Sukanya Samriddhi Yojana calculator: See the corpus Rs 50,000, Rs 1 lakh and Rs 1.5 lakh investments can create
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Can Sukanya Samriddhi Yojana help build a large corpus for a girl child?
Sukanya Samriddhi Yojana (SSY) is a government-backed small savings scheme designed specifically for girl children. The scheme currently offers 8.2% annual interest, compounded yearly, making it one of the highest-yielding small savings options for long-term goals such as education and marriage.
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Key rules of Sukanya Samriddhi Yojana
Parents or legal guardians can open an SSY account before the girl child turns 10. Contributions can be made for 15 years from the date of account opening, while the account matures after 21 years. The minimum annual deposit is Rs 250 and the maximum is Rs 1.5 lakh.
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Can Rs 50,000 yearly investment create a Rs 50 lakh corpus?
If a parent invests Rs 50,000 every year for 15 years:
● Total investment=Rs 7.5 lakh
● Interest rate@8.2% per annum
● Estimated maturity corpus after 21 years: Rs 23.94 lakh
In SSY, you invest for 15 years, but your money continues to earn compound interest for 6 more years until maturity.
● Total investment=Rs 7.5 lakh
● Interest rate@8.2% per annum
● Estimated maturity corpus after 21 years: Rs 23.94 lakh
In SSY, you invest for 15 years, but your money continues to earn compound interest for 6 more years until maturity.
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What corpus can Rs 1 lakh annual investment generate?
If a parent invests Rs 1 lakh every year for 15 years:
● Total investment: Rs 15 lakh
● Estimated maturity corpus after 21 years: Around Rs 47 lakh
At the current interest rate, the corpus comes close to the Rs 50 lakh mark but does not cross it.
● Total investment: Rs 15 lakh
● Estimated maturity corpus after 21 years: Around Rs 47 lakh
At the current interest rate, the corpus comes close to the Rs 50 lakh mark but does not cross it.
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Can Rs 1.5 lakh yearly investment generate over Rs 50 lakh?
If a parent invests the maximum permissible amount of Rs 1.5 lakh every year for 15 years:
● Total investment: Rs 22.5 lakh
● Estimated maturity corpus after 21 years: Around Rs 71 lakh
At the current 8.2% interest rate, the corpus comfortably exceeds Rs 50 lakh.
● Total investment: Rs 22.5 lakh
● Estimated maturity corpus after 21 years: Around Rs 71 lakh
At the current 8.2% interest rate, the corpus comfortably exceeds Rs 50 lakh.
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Tax benefits available under Sukanya Samriddhi Yojana
SSY enjoys EEE (Exempt-Exempt-Exempt) tax status:
● Investments qualify for deduction under Section 80C under the old tax regime
● Interest earned is tax-free
● Maturity proceeds are also tax-free
This makes SSY one of the most tax-efficient investment options for a girl child.
● Investments qualify for deduction under Section 80C under the old tax regime
● Interest earned is tax-free
● Maturity proceeds are also tax-free
This makes SSY one of the most tax-efficient investment options for a girl child.
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Aadhaar and account-opening rules under SSY
Aadhaar of the guardian can be used as the primary identity document for opening an SSY account. A family can normally open SSY accounts for up to two girl children. More than two accounts are permitted in cases involving twins or triplets in the first or second order of birth, subject to prescribed conditions and supporting documents.