Sukanya Samriddhi Yojana - SSY

Sukanya Samriddhi Yojana

This Scheme was launched by Govt. of India on 22nd January 2015 as a part of Beti Bachao Beti Padhao campaign by Pradhan Mantri Narendra Modi. This scheme supports parents of girl child to build a corpus for her future expenses like Education and Marriage. This plan can be obtained in any Post office and authorized banks.

Key Features

1. Can be opened in the name of Girl child whose age is 10 years or below
2. Birth Certificate is compulsory for opening the account
3. Minimum investment is Rs. 250 / year
4. Maximum investment is Rs. 1,50,000 / year
5. Rate of interest is 7.6% for April - 20 to July - 20 (Rate of interest will be decided in every quarter by Govt. of India and compounded yearly)
6. Deposit Duration is 15 years from the date of opening of account
7. Account will mature after 21 years of date of opening of account
8. After completion of 18 years of girl's age she can withdraw 50% of the total corpus for her education and for marriage she can withdraw 100% the corpus form the account

How much one can save from this scheme

At present 7.6% is the interest rate and assume that this interest rate remains constant for whole duration, and the account was opened when girl child's age was 1 year.

If yearly Rs. 1,50,000 was invested for 15 years and after maturity i.e, after 21 years one could earn Rs.65,93,000

Detailed calculation is shown in below table

Tax Benefit

The investment made under SSY is eligible for tax rebate under section 80C of income tax act. and the interest earned after maturity under this scheme is also exempted from income tax

This investment option is best for parents with girl child and they can secure her future by opting SSY. And this investment is 100% safe because its backed by Govt. of India and its not linked to market variations.

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