Most people are familiar with Sukanya Samriddhi Yojana or Sukanya Samriddhi Scheme (SSY). This is one of the schemes offered by the Government of India to invest in small savings schemes. The central government has introduced this scheme with the intention of providing financial incentives to the girl child. It is a risk-free investment option. A girl can invest in this scheme till she reaches the age of 14 years. And when the account holder reaches the age of 18 years, she can withdraw up to 50 percent of the maturity amount. And on reaching 21 years, she will get the total maturity amount.
Currently, the interest rate in Sukanya Samriddhi Account is 8 percent annually. It pays once every quarter. Recently, the central government has increased the interest rates for small savings schemes for the quarter of April-June. It has increased by 40 basis points to 8 percent from 7.60 percent earlier. This seems to have given more boost to those who invest in these small saving schemes.
Sukanya Samriddhi Yojana is applicable only for girls. A maximum of two girls in the household will have this opportunity. And if this Sukanya Samriddhi Youjan scheme is started immediately after the birth of the baby girl, it is possible to invest for up to 15 years. A maximum of Rs 1.50 lakh can be invested in a financial year. At least you can tie as much as you like. This account can be opened at the nearest post office or bank with an account opening charge of Rs. 250. Also, tax benefits are available under Section 80(C) of the Income Tax Act. A maximum of Rs.1.50 lakh tax benefits can be availed annually.
In terms of investment, If you invest in this scheme Rs.10 thousand per month, it will be Rs.1.20 lakhs per year. In a total of 15 years, you will pay Rs.18 lakhs. And the interest on this will be Rs.33,03,707. That means Rs. 33 lakhs will be the interest you gain. And if the baby joins this scheme immediately after birth and withdraws Rs.1.20 lakhs annually for 15 years, when the baby turns 21 years old, she will receive a total of Rs.51 lakhs. And if you invest at the rate of Rs.5 thousand per month, she will receive up to Rs.25 lakhs at the time of maturity. If we take the current interest rate of 7.6 percent as an average, it will be this much. If the interest rates are increased, you will get even more.