Sukanya Samriddhi Yojana: Here’s how you can get Rs 70 lakh for your daughter when she turns 21

Sukanya Samriddhi Yojana (SSY): A saving scheme for the girl child, SSY, was launched in 2015 as part of the government initiative ‘Beti Bachao, Beti Padhao’ campaign. This plan allows guardians to create a savings account for their girl child at an accredited commercial bank or India Post branch. In this scheme, accountholders get an 8.2 per cent interest rate.

Sukanya Samriddhi is a special plan for girls. A female child’s natural or legal guardian can create an account in her name from the time she is born until she reaches the age of 10.

Let’s know more details about the SSY scheme.

Sukanya Samriddhi Yojana (SSY): Interest rate

The current interest rate for the scheme is 8.2 per cent. Earlier it was 7 per cent.

Sukanya Samriddhi Yojana (SSY): Investment period

The investment period for the scheme is 15 years from the date of account opening.

Sukanya Samriddhi Yojana (SSY): Maturity period

The scheme matures at 21 years or until the girl child marries after the age of 18.

Sukanya Samriddhi Yojana (SSY): Minimum investment

The minimum deposit for the SSY scheme is Rs 250.

Sukanya Samriddhi Yojana (SSY): Maximum investment

The maximum deposit for the SSY scheme is Rs 1.50 lakh per financial year.

Sukanya Samriddhi Yojana (SSY): Income tax rebate

The scheme is eligible for rebate under section 80C of the Income Tax Act, 1961 (maximum cap of Rs 1.50 Lakh in a year).

Here’s how you can get Rs 70 lakh for your daughter at 21 years of age

Suppose, you start investing Rs 1,50,000 per financial year for your daughter in this scheme for 15 years continuously, you will get Rs 49,32,119 as interest at an 8.2 per cent rate. The maturity amount will be Rs 71,82,119 in 21 years on an investment of Rs 22,50,000.