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Money can be deposited in the Sukanya Samriddhi account for 15 years from the date of opening the account.
Sukanya Samriddhi Yojana scheme is for parents who have a daughter. It saves tax along with high-interest generation. To invest in SSY you must be a resident Indian and parent or legal guardian of the girl child. A Sukanya Samriddhi account can be opened from the time the girl child is born until she is 10 years old. An account can be opened in the name of two daughters in a family. The account can be opened at a post office or bank branch. You can open an account with a minimum of Rs 250. You can invest a minimum of Rs 250 and a maximum of Rs 1.5 lakh in each financial year. This amount can be deposited in one go or in installments.
Money can be deposited in the Sukanya Samriddhi account for 15 years from the date of opening the account. The account will mature 21 years after the date of opening. On attaining the age of 18 years, the daughter has the option to withdraw money for her marriage. After the girl child attains the age of 18 years or passes the 10th class, she is allowed to withdraw 50% of the amount deposited in the Sukanya Samriddhi account. However, this money can only be withdrawn for the girl child’s education expenses.
SSY Account Premature Withdrawal
Premature withdrawal, or withdrawal before maturity, is allowed under certain conditions after 5 years of opening an SSY account. These include the death of the account holder, a serious illness of the account holder, and the death of the parents who operate the account.
SSY Interest Rate
The government has fixed the interest rate at 8.2% for January-March quarter of FY 24. The interest rate is revised every quarter. Since inception of the scheme, the highest interest rate given to account holders has been 9.2% and the lowest has been 7.6%.
SSY Calculator
Let’s understand how much money you will be able to accumulate for your daughter’s future through the Sukanya Yojana. Let’s assume that you deposits 1.5 lakh or 12,500 rupees per month in the Sukanya account opened in your daughter’s name. You wpuld run the account for 15 years. Suppose, you gets 8% interest for a tenure of 21 years. So when the tenure is complete, your daughter will have around 70 lakh or to be exact she will have 69,80,093 rupees for higher education. While total deposit will be Rs 22.5 lakh. That is, you will get three times return.
The interest rate is compounded quarterly and is subject to change on quarterly basis. This means that the maturity amount can be higher or lower than expectations.
SSY is a Triple E (Exempt-Exempt-Exempt) category scheme. This means that the investment amount, the interest earned, and the maturity amount are all exempt from income tax. Under Section 80C of the Income Tax Act, you can claim a deduction of up to Rs 1.5 lakhs on investments. The interest you earn each year is also tax-free. There is no tax on the money your daughter receives at maturity either.
The Sukanya Samriddhi Yojana is a good option for a daughter’s education and marriage, especially for those who are apprehensive about the ups and downs of the stock market and want a fixed return. Money in the Sukanya Yojana is considered safe because it is a small savings scheme run by the Government of India. Start investing in Sukanya when your daughter is young so that you can achieve your goals on time. Invest in the Sukanya Yojana only if you have a long investment horizon.