Sukanya Samriddhi Yojana (SSY): After increase in interest rate, your Rs 5K a month will become this much in 15 years

Sukanya Samriddhi Yojana (SSY): The central government has increased the interest rate in Sukanya Samriddhi Yojana from 8 per cent to 8.2 per cent. The move from the government brings the scheme to the level of one of the highest interest rate Post Office schemes. Sukanya Samriddhi Yojana is centred at girl education and marriage. If your daughter's age is up to 10 years, you can deposit money in this scheme in her name and accumulate a good amount till she grows up.

Sukanya Samriddhi Yojana: Investment period 15 years

Sukanya Samriddhi Yojana is a long term scheme.

In it, you can deposit Rs 250 to Rs 1.5 lakh annually.

In this, investment has to be made continuously for 15 years, and after 21 years, the deposited amount is received with maturity.

If your daughter is 2 years old and you start investing in SSY for her in the new year 2024, you can accumulate a big fund for her till 2045 i.e. when your daughter will be around 22-23 years old.

Sukanya Samriddhi Yojana: What if you deposit Rs 5,000 per month

If you deposit even Rs 5,000 a month in SSY, you will deposit a total of Rs 60,000 in a year.

In this way, you will invest a total of Rs 9,00,000 in 15 years.

According to SSY Calculator, at 8.2 per cent interest, you will get the maturity amount of Rs 28.73 lakh.

You can deposit this amount for your daughter's higher studies or marriage etc.

Sukanya Samriddhi Yojana: How to open account 

Download the form of Sukanya Samriddhi Yojana by visiting the website of the bank or post office.

Take a print out of it, fill it, and attach the required information, photograph and other documents like child's birth certificate, photograph, parent's identity card, etc. along with all the documents.

After this, go to the nearest bank branch or the post office branch with the filled form and documents.

Also take the original copies of all the documents along.

After this, the employees of the bank or post office where you are opening the account will check the form and match the attached documents with the originals.

After this, the account will be opened in your daughter's name. After opening the account, you can do many things online.

Sukanya Samriddhi Yojana: Account can be opened only for two daughters

Interest in Sukanya Samriddhi Yojana is reviewed on a quarterly basis.

In this, tax exemption is also available under Section 80C of the Income Tax Act.

You can claim tax exemption on maximum Rs 1.50 lakh.

Under this scheme, you can open accounts only for two daughters.

If you have more than two daughters, you will not get the benefit of this scheme for the third or fourth daughter.

However, if your second girl, twins or triplets are born, then Sukanya Samriddhi Account can be opened for her.