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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​Interest payable, Rates, Periodicity etc.

Rate of interest 8.2​​​% Per Annum(with effect from 01-01-2024 ),calculated on yearly basis Yearly compounded.

Minimum Amount for opening of account and maximum balance that can be retained

Minimum INR. 25​0/-and Maximum INR. 1,50,000/- in a financial year. Subsequent deposit in multiple of INR 50/- Deposits can be made in lump-sum No limit on number of deposits either in a month or in a Financial year

(a) Who can open account:-

> By the guardian in the name of girl child below the age of 10 years.
> Only one account can be opened in India either in Post Office or in any bank in the name of a girl child.
> This account can be opened for maximum of two girls in a family. Provided in case of twins/triplets girls birth more than two accounts can be opened.

​(b) Deposits:-

(i) Account can be opened with minimum initial deposit Rs. 250.

(ii) Minimum deposit in a FY is Rs. 250 and maximum deposit can be made up to Rs. 1.50 lakh (in multiple of Rs.50) in a FY in lumpsum or in multiple installments.

(iii) Deposit can be made maximum up to completion of 15 years from the date of opening.

(iv) If minimum deposit Rs. 250 is not deposited in a account in a FY , the account shall be treated at defaulted account.

(v) Defaulted account can be revived before completion of 15 years from the date of opening of account by paying minimum Rs. 250 + Rs. 50 default for each defaulted year.

(vi) Deposits qualify for deduction under section 80C of Income Tax Act.

(c) Interest:-

(i) The account will earn on the prescribed rate notified by Ministry of Finance on quarterly basis.

(ii) The interest shall be calculated for the calendar month on the lowest balance in the account between the close of the fifth day and the end of the month.(iii) Interest shall be credited to the account at the end of each Financial year.

(iii) Interest shall be credited to the account at the end of each FY where account stands at the end of FY. (i.e. in case of transfer of account from Bank to PO or vice versa)
(iv) Interest earned is tax free under Income Tax Act.

(d) Operation of Account:-

-> Account will be operated by the guardian till the girl child attains the age of majority (i.e. 18 years).

​(e) Withdrawal:-

(i) Withdrawal may be taken from account after girl child attains age of 18 or passed 10th standard.

(ii) withdrawal may be taken up to 50% of balance available at the end of preceding F.Y.

(iii) withdrawal may be made in one lump sum or in installments, not exceeding one per year, for a maximum of five years, subject to the ceiling specified and subject to actual requirement of fee/other charges.

(f) Premature closure:-

(i) Account may be prematurely closed after 5 years of account opening on the following conditions : –
> On the death of account holder. (from date of death to date of payment PO Savings Account interest rate will be applicable).

> On extreme compassionate grounds

(i) Life threatening decease of a/c holder.

(ii) Death of the guardian by whom account operated.

(iii) Complete documentation and application required for such closure.

(vi) For premature closure of account submit prescribed application form along with pass book at concerned Post Office.

​(g) Closure on maturity:-

(i) After 21 years from the date of account opening.

(ii) Or at the time of marriage of girl child after attaining age of 18years.(but no closure is

allowed before 1 month or after 3 months from the date of marraige).

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The government has increased the interest rate on Sukanya Samriddhi Yojana (SSY) from 7.60 per cent to 8 per cent, which is the return that debt mutual fund investors expect on their investments for the long term.

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Guardian can open SSY account in the name of girl child below 10 years of age. This account can be opened till the girl child turns 18. Maximum of two girl children in a family can open the account; If there are twins or triplets, more than two accounts can be opened. The fact that an account can be opened in any bank or post office and can be easily transferred to any other bank branch or post office is a significant advantage of the SSY scheme. The investment period of this project is 15 years and maturity period is 21 years.

If a person invests Rs 12,500 per month over 12 installments and gets 7.6% return on investment on maturity, they will be able to utilize their entire income tax benefit of Rs 1.5 lakh under Section 80C in a financial year Will be

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When the girl child turns 21, the investor can withdraw all his investment completely and the SSY will mature with a value of approximately 63,79,634. Means the girl will become a millionaire at the age of 21.

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‘Sukanya Samriddhi Yojana (SSY) is also included in the schemes whose interest rate has been increased by the government this time. The interest rate of this famous scheme has been increased from 7.60 percent to 8 percent.

Let us inform that the Narendra Modi government had started the Sukanya Samriddhi Yojana in its first term. Under this scheme, you can open a Sukanya Samriddhi account for a girl child up to 10 years of age. A huge amount can be raised in this account for the future of the daughter. Today we will tell you how through this account we will be able to arrange more than Rs 40 lakh for the daughter.

Let’s say your monthly investment is Rs 12,500. In this way your investment every year will be Rs 1,50,000 lakh. The maturity of Sukanya Samriddhi account is 15 years. If you invest Rs 1,50,000 lakhs per year for 15 years, then your total investment will be Rs 22.50 lakhs. A total interest of Rs 19.98 lakh is generated on this investment at the rate of 8 percent. Thus, the total amount on maturity will be Rs 42.48 lakh. This means that after 15 years, you will get Rs 42.48 lakh, so that you can work for your daughter’s marriage or education etc.

Know some advantages

Under Sukanya, 50% of the maturity amount can be withdrawn under certain circumstances. At the same time, there is a facility to withdraw money even after the age of the girl child is 21 years. At the same time, ₹ 1.50 lakh tax exemption can also be availed under Income Tax Act 80C. Let us tell you that Sukanya’s interest rate changes on a quarterly basis.

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At present, the interest rate of the SSY scheme has been reduced from 8.4% to 7.6% and is compounded on an annual basis. No interest is payable after the completion of the term of the scheme or if the girl child becomes a Non-Resident Indian (NRI) or a non-citizen. The interest rate is fixed by the government and is determined on a quarterly basis.

Features of Sukanya Samriddhi Yojana

The salient features of SSY account are mentioned in the table below:

Documents required to open SSY account – 

• SSY Account Opening Form.
• The birth certificate of the girl child has to be submitted at the time of opening the account.
• The ID proof and address proof of the depositor have to be submitted while opening the account.
• In case of multiple births under one order of birth, a medical certificate has to be submitted.
• Any other document that is requested by the bank or post office.

Sukanya Samriddhi yojana interest rate

The post Current SSY Account Interest Rate! This new interest rate of Sukanya Samriddhi Yojana is applicable from today, check new rates now first appeared on Rightsofemployees.com.