Sukanya Samriddhi Yojana Interest rate: In this era of inflation, huge expenditure is incurred on children’s education and marriage. Middle class parents are worried about this expense. In such a situation, a government scheme can prove to be very beneficial. This is Sukanya Samriddhi Yojana. This scheme is only for daughters. By opening an account in this scheme, you can deposit a substantial fund for your daughter’s higher education and marriage. This is a small saving schemes.
At what age should the account be opened?
Under Sukanya Samriddhi Yojana (SSY), parents can open an account till their daughter completes 10 years of age. Sukanya Samriddhi account can be opened only for 2 daughters in a family. In case of twins or triplets, more than 2 accounts can be opened. Contribution can be made in this scheme till the completion of maximum 15 years from the date of opening the account. If an investor opens an account in this scheme immediately after the birth of his daughter, he can deposit his contribution for 15 years. After this there is a lock-in period of 6 years. During this period no investment has to be made, but interest continues to be received. In this scheme, 50 percent of the maturity amount can be withdrawn when the daughter turns 18 years old. The remaining amount can be withdrawn when the daughter turns 21 years of age.
What interest is being received?
The central government announces the interest rates of small savings schemes every quarter. That is, the interest rate for Sukanya Samriddhi Yojana is fixed every three months. High interest rates are often kept on small savings schemes. The interest rate in this scheme for the current quarter is 8.2 percent per annum. This is the interest rate compounded annually.
How to get Rs 70 lakh
In SSY you can deposit a minimum of Rs 250 and a maximum of Rs 1,50,000 in a financial year. You can make this investment in installments or in lump sum. Suppose you open an account in Sukanya Samriddhi Yojana in the year 2024 when your daughter turns 1 year old. If you deposit Rs 1,50,000 in SSY account every financial year, you can get a total of Rs 69,27,578 at the time of maturity in the year 2045. The amount invested by you in this will be Rs 22,50,000 and the interest income will be Rs 46,77,578. In this scheme, the benefit of income tax exemption is also available on investment up to Rs 1.50 lakh in a year. This scheme comes with EEE status.
Latest Business News