Sukanya Samriddhi Yojana Calculator: The central government has announced the interest rate of small savings schemes For the first quarter of the financial year 2023-24. In this interest rate announcement for government-backed small savings schemes, the central government has increased the interest rate on Sukanya Samriddhi Yojana (SSY) from 7.60 per cent to 8 per cent, a return that debt mutual fund investors can expect for long periods. Expect on your investment. Although this SSY interest rate is variable on a quarterly basis, but if one starts investing in Sukanya Samriddhi Yojana account after the birth of his daughter, he can expect to earn around 7.60 to 8 percent returns.
If an investor starts investing in the SSY account immediately after the birth of his daughter, he will be able to contribute for 15 years as one can deposit in his Sukanya Samriddhi Yojana account till the time his gild does not attain the age of 14 years. After the girl turns 14, 50% of the maturity amount can be withdrawn when the girl turns 18. And the rest of the maturity amount can be withdrawn when the girl child turns 21 years old. However, one can take the full withdrawal amount after the girl child turns 21 if they do not think it appropriate to withdraw money from their SSY account.
Maturity of Sukanya Samriddhi Yojana
If one invests, assume approximately 7.6 per cent return on one’s money at the time of maturity 12,500 per month in 12 installments, then the investor will be able to avail his 1.5 lakh income tax benefit limit under section 80C limit in a financial year. If the investor makes a complete withdrawal when the girl child turns 21, the maturity amount of SSY will be approx. 41,29,634.
Check out the SSY calculator below:
Therefore, if an investor starts investing 12,500 per month in the Sukanya Samriddhi Yojana account immediately after the birth of a girl child, then the girl child will be a millionaire at the age of 21.
income tax benefits
As mentioned above, an investor can claim income tax benefits up to 1.50 Lakh investment in SSY account in a single financial year under Section 80C of the Income Tax Act. 100 percent tax exemption will be given on SSY interest earned and also on SSY maturity amount. So, Sukanya Samriddhi Yojana is an EEE investment vehicle.
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