2 per cent.
Sukanya Samriddhi Yojana: Maturity Normally, the scheme matures in 15 years. Also, if the girl child gets married at the age of 18 years or attains the age of 21 years or more, then the policy will still be considered mature.
Sukanya Samriddhi Yojana (SSY): Tax benefits You can claim tax deduction under Section 80C of the Income Tax Act for the amount up to Rs 1.50 lakh you make in a particular financial year.
If you invest Rs 5,000 every month in an SSY scheme, you will have invested a total of Rs 60,000 in a year. This scheme offers a compound interest rate of 8.2% per annum so that your investment in 15 years can be Rs 9 lakh. The total maturity amount will be Rs 27.92 lakh, with an interest rate of Rs 18.92 lakh.
Similarly, if you invest Rs 1 lakh every year or Rs 8,333.33 every month, you would have invested Rs 15 lakh for 15 years. The interest rate will be Rs 31.53 lakh and Rs 46.53 lakh on maturity.
If you invest a maximum amount of Rs 1.50 lakh in a financial year (or Rs 12333.33 every month), then your investment will be Rs 22.50 lakh in 15 years. You will get an interest of Rs 47.30 lakh on this investment amount. The total maturity amount will be Rs 69.80 lakh.
Sukanya Samriddhi Yojana (SSY) or Selvamagal Savings Scheme is a popular small savings scheme offered by the government. This scheme is specially designed for girl children.
Guardians can open an SSY account of girls below 10 years of age. Also, one should know that there is no permission for opening a joint account in this scheme. "Under this scheme, a maximum of two girl children in a household can open this account,” the sbi website states.
Sukanya Samriddhi Yojana: There has been no change in the interest rate for the sukanya Samriddhi Yojana scheme since the beginning of last quarter. As of July-September 2024 quarter, the interest rate for the scheme stands at 8.2 per cent.
Sukanya Samriddhi Yojana: Maturity Normally, the scheme matures in 15 years. Also, if the girl child gets married at the age of 18 years or attains the age of 21 years or more, then the policy will still be considered mature.
Sukanya Samriddhi Yojana (SSY): Tax benefits You can claim tax deduction under Section 80C of the Income Tax Act for the amount up to Rs 1.50 lakh you make in a particular financial year.
If you invest Rs 5,000 every month in an SSY scheme, you will have invested a total of Rs 60,000 in a year. This scheme offers a compound interest rate of 8.2% per annum so that your investment in 15 years can be Rs 9 lakh. The total maturity amount will be Rs 27.92 lakh, with an interest rate of Rs 18.92 lakh.
Similarly, if you invest Rs 1 lakh every year or Rs 8,333.33 every month, you would have invested Rs 15 lakh for 15 years. The interest rate will be Rs 31.53 lakh and Rs 46.53 lakh on maturity.
If you invest a maximum amount of Rs 1.50 lakh in a financial year (or Rs 12333.33 every month), then your investment will be Rs 22.50 lakh in 15 years. You will get an interest of Rs 47.30 lakh on this investment amount. The total maturity amount will be Rs 69.80 lakh.