The Central Government has announced the interest rate of the Small Savings Scheme for the first quarter of the financial year 2023-24. The government has increased the interest rate of Sukanya Samriddhi Yojana (SSY) from 7.60 percent to 8 percent. SSY is one of the most popular small savings schemes to secure the financial future of the girl child. The SSY account can be managed by either of the parents or legal guardian of the girl child.
The government started this scheme with the aim of financial security for all the daughters of the country. The scheme is for daughters up to 18 years, earlier this limit was only for daughters up to 10 years. If you also want to give your daughters a secure future, the best option for that is Sukanya Samriddhi Yojana. Let’s know about this government scheme in detail.
The maturity period of the account depends on the age at which you have opened the girl account. Partial withdrawal facility is available when the girl turns 18 years. That is, when the girl child turns 18, up to 50 percent of the amount can be withdrawn. Financial investors can avail tax exemption up to ₹1.5 lakh under Section 80C limit.
How will the fund of 41 lakhs be made?
Assuming a return of around 7.6 percent on one’s money at the time of maturity, if one invests ₹12,500 per month in 12 installments, your investment per year would be Rs. 1,50,000 lakh will be. The maturity period of Sukanya Samriddhi Account is 15 years. If you pay every year for 15 years Rs. 1,50,000 lakhs, then your total investment is Rs. 22.50 lakh will be. A total of Rs. 19.98 lakhs interest is generated. Thus, the total amount on maturity will be Rs 42.48 lakh. That means after 15 years you will get 42.48 lakh rupees.
Any investor can open a Sukanya Samriddhi account at any post office or bank across the country. For this, the child’s birth certificate, identity and residence proof will have to be provided.