The Central Government has declared 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), run exclusively for daughters, from 7.60 per cent to 8 per cent. SSY is one of the most popular small savings schemes to secure the financial future of the girl child. SSY account can be operated by any one of the parents or legal guardians of the girl child.
The government launched this scheme for financial security for all the country’s daughters. This 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 this is Sukanya Samriddhi Yojana. Let us understand in detail about this government scheme.
Maturity Period
The maturity period of the account depends on the age at which you opened the account of the girl child. A partial withdrawal facility is available when the girl child turns 18. When the girl child turns 18, up to 50 per cent of the amount can be withdrawn. Investors in a financial can avail themselves of tax exemption up to ₹1.5 lahks under the section 80C limit.
How to Fund 41 Lakhs
Assuming a return of around 7.6% on one’s money at maturity, if one invests ₹12,500 per month in 12 instalments, your investment per year would be ₹1,50,000 lakhs. The maturity of the Sukanya Samriddhi account is 15 years. If you invest Rs 1,50,000 lakhs per year for 15 years, your total investment will be Rs 22.50 lakhs. A total interest of Rs 19.98 lakh is generated on this investment at 8 per cent. Thus, the total amount on maturity will be Rs 42.48 lakh. This means that after 15 years, Rs 42.48 lakh will be received.
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