Now you will get 8.2% interest, you will get that amount of money with an investment of Rs 10,000.
Sukanya Samridhi Yojana: Many savings options have opened up these days. Sukanya Samriddhi Yojana is also one of them. It is a small savings scheme launched by the Government of India in the year 2015, where people invest to secure their daughters’ future and earn attractive returns. If you are also investing in this scheme for your daughter, then this news might come in handy for you. In fact, as a part of the Beti Bachao, Beti Padhao campaign, investors will now get an 8.2 per cent stake in SSY. If you have invested Rs 10,000 in it, how much money will you get?
For the current quarter, from July 1 to September 30, 2024, SSY accounts offer an interest rate of 8.2 per cent per annum, with interest calculated on a compounded basis. This rate is the highest among the small savings schemes in the country that are reviewed on a quarterly basis. Let us understand that if a parent invests Rs 10,000 every month, how much return could he get on maturity?
How much return can you get with Rs 10,000?
The maturity period of SSY is from the time the account is opened till the person turns 21 years of age or gets married after turning 18 years of age. However, contributions are to be made only for the first 15 years. After this, interest continues to be earned on the SSY account till the time of maturity. It can be understood this way – if the parents of a 5-year-old daughter invest Rs 1.2 lakh per annum for 15 years at the current interest rate, they can potentially accumulate around Rs 55.61 lakh on maturity after 21 years of opening the account. This amount will include their total investment of Rs 17.93 lakh and the estimated interest earned of Rs 37.68 lakh.
tax benefits
The SSY scheme also offers significant tax benefits. An official release from the Ministry of Finance states that Triple E (exemption-exemption-exemption) tax benefit is available for investments made under Sukanya Samriddhi Yojana. Investments made under the SSY scheme are eligible for deduction under Section 80C, subject to a maximum limit of Rs 1.5 lakh. The interest received in this account, which is compounded annually, is tax-free under Section 10 of the Income Tax Act. Income received on maturity/withdrawal is also exempt from income tax.
An important feature of SSY is its long-term nature. Accounts mature after 21 years of opening or, after marriage, when the person turns 18. This extended investment period generates enough wealth for the child’s future needs.
Loan is not available against deposit amount.
This scheme also provides higher returns along with security. So, what needs to be noted here is that there are some special restrictions for this. Partial withdrawal is allowed under special circumstances, but depositors cannot take loans against SSY deposits. However, the government backing of this scheme gives investors assurance about the safety of their money.
