The Sukanya Samriddhi Yojana (SSY) is a small savings scheme supported by the Government of India.
It aims to assist parents in saving money for their daughter’s long-term financial needs.
This risk-free investment option allows investors to contribute until their daughter reaches the age of 14.
At 18 years old, the account holder can withdraw 50 percent of the maturity amount, while the full maturity amount becomes accessible at 21 years old.
The SSY scheme offers an annual interest rate of 8 percent, provided by the Government of India. This interest can be paid quarterly.
In a recent announcement, the central government increased the SSY interest rate to 8 percent annually for the April to June 2023 quarter,
up from the previous rate of 7.60 percent. This news brings positive outcomes for existing SSY account holders.
Plan Your Savings with the Sukanya Samriddhi Yojana Calculator
By utilizing the SSY calculator, parents can determine the potential outcomes of investing in a Sukanya Samriddhi Yojana account immediately after their daughter’s birth.
The investment period spans 15 years, up until the girl turns 14. Additionally, investors can claim income tax benefits under section 80C of the Income Tax Act.
Investing ₹10,000 per month allows for an annual investment of ₹1.20 lakh, divided into 12 equal installments.
According to the SSY calculator, if an investor chooses not to withdraw 50 percent of the maturity amount after their daughter turns 18,
they can receive a maturity amount of Rs 51,03,707 (approximately Rs 51 lakh).
Out of this total, the investment amounts to ₹18 lakh, while the interest earned after the 21-year maturity period
reaches ₹33,03,707 (approximately ₹33 lakh). In this scenario, the investor will receive a total of Rs 51 lakh.
