Sukanya Samriddhi Yojana online interest rate 2023, calculator, benefits, age limit: The government-backed Sukanya Samriddhi Yojana account is one of the best investment options targeted at the parents of a girl child.
The scheme not just encourages parents to build a huge corpus for their daughters but also helps them in claiming income tax deductions in their taxable income.
Sukanya Samriddhi Yojana account 2023
The scheme was launched by Prime Minister Narendra Modi in 2015 as a part of the Beti Bachao, Beti Padhao campaign. The Sukanya Samriddhi Yojana account can be opened at any Post office branch or a bank.
Sukanya Samriddhi Yojana account interest rate 2023
The Sukanya Samriddhi account currently provides an interest rate of 7.6 per cent.
Sukanya Samriddhi Yojana 2023 calculator
Deposit amount – Rs 1,50,000 annually
Duration: 15 years
Maturity period: 21 years
Rate of Interest: 7.6%
Maturity Amount: Rs 65,93,071
Total invested Amount: Rs 22,50,000
Total Interest earned: Rs 43,43,071
Sukanya Samriddhi Yojana benefits: Save up to Rs 1.5 lakh
You can save up to Rs 1.5 lakh per year from your taxable income by investing in the scheme under section 80C of the Income-tax Act. Moreover, the Sukanya Samriddhi Yojana comes under EEE – Exempt Exempt Exempt category which means tax exemptions on investment, interest and return/maturity.
If you plan to invest Rs 1.5 lakh in the scheme for saving your tax, this is the first step you save your tax. The second benefit comes when interest is credited over the invested amount, it is also tax free. The third is the entire corpus at maturity which is also tax-exempted.
Read More: Confused Between PPF And EPF? Here’s What You Should Know Before Investing
Sukanya Samriddhi Yojana age limit, eligibility
The parents of a girl child, natural or legal guardian, can open the Sukanya Samriddhi account for their daughter of age below 10 years.
Sukanya Samriddhi Yojana withdrawal and maturity rules
The account shall mature on completion of 21 years from the date of opening of the account, however, if the marriage of the girl takes place after the girl attained the legal marriageable age of 18 years, the account can be prematurely closed.
Partial withdrawal is also allowed for parents with documentary proof to meet the educational expenses of their daughters after she attains the age of 18 years.
Sukanya Samriddhi Yojana 2023: Minimum and maximum investment amount
The minimum deposit amount for Sukanya Samriddhi scheme is Rs 250 annually while the maximum amount is Rs 1,50,000 per financial year. You will be charged Rs 50 in a year if you do not deposit the minimum value of Rs 250 in a financial year.
Sukanya Samriddhi Yojana 2023: Loan facility against the invested amount
At present, there is no loan facility available against the invested amount in the Sukanya Samriddhi Yojana.
