Sukanya Samriddhi Yojana (SSY): In this changing time, parents in India have big dreams for their girl child. They want to educate her and make her stand out in a competitive world. At the same time, they also consider the marriage of their daughter an important responsibility. However, for both purposes, one needs a large amount. But you can arrange this amount if you meticulously plan your investment from the early years of your girl child.

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A small and regular investment every month can help you accumulate a large amount in the long run.

For the purpose of a girl child's education and marriage, the government runs a scheme that also provides you with tax benefits, compound interest, and a large amount for your daughter at maturity.

Sukanya Samriddhi Yojana is one such small savings scheme, where a monthly investment of Rs 12,500 can help you accumulate a fund of Rs 70 lakh at maturity.

This fund can be used to help your daughter get a quality education or for her marriage.

The scheme is run by post office and banks.

In this write-up, you will learn the calculations of how you can get Rs 70 lakh on maturity in the SSY scheme, but before that, know the basic features, investment eligibility criteria, and other key details about the scheme. 

What is Sukanya Samriddhi Yojana and how does it work?

Sukanya Samriddhi Yojana (SSY) is a small savings scheme aimed at a girl child's education and marriage.

The post office SSY scheme provides an interest rate of 8.2 per cent calculated and compounded yearly.

A guardian in the name of a girl child below the age of 10 years can open a SSY account with a minimum investment of Rs 250 in a financial year.

The maximum deposit limit in a financial year is Rs 1.50 lakh.

One can make any number of deposits in a month or in a financial year.

The lock-in period for the scheme is 15 years.

This is also the duration for which one can make deposits every year.

After 15 years of completion, one can withdraw money after the girl child attains the age of 18 or passes the 10th standard exam.

The account can be closed after 21 years from the date of opening or at the time of the marriage of a girl child after attaining the age of 18 years.

Here's what you need to get Rs 70 lakh

If you are aiming for a Rs 70 lakh fund for your girl child, you need to invest Rs 12,500 a month, or Rs 1,50,000 in a financial year.

In 15 years, your total investment will be Rs 22,50,000.

At an 8.20 per cent interest rate, you will get a return of 46,77,578.

It means that at maturity, you will get a total of Rs 69,27,578, or nearly Rs 70 lakh.