Interest Rate Hike for SSY: Simply deposit Rs 417 every day to get the whole 67 lakhs; learn about interest rates and the entire plan

 Interest Rate Hike for SSY: Simply deposit Rs 417 every day to get the whole 67 lakhs; learn about interest rates and the entire plan

Interest Rate Hike for SSY: Simply deposit Rs 417 every day to get the whole 67 lakhs; learn about interest rates and the entire plan

Sukanya Samriddhi Interest Rate: The yearly investment limit for this plan is Rs 1.5 lakh, with a minimum of Rs 250. It is only intended for females. You may budget for your daughter's future costs by making an investment in this.

Interest Rate Increase for SSY: The government declared before the Lok Sabha elections that it will raise the interest rate on the modest savings plan. Those that contribute to the Sukanya Samriddhi Yojana with an eye on their daughter's future will profit from this. For the January–March quarter, the government raised the interest rate on the Sukanya Samriddhi Yojana (SSY) by 20 basis points. The Finance Ministry's circular states that the interest rate has gone up from the existing 8 percent to 8.2 percent. Tell us more about the plan in detail.

The Sukanya Samriddhi Yojana: What is it?

Sukanya Samriddhi is a government-backed program, hence it is completely secure. You may invest up to Rs 1.5 lakh each year under this, with a minimum of Rs 250. This plan is only intended for females. You may budget for your daughter's future costs by making an investment in this. Through the program, funds may be saved for a daughter's education, marriage, and other needs by investing for 15 years. Large sums of money may be raised at maturity by making consistent long-term investments. You may visit any post office or bank to establish a Sukanya Samriddhi account.

Who is eligible to apply

Parents may create a girl's account under the Sukanya Samriddhi Yojana if the daughter is between the ages of 0 and 10. You may start an account here with a 250 rupee investment. It used to earn eight percent interest yearly. However, it has now been raised to 8.2 percent for the quarter ending in January through March. You also gain from compounding in this. For a female kid, just one account may be established. You may only open the accounts of two females under this. However, you may register an account for three females if you are the parents of two twin girls.

Interest rate and time to maturity

Under 80C, investments made under the Sukanya Samriddhi Yojana are free from income tax. When it matures, the return is entirely tax-free. At maturity, a yearly contribution of Rs 1.5 lakh will be worth almost Rs 67 lakh. Compounding has a great advantage in this. The plan has a 21-year maturity term. However, a 15-year investment is required. In other words, your account matures six years following the closing of your investment. A female account created when she is a baby will mature when she is 21. Likewise, if you start a kid account when they are 4 years old, the account will mature when they are 25 years old. After the daughter becomes eighteen, she may manage the account on her own.

A daily expenditure of Rs 417

You may make annual deposits of up to Rs 1.5 lakh under the Sukanya Samriddhi Yojana. You would need to deposit Rs 12500 every month, or around Rs 417 per day, if you want to deposit Rs 1.5 lakh annually. If you start an account for a newborn girl and deposit Rs 12500 per month for 15 years, you would have invested Rs 22.50 lakh. The daughter will get a total of Rs 67,34,534 at the time of maturity upon reaching the age of 21. You would get interest of around Rs 44.85 lakh at this time.

Vital records pertaining to Sukanya Samriddhi

1. parents' identity card

2. Aadhar card of the daughter

3. Passbook for a bank account made in the daughter's name

4. daughter's passport-size picture

5. Mobile number