This scheme was started under the Beti Bachao, Beti Padhao campaign and attractive interest rates and tax benefits are given by the government on investment in it. If you also want to make your daughter’s future bright and make her happy and prosperous, then you have to deposit only Rs 3000 monthly under this scheme. After doing this, your daughter will get Rs 10 lakh. Let’s know its method.

Investment plan to get Rs 10 lakh under the scheme

If you want to create a corpus of Rs 10 lakh for your daughter, you will have to make regular monthly investments in Sukanya Samriddhi Yojana. The current interest rate of this scheme is 8% (January-March 2024), which is revised by the government from time to time.

Calculating monthly investment to create a fund of Rs 10 lakh

A minimum of Rs 250 and a maximum of Rs 1.5 lakh can be invested annually in Sukanya Samriddhi Yojana. If you want your daughter to get Rs 10 lakh on maturity, you will have to deposit a fixed amount every month.

• Scheme tenure: Investment for 15 years and maturity in 21 years
• Interest Rate: 8% p.a. (including compound interest)
• Monthly investment: Rs 3000 to Rs 3500
• Total investment amount: Rs 5,40,000 (over 15 years)
• Total return after 21 years: More than Rs 10 lakh

Invest like this

• SSY account can be opened for 10 years from the birth of the daughter.
• You can invest a minimum of Rs 250 and a maximum of Rs 1.5 lakh annually.
• In this scheme, money has to be deposited for 15 years, after which interest continues to be received for 6 years.
• After completion of 21 years, the daughter gets Rs 10 lakh or more.

Benefits of SSY Scheme

• Bumper Returns: Better interest rate than PPF and FD
• Tax benefit: Investment, interest and maturity amount are tax exempted under section 80C
• Government Guaranteed Scheme: This is a government-backed scheme, hence safe and reliable.
• Funds for daughter’s education and marriage: The aim of the scheme is to make daughters financially capable.

You have to do this work

If you want your daughter to get an amount of Rs 10 lakh, then you have to invest Rs 3000 to Rs 3500 monthly in SSY. After investing regularly for 15 years, you will get an amount of more than Rs 10 lakh in 21 years. This scheme is an excellent option for long-term savings and bright future of daughters.

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The post SSY Scheme: Deposit Rs 3000 monthly and get Rs 10 lakh for your daughter! know all details first appeared on Rightsofemployees.com.

Well, today our daughters are bringing glory to the family and clan in every field, and there has been a change in the thinking, but many families still exist, where everything from the education and upbringing of the daughters to their marriage Parents are seen getting lost in the worries… To help such parents, there is a scheme of the Central Government, thanks to which if you save continuously for a few years, your daughter will be able to get a tax deduction of around Rs 72,00,000 as soon as she turns 21. She can become the mistress of free white money, which will be useful in shaping her future.

What is Sukanya Samriddhi Account…?

The name of this scheme, launched by the Narendra Modi government at the Center in its first term, is Sukanya Samriddhi Account (SSA), under which any Indian citizen can register for a post office or post office as soon as a daughter is born in her house. SSA account can be opened in the bank. After continuously investing in the SSA account for 15 years, one will have to wait for six more years, and as soon as the daughter completes 21 years of age, an amount of ₹ 71,82,119 will be seen deposited in her account.

Also Read: New RTO Rules 2024: New rules will be implemented from June 1, Be careful otherwise you will have to pay a fine of Rs 25,000

Rules related to Sukanya Samriddhi Account

Under Sukanya Samriddhi Yojana, an account, i.e. Sukanya Samriddhi Account, can be opened only by the father or guardian whose daughter is 10 years of age or less. Like PPF or Public Provident Fund, a maximum of ₹ 1,50,000 can be deposited every year in this account, but the minimum amount that can be deposited every year in an SSA account is only ₹ 250. The biggest feature of Sukanya Samriddhi Yojana is that it is one of the highest interest paying schemes among the government schemes issued across the country today, whose account holders are given interest at the rate of 8.2 percent every year, whereas in PPF currently the interest rate is 7.1 percent. Interest is being given at the rate of percentage.

How to get maximum benefits…?

Now note, if you open an account under this scheme as soon as your daughter is born, then you will have to deposit the amount every year till the daughter turns 15, which can be a maximum of ₹ 1,50,000. There will be a chance to earn maximum interest in SSA only if you deposit this amount in the account before 5th April of every financial year. By depositing this amount every year for 15 years, you will accumulate a total of ₹ 22,50,000 in 15 years, and when the account matures when your daughter turns 21, she will get a total of ₹ 71,82,119, provided the current interest rate remains unchanged. Don’t be.

Maturity amount will be completely tax free

Remember, you had deposited a total of ₹ 22,50,000 in your daughter’s account in 15 years, and the interest share in the total amount received by the daughter will be ₹ 49,32,119. The most important aspect of this amount is that your daughter will not have to pay any tax on this entire amount (₹71,82,119). Yes, one thing must be kept in mind, the government revises the interest rate every quarter, hence, due to change in the interest rate, the amount received by the daughter at the time of maturity of the account may increase or decrease.

Understand the benefits of SSA through the chart

Now you should understand through a chart that when and how much amount should you deposit in the SSA account opened in your daughter’s name, so that the daughter can get maximum amount. If you open a Sukanya Samriddhi account in any post office or bank branch as soon as your daughter is born, and deposit the initial amount of ₹ 1,50,000 in it, then after completion of one year, it will get interest at the rate of 8.2 percent. You will get ₹ 12,300 as capital gain, which will make the total original investment at the beginning of April next year ₹ 1,62,300. Now, as soon as ₹ 1,50,000 of next year’s investment is deposited in this account, the amount on which you will get interest at the end of the second year will be ₹ 3,12,300, and the interest received on it will be ₹ 25,609.

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To open an SSY account, it is necessary to deposit at least Rs 250. At the same time, up to Rs 1.5 lakh can be deposited in a year. Investment has to be made in the account for 15 years. SSY account matures in 21 years. However, when the daughter turns 18, money can be withdrawn for education or marriage.

You will get Rs 22 lakh by investing ₹50,000!

Suppose your daughter is 5 years old and you start investing from 2024. In such a situation, understand from this calculation how SSY is a profitable deal for you. If you invest ₹ 50 thousand annually, then you will have to invest the money in SSY till the year 2039. During this period you will invest a total of Rs 7,50,000. On this you will get only interest of ₹ 14,94,845.

When your daughter turns 18 (in the year 2042), you can withdraw some amount from the SSY account for education or marriage. At the same time, in the year 2045, the account will become completely mature and you will be given the investment amount and interest amount together which is ₹ 7,50,000 + ₹ 14,94,845 i.e. ₹ 22,44,845.

A big benefit of Sukanya Samriddhi Yojana is that investors can save tax under Section 80C of the Income Tax Act, 1961. To avail the benefits of Sukanya Samriddhi Yojana, parents must open an SSY account before their daughter turns 10 years old.

The post SSY Calculator: You will get Rs 22 lakh by investing ₹50,000! first appeared on Rightsofemployees.com.

Sukanya is a small savings scheme, which is operated for a long period. In Sukanya Yojana, parents invest in the name of their daughters. They can also get income tax exemption on investment in SSY. Along with this, a big fund is collected in the name of daughters. In Sukanya Samriddhi Yojana, investment is made before the daughters complete 10 years of age.

Sukanya Samriddhi Yojana

Under this scheme, parents or guardians open an account in the name of the girl child. So that they can get financial help for their marriage or higher education. It is necessary to invest at least 15 years in the account opened under Sukanya Samriddhi Yojana. Interest is being given at the rate of 7.6% for the financial year 2022-23 on the investment made in the account. If investors invest Rs 1.5 lakh or more in a year under Sukanya Samriddhi Yojana, then they also get tax exemption. That’s why investors are advised to invest in this scheme to accumulate huge amount for their daughters in future.

How many daughters of the family will get the benefit

• Under the Sukanya Samriddhi Yojana, only two daughters of the family can be made beneficiaries. But in some cases this number can increase.
• If there is already a girl child in the family and then twins or more girls are born together, then they will also be made beneficiaries of the scheme.
• In the case of twin or more than two girls already born together, the girl child born later will not be eligible under this scheme.
• Legally adopted girl child will also be given the benefit of the scheme.

Benefits of Sukanya Samriddhi Yojana

• This is a government saving scheme. Which has been started by the Central Government with the aim of making the future of daughters bright.
• This is a government scheme so there is no market risk in it. Means you get guaranteed returns.
• Sukanya Samriddhi Yojana is a small savings scheme launched for a long period. In which the benefit of annual compounding is available. That is, good returns are received even in less investment.
• Adopted girl child i.e. adopted daughter is also included in this.
• Only two daughters of the family will get the benefit of the scheme.
• Under Sukanya Samriddhi Yojana, the investor can invest according to his financial condition. In this, a minimum of Rs 250 and a maximum of Rs 1.5 lakh can be invested in a financial year.
• Some amount can be withdrawn from the account even after the girl child turns 18 or passes class X. But you can withdraw from the account only once in a year.
• Government of India has kept Sukanya Samriddhi Yojana tax free. The amount invested in it, along with the interest received on it, as well as the amount received on maturity, is tax free. That is, Sukanya Samriddhi Yojana gives investors tax benefits along with savings.
• If needed, the account can be easily transferred from one post office to another or from one bank to another. But this is done only when the account holder has moved from the original place. In such a case, they will have to show proof of shifting. After which the account opened under Sukanya Samriddhi Yojana will be transferred.

Age Limit of Sukanya Samriddhi Yojana

Parents or any member of the family can open an account under Sukanya Samriddhi Yojana in the name of girls below the age of 10 years. It is mandatory to invest for 15 years under this scheme. Its maturity period is 21 years.

Sukanya Samriddhi Yojana Interest Rates

The rate of interest available on this small savings scheme is decided by the government. The interest rate has been reduced from 8.4% to 7.6%. The interest earned on this is now completely tax free.

Account opening process in Sukanya Samriddhi Yojana

1. To open an account in Sukanya Samriddhi Yojana in the name of daughters, the guardian of the parents will have to obtain the application form of the scheme from the bank or post office.
2. Fill all the information asked in the application form like name of parent or guardian, name of girl child, age etc. after reading it carefully.
3. Many documents will also have to be submitted along with the application form. Like income certificate of parents, birth certificate of girl child.
4. Go to the bank or post office from where you had received the application form and submit it.
5. After this whole process the application will be done in Sukanya Samriddhi Yojana.

How to check account balance in Sukanya Samriddhi Yojana

You can also check the balance of Sukanya Samriddhi Yojana account while sitting at home. But you must have you login credentials. The login credentials are provided by the bank. However, this facility is not available in all banks. That’s why before opening an account under Sukanya Samriddhi Yojana, make sure to know about the login credentials of the bank. After taking the login credentials from the bank, visit the internet banking portal of the bank. In this, the option to check the balance will come on the home page itself. On clicking which you will be able to see the balance of Sukanya Samriddhi account.

Rules for withdrawing money deposited in Sukanya Samriddhi Yojana

The amount can be withdrawn from the account after the maturity of the scheme i.e. after 21 years of opening the account under Sukanya Samriddhi Yojana or when the girl child turns 18. Or after the girl child passes class X, fifty percent amount can be withdrawn for further education. Beneficiary can withdraw either in lump sum or in installments. A maximum of 50 percent of the balance remaining in the account at the end of the previous financial year can be withdrawn.

When can the account be closed in Sukanya Samriddhi Yojana?

By the way, it is necessary to invest in Sukanya Samriddhi Yojana for 15 years. But in some cases the account can be closed prematurely.

1. In case of death of the girl child – If the girl child in whose name the account has been opened in Sukanya Samriddhi Yojana dies, then the account is closed.
2. On the death of the guardian – The account can be closed even after the death of the guardian by whom the account is being operated.
3. Suffering from a life-threatening illness – The account can be closed prematurely even if the account holder has a life-threatening illness.
4. On settling abroad or getting married – If the girl child settles abroad. Or if she gets married abroad before she turns 21, even then the account will be closed.
5. In case of weak financial condition – Many times such cases have also come to the fore that the financial condition of the parents becomes so weak that they are not able to pay the amount of investment. In such a case also the account can be closed.

Income Tax Benefit in Sukanya Samriddhi Yojana

The Sukanya Samriddhi Yojana launched for daughters is also special because it gives tax benefits to the investors in many ways. Firstly, the amount invested in the scheme, the interest received and the maturity amount are tax-free. Not only this, under Section 80C of the Income Tax Act 1961, investors can avail tax benefits of up to Rs 1.5 lakh every year on the principal amount invested.

Online Application for Sukanya Samriddhi Yojana

You can also download the application form for opening an account under Sukanya Samriddhi Yojana from the website of RBI or the official site of some other institutions. Apart from the official site of Reserve Bank of India, the official website of The India Post, official website of public sector banks like SBI, PNB, BOB, private sector banks like Axis Bank, ICICI Bank can also be downloaded through the official website of the scheme. can be done.

Sukanya Samriddhi Yojana calculator

Through the calculator, the amount is calculated which is given to the applicant on maturity. In this, it is calculated assuming that the installment of each time was the same. No investment is required in this from 15th to 21st year. The calculation is done on the basis of old investment only. In order to find out the amount received on maturity in Sukanya Samriddhi Yojana through the calculator, the age of the girl child and the amount of contribution will have to be mentioned. For which a formula is used.

Formula of Sukanya Samriddhi Yojana calculation – A=P(1+r/n)^n

in which A means compound interest, P means original investment amount, R means interest rate on investment, N means interest in one year In compound and T means period i.e. total number of years

According to this formula, if you invest Rs 1000 every year in Sukanya Samriddhi Yojana, then the total amount of investment in 14 years will be Rs 14000. On which you will get maturity amount of about Rs 46,821 in 21 years. By investing Rs 2000 every year, the maturity amount will more than double to Rs 93,643. That is, in this you will get the benefit of compound interest.

You are investing Rs 1 lakh in a year under Sukanya Samriddhi Yojana. The tenure of investment is 15 years. That means your total investment was Rs 15 lakh. According to the 7.6% interest rate, after 21 years you will get an interest of approximately Rs 3,10,454.12. That is, at the time of maturity, you will get Rs 43,95,380.96. Which will be tax free.

Documents required for Sukanya Samriddhi Yojana

• baby girl birth certificate,
• Identity proof of the girl child,
• Aadhaar card of the girl child and parents,
• Affidavit of guardian in case of twin or triplet girls
• Passport size photographs of parents or guardians
• permanent address
• All other documents as asked by the bank or post office

Changes in Sukanya Samriddhi Yojana

• Any girl on attaining 18 years of age will now be able to operate the account. Initially this age was kept at 10 years. However, there is still a debate about the operation in the hands of girls at the age of 18 years.
• Earlier you had to deposit at least Rs 250 in a year under Sukanya Samriddhi Yojana. Failure to do so was declared a defaulter under the scheme. But now it is not so. If for some reason you are unable to deposit even Rs 250, then there will be no change in the interest rate, nor will you be declared a defaulter.
• Earlier there were only two reasons for premature closure of the account. First on the sudden death of the girl child and second on the daughter becoming an NRI. But now the account of Sukanya Samriddhi Yojana can be closed even if there is a life-threatening disease and death of the parent or guardian.

The post Sukanya Samriddhi Yojana: Benefits of the scheme, interest rate, age limit, plan, online form, know all the details first appeared on Rightsofemployees.com.