Sukanya Samriddhi Yojana: With the end of the financial year 2022-23, people are seeking ways to save taxes and plan for the next fiscal year. The Sukanya Samriddhi Yojana (SSY) is an investment scheme that not only allows individuals to save taxes but also secures the financial future of their girl child. The scheme offers an annual interest rate of 7.6 percent for January-March 2023 and is reviewed quarterly. The SSY scheme is fully risk-free as the government is backing it, and it offers better returns than the majority of other small savings schemes.
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The guardian may open an SSY account in the name of a girl under the age of 10 years. The account belongs to the daughter until she becomes 18 years old. In a household, a maximum of two girls may open an account; if there are twins or triplets, more than two accounts may be opened. The fact that an account can be opened at any bank or post office and transferred to another bank branch or post office with ease is a significant benefit of the SSY plan. This project has a 15-year investment period, and the maturity period is of 21 years.
A minimum initial deposit of Rs 250 is required to start an SSY account, and there is a maximum annual deposit limit of Rs 1.5 lakh. Subsequent deposits can be made in multiples of Rs 50 between Rs 250 and Rs 1.5 lakh. You have the option of making the deposit all at once or on a monthly basis. There will be a Rs. 50 fine and the account will be deemed defaulted if the minimum amount is not maintained. Before 15 years have passed since the account was opened, the defaulted account may be revived by making a minimum payment of Rs 250 plus Rs 50 default for each year of default.
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The interest rate paid to the SSY subscriber for the January–March 2023 quarter was 7.6 percent. Interest is credited to the account at the end of each fiscal year and is exempt from taxation under Section 80C of the Income Tax Act of 1961. The deposit amount is likewise exempt under the same clause.
Opening an SSY account with Rs 250 and continuing to deposit Rs 500 per month will result in a total yearly deposit of Rs 6,000. Assuming that the account was opened when the daughter was 1 year old, by the time she turns 22, the investment will be Rs 90,000, and the interest earned will be worth Rs 1,64,606. This means that the maturity value of the account will be Rs 2,54,606 after 21 years.
