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Personal Finance

Sukanya Samriddhi Account: Here’s how you can get Rs 66 lakh by investing Rs 411 per day

A minimum of 250 rupees and a maximum of 1,50,000 rupees must be deposited to open a Sukanya Samriddhi Account.

DNA Web Team

Updated : Sep 29, 2022, 03:08 PM IST | Edited by : Maitry Kothari

For parents of girls, the Sukanya Samriddhi Account (SSA) scheme of the Union government allows the opening of an account in the child's name up until the age of ten. One account can be opened at a post office or authorised bank, and each daughter will earn 7.6% per year in interest (effective as of April 1, 2020), calculated annually and compounded annually.

A minimum of 250 rupees and a maximum of 1,50,000 rupees must be deposited to open a Sukanya Samriddhi Account; any additional deposits must be made in multiples of 50.

How to earn ₹66 lakh by investing ₹411 per day?

If someone were to invest the full 1.5 lakh rupees tax-free each year for 15 years, their final investment would be 22,500,000, or roughly 411 rupees per day. When the girl turns 21, she will receive a maturity payment of 65,93,071 (22,50,000 plus 43,43,071 in interest).

Sukanya Samriddhi Account- Tax benefits

Here are the four most noticeable advantages for subscribers:

Section 80C of the Income Tax Act allows for tax deductions for investments made.
Annual deduction of up to ₹1.5 lakh allowed.
According to Section 10 of the Income Tax Act, the interest that has accrued is not subject to taxation.
The receipt of proceeds upon maturity or withdrawal is also exempt from taxation.

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