New Delhi: Sukanya Samriddhi Yojana scheme launched by the government of India is one of the most popular and safest investment areas parents can explore for their girl child. The government-backed small savings scheme helps parents to save money for long term financial requirements of their girl child.
An investor is allowed to invest till his/her girl child becomes 14 years old. He/she would be able to withdraw 50 per cent maturity amount once the girl child become 18 years old and full maturity amount when the girl becomes 21 years of age.
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Sukanya Samriddhi Yojana calculator
If a person starts investing in SSY account immediately after the birth of his/her girl child, the investment could be done for 15 years as the scheme allows an investor to invest in this small saving scheme till the beneficiary girl child becomes 14 years of age.
It also allows an investor to claim income tax benefit under Section 80C of the income tax act.
Let’s consider that an investor invests Rs 10,000 per month. He/she would then be able to invest Rs 1.20 lakh per annum in 12 equal instalments.
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Bank Bazaar Sukanya Samriddhi Yojana Calculator
If the investor doesn’t opt for withdrawal of 50 per cent of the maturity amount after his/her girl child turns 18, once the child turns 21, she would be able get the complete maturity amount of Rs 52,74,457.
We have assumed the interest rate for the entire period as 7.6 per cent. The rate keeps changing.
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Income tax benefit
As mentioned above, an investor can claim income tax benefit on up to Rs 1.50 lakh invested in SSY account in single financial year under Section 80C of the income tax act. The SSY interest earned and SSY maturity amount will be 100 per cent tax exempted as well. So, Sukanya Samriddhi Yojana is an EEE investment instrument.
