Post office SSY: Rs 1.50 lakh yearly investment in this guaranteed scheme can arrange money for education and marriage of your daughter

Post office SSY: Sukanya Samriddhi Yojana (SSY) is a government small deposit savings scheme. This scheme is a specialised scheme for the girl child.

One of the guardians can open the SSY account in the name of a girl child who is under the age of 10 years on the date of opening. It should be noted that this programme does not allow for the opening of joint accounts.

According to the SBI website, "An account under this scheme may be created for a maximum of two female children in one household."

Sukanya Samriddhi Yojana: Current interest rate

The interest rate for the Sukanya Samriddhi Yojana plan has remained constant from the previous quarter. The interest rate for the July-September 2024 quarter is 8.2 per cent.

Sukanya Samriddhi Yojana (SSY): Minimum and maximum investment

The minimum investment for the scheme is Rs 250, and the maximum is Rs 1.50 lakh in a financial year.

Sukanya Samriddhi Yojana: Maturity

The maturity period for investment is 15 years, and the policy matures if the girl gets married at 18 or when she gets 21 years older, whichever comes earlier. 

Sukanya Samriddhi Yojana (SSY): Tax benefits

Deposits in the SSY scheme up to Rs 1.50 lakh in a financial year are eligible for tax deduction under Section 80C of the Income Tax Act.

What will you get at maturity if invest Rs 1.50 lakh per fiscal year?

If you invest Rs 5,000 per month in the SSY plan, your total annual investment will be Rs 60,000. Because the scheme pays compound interest of 8.2 per cent per year, your 15-year investment will be Rs 9 lakh, the interest will be Rs 18.92 lakh, and the maturity amount will be Rs 27.92 lakh.

Same way, if you invest Rs 1 lakh every year, or Rs 8,333.33 per month, your investment will be Rs 15 lakh in 15 years, with Rs 31.53 lakh in interest and Rs 46.53 lakh at maturity.

If you invest under the maximum limit, which is Rs 1.50 lakh in a fiscal year (or Rs 12333.33 per month), your investment in 15 years would be Rs 22.50 lakh, the interest gained will be Rs 47.30 lakh, and the maturity amount will be Rs 69.80 lakh.