SSY: What will you get if you invest Rs 10K per month under your daughter's name for 15 years in this guaranteed return scheme; check calculations
Sukanya Samriddhi Yojana (SSY): As part of the Beti Bachao Beti Padhao campaign, the SSY seeks to meet the educational and economic requirements of female children throughout India.
Sukanya Samriddhi Yojana (SSY) is a government savings scheme that was launched specially for the girl child. The scheme provides many benefits.
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Who can open an SSY account?
A parent or legal guardian can open an account in the name of a girl child under 10.
Aim of Sukanya Samriddhi Yojana
As part of the Beti Bachao Beti Padhao campaign, the SSY seeks to meet the educational and economic requirements of female children throughout India.
Tax benefits
The sum invested, the interest received, and the withdrawal are all tax exempted.
SSY: Withdrawals
After the account holder reaches the age of 18, you can withdraw up to 50 per cent of the amount for educational or marriage purposes.
Account closure
If the account user gets married after the age of 18, you can cancel the account prematurely, subject to certain conditions.
SSY: Minimum deposit
The minimum deposit under SSY is Rs 250.
SSY: Maximum deposit
The maximum deposit is Rs 1.5 lakh.
The interest rate on SSY account
The current interest rate is 8.2 per cent on the SSY account.
Sukanya Samriddhi Yojana: What happens if you don't make a deposit every year
You account will be considered 'in default'. However, you can reactivate the account by paying a fine of Rs 50 for each year you defaulted on making a deposit.
SSY: What will you get if in you est Rs 10K per month under your daughter's name for 15 years
In SSY, the maturity period is 21 years from the opening of the account. The account can also mature upon a girl's marriage after attaining 18 years. Under SSY, the contributions can also be made for 15 years.
Invest of Rs 10,000 monthly
If the girl's parents deposit Rs 10,000 or Rs 1.20 lakh per year over 15 years, they can get Rs 55.61 lakh on maturity. This means the parents will contribute a total of Rs 17.93 lakh and they will earn an interest of Rs 37.68 lakh on the total deposit.