The Post Office’s Sukanya Samriddhi Yojana (SSY) is an excellent small savings scheme that can be a simple and effective way to secure the future of daughters. The investment made in this scheme can grow more than three times by maturity. The maximum annual investment in this small savings scheme is ₹1.5 lakh, and if you invest this amount regularly every year, you can create a fund of about ₹70 lakh in 15 years. Throughout this article, we will share all the details on how to earn ₹70 lakh with Sukanya Samriddhi Yojana and get 3x returns.

What is Special About Sukanya Samriddhi Yojana?

Sukanya Samriddhi Yojana (SSY) is a tax-free scheme run by the Government of India. It allows accounts to be opened for daughters under the age of 10. This scheme offers an interest rate of 8.2% per annum, which is currently the highest among small savings schemes.

You can deposit a minimum of Rs 250 and a maximum of Rs 1.5 lakh every year in this scheme. The investment period is 15 years, but you will continue receiving interest on the deposited amount until maturity, i.e., for 21 years.

Completely Tax-Free Scheme

One of the key benefits of Sukanya Samriddhi Yojana is that it is completely tax-free. It offers tax exemptions at three levels:

  1. Tax exemption on annual investment up to Rs 1.5 lakh under Section 80C of the Income Tax Act.
  2. No tax on the returns received from the investment.
  3. Tax-free maturity amount after 21 years.

How to Earn Rs 70 Lakh?

If you start investing in Sukanya Samriddhi Yojana in 2024, you can raise a fund of about Rs 70 lakh by depositing Rs 1.5 lakh annually over 15 years. You can choose to deposit Rs 12,500 every month or pay the entire amount in one lump sum each year.

Here’s the calculation to raise Rs 70 lakh:

Investment Details:

  • Year of opening SSY account: 2024
  • Year of maturity: 2045
  • Interest rate: 8.2% per annum
  • Monthly investment: Rs 12,500 (annual investment Rs 1.5 lakh)
  • Total investment in 15 years: Rs 22.5 lakh
  • Total interest received: Rs 46,82,648
  • Total maturity amount: Rs 69,32,648

If you deposit Rs 12,500 monthly, the total amount received at maturity after 21 years will be Rs 69.32 lakh. The interest earned will be Rs 46.82 lakh, more than double the investment. If you choose to deposit Rs 1.5 lakh annually, the maturity amount will be Rs 71.82 lakh, with an interest of Rs 49.32 lakh.

Early Withdrawal Options

In Sukanya Samriddhi Yojana, you can withdraw 50% of the amount for the daughter’s marriage after she turns 18 years old. You can also make withdrawals after 5 years of opening the account under special circumstances, such as:

  • The sudden death of the account holder
  • Death of the girl’s guardian
  • Serious illness of the account holder

Why Choose Sukanya Samriddhi Yojana?

  1. Better Interest Rate: The 8.2% annual interest is higher compared to other small savings schemes.
  2. Tax Benefits: Enjoy tax exemptions on the investment, returns, and maturity amount. This benefit is also available in PPF, but PPF offers a lower interest rate.
  3. Security for Daughters’ Future: SSY is a safe and profitable option for securing your daughter’s future and building a substantial fund for her.

Disclaimer:

This information is for general knowledge only. Times Bull is not responsible for any financial investments; it is entirely your decision. Please consult a financial advisor before investing for better financial planning.