Sukanya Samriddhi Account Returns Calculation 2023: Sukanya Samriddhi Yojana (SSY) account is considered one of the best saving/investment schemes for accumulating a large corpus in the name of a girl child. The scheme allows parents to invest up to Rs 1.5 lakh per year in the SSY account in the name of their girl child. The amount invested under the SSY scheme also qualifies for a deduction under Section 80C of the Income Tax Act.
At present, the SSY interest rate is 7.6%, which is better than many fixed deposit options provided by banks and even the post office. Here’s a look at how much returns the scheme will provide if you are investing a fixed amount every year for the full term, based on the calculation using online SSY calculators.
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Rs 10,000 per year investment in SSY account
The online SSY calculators show that an investment of Rs 10,000 per year in the SSY scheme, starting from 2023 will help you accumulate Rs 4,24,344 by 2044 in the name of your girlchild.
Rs 20,000 per year investment in SSY account
An investment of Rs 20,000 per year in the SSY scheme, starting from 2023, will help you accumulate Rs 8,48,687 by 2044 in the name of your girlchild.
Rs 50,000 per year investment in SSY account
An investment of Rs 50,000 per year in the SSY scheme, starting from 2023 will help you accumulate Rs 21,21,718 by 2044 in the name of your girlchild.
Rs 75,000 per year investment in SSY account
An investment of Rs 75,000 per year in the SSY scheme, starting from 2023 will help you accumulate Rs 31,82,577 by 2044 in the name of your girlchild.
Rs 1 lakh per year investment in SSY account
An investment of Rs 1 lakh per year in the SSY scheme, starting from 2023 will help you accumulate Rs 42,43,436 by 2044 in the name of your girlchild.
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Rs 1.5 lakh per year investment in SSY account
An investment of Rs 1.5 lakh per year in the SSY scheme, starting from 2023 will help you accumulate Rs 63,65,155 by 2044 in the name of your girlchild.
Actual returns may vary
It needs to be noted that the SSY interest rate is revised periodically by the Government. Hence, the interest rate may increase or go down in future. This means that the total returns from the investment made under the SSY scheme will not be exactly as detailed above.
Since the launch of the scheme, the Government has been providing a higher interest rate on SSY deposits. It is expected that the SSY interest rate may be revised upwards in the next cycle (i.e first quarter of FY 2023-24). The last revision of small savings interest rates took place in December 2022 when the Government left the SSY interest rates unchanged.
