SSY Calculator: Start investing in SSY for your 3-year-old daughter, you will get Rs 44 lakh on maturity, know how
Sukanya Samriddhi Yojana (SSY) of the Government of India is centred around investment for the girl child. Parents of girls below 10 years of age can open a SSY account. At present, the interest rate of 8 per cent per annum is being offered under the SSY scheme.
SSY Calculator: As a father, education and marriage of your daughter are two important responsibilities. You need a good amount of money to fulfil both the responsibilities. For that reason, you should start investing from today itself. There many government private schemes for investment purpose, but the Post Office-run Sukanya Samriddhi Yojana has emerged as one of the best options for providing good interest and tax exemption. What is SSY scheme and how to get fund of Rs 44 lakh, read complete information here.
What is SSY scheme?
Sukanya Samriddhi Yojana of the Government of India is centered around investment for the girl child.
Parents of girls below 10 years of age can open a SSY account.
At present, the interest rate of 8 per cent per annum is being offered on investment in SSY.
By investing in Sukanya Samriddhi Yojana, parents can deposit a maximum of Rs 1.5 lakh in a year.
Investment in the SSY scheme has to be made for 15 years.
The maturity period of this scheme is 21 years. However, when your daughter turns 18 years of age, you can withdraw money from the account for marriage or studies.
How to make Rs 44 lakh fund?
To create a fund of Rs 44 lakh, you will have to invest Rs 1 lakh annually for 15 years.
This means that in 15 years, you will deposit a total of Rs 15 lakh in your SSY account.
Because of the annual interest of 8 per cent, you will get the total interest of Rs 29,89,690 on the SSY account.
Let us tell you, on maturity, you will get the invested amount (Rs 15 lakh) and the interest amount (Rs 29,89,690) together.
According to this calculation, the total amount you will get will be Rs 44,89,690.
Note, if your daughter is 3 years old and you start investing in this scheme from 2024, you will have to deposit money annually for the first 15 years i.e. till 2039.
At the same time, when your daughter turns 21 (year 2042), you can withdraw money for your daughter's education or marriage.
At the same time, after 21 years i.e. in the year 2045, the SSY account will mature and the entire amount will be given to you at once.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.