The government has increased the interest rate of Sukanya Samriddhi Yojana (SSY) from 7.60 percent to 8 percent, a return that debt mutual fund investors expect on their investment for the long term.
The Indian government's Sukanya Samriddhi Scheme is a special investment programme aimed at parents of young girls. You may secure your daughter's future by making an investment in this plan. Sukanya Samriddhi Yojana, a savings programme for girls, offers tax advantages under section 80C and an interest rate of 7.6%.
If your daughter's age is less than 10 years, then you can invest in this Sukanya Samriddhi Yojana. You can invest with a minimum initial amount of Rs 250 up to Rs 1.5 lakh in a year under this scheme.
This scheme will mature when the daughter will turn 21. However, your investment in this scheme will be locked at least till the daughter turns 18. Even after 18 years, she can withdraw 50% of the total amount from this scheme. Which she can use for her studies. The total amount can be withdrawn only when she is of 21 years of age.
Saving for a target of Rs 67.3 lakh:
According to the Sukanya Samriddhi Yojana calculator, parents can save up to Rs 67.3 lakh that can be withdrawn at maturity by depositing a maximum of Rs 1.5 lakh per year into an SSY account, assuming 8% interest. For example, if you open an SSY account in 2023 and deposit Rs 1.5 lakh per year for 15 years, you will receive around Rs 67.3 lakh when the account matures after 21 years, or in 2044, providing the interest rate throughout this time remains at 8%.
Saving for a target of Rs 50 lakh:
For a maturity sum of Rs 50 lakh, parents can achieve this goal by depositing Rs 1,11,370 each year. This translates to saving approximately Rs 305.1 per day. It's important to ensure that the interest rate remains at 8 percent for this calculation to hold true.
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