Sukanya Samriddhi Yojana: Sukanya Sumridhi Yojana: How this scheme can give you Rs 30 lakh on investment of just Rs 177/day

Sukanya Samriddhi Yojana: The central government launched this girl child welfare post office small saving scheme in 2015. The scheme provides a chance for a guardian to open an account in the post office in the name of a girl child below 10 years old. Under Sukanya Samriddhi Yojana, the minimum amount that one can deposit in a financial year is Rs 250, while the maximum is Rs 150,000. The deposit in the scheme can be made up to the completion of 15 years from the date of opening the account.

The scheme has emerged as a good choice over the years since it offers an 8 per cent interest rate compounded annually. Along with that, it also qualifies for tax deductions under Section 80C of the Income Tax Act. The scheme can help you accumulate wealth as an investment of just Rs 177 per day for 15 years can help you accumulate Rs 30 lakh on maturity. 

Sukanya Samriddhi Yojana: How will you get Rs 30 lakh with investment of Rs 177/day?

Under this scheme, if you invest Rs 176.71 per day or Rs 5,375 per month, your yearly contribution will be Rs 64,500.

Since you will deposit money for 15 years, the total deposited amount will be Rs 9,67,500.

Meanwhile, you will have compound interest of Rs 20.34 lakh on this amount.

Your total earnings from the scheme at the time of maturity, after 15 years, will be Rs 30.01 lakh.  

The calculation is as per the current interest rate of 8 per cent.

The rates are subject to change and the calculation may change accordingly.

Sukanya Samriddhi Yojana minimum amount

The minimum amount that can be deposited under this scheme is Rs 250 in a financial year.

The maximum amount is Rs 150,000 (in multiples of Rs 50).

The deposits can be made in lump sum or in multiple instalments.

If one fails to deposit the minimum amount of Rs 250 in a financial year, their account will be treated as a default.

A defaulted account can be revived before the completion of 15 years from the date of opening the account by paying a minimum of Rs. 250+Rs. 50 default for each defaulted year.

Sukanya Samriddhi Yojana interest rate

The current interest rate (compounded) is 8 per cent per year. The new rate came into effect on July 1. While the interest earned is tax-free, it is credited to the account at the end of each financial year.

Sukanya Samriddhi Yojana age limit

A guardian can open the account in the name of a girl child below 10 years of age.

The account can be opened for a maximum of two girls in a family. In cases of twins/triplets., more than two accounts are allowed to be opened.

Sukanya Samriddhi Yojana: Withdrawal

One can withdraw money from the account after the girl child attains the age of 18 or passes Standard 10.

The maximum withdrawal can be up to 50 per cent balance available at the end of the previous financial year.

One can make withdrawals in one lump sum or in installments.

The withdrawal should not exceed one a year for a maximum of five years, which is subject to the ceiling specified and also to the actual requirement of fee/other charges.