Sukanya Samriddhi Yojana (SSY) is an investment scheme that offers individuals the opportunity to save on taxes while ensuring a secure financial future for their girl child. This government-backed scheme is entirely risk-free and provides higher returns compared to most other small savings schemes.
Under the SSY scheme, investors can contribute until their girl child reaches 14 years of age. Upon the girl child turning 18 years old, they can withdraw 50 per cent of the maturity amount, while the remaining amount can be withdrawn upon reaching 21 years of age.
How Can You Make ₹52 Lakh at Maturity With Sukanya Samriddhi Yojana?
If an investor initiates investments in the SSY account immediately after the birth of their girl child, the investment period can extend up to 15 years. This is because the scheme allows investments only until the beneficiary child reaches the age of 14.
Investing in Sukanya Samriddhi Yojana (SSY) also provides investors with the opportunity to avail of income tax benefits under Section 80C of the income tax act.
Let’s consider an example: If an investor contributes Rs 10,000 per month, they can accumulate a total investment of Rs 1.20 lakh per year, distributed equally over 12 monthly instalments.
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If the investor chooses not to withdraw 50 per cent of the maturity amount when their girl child turns 18, the complete maturity amount of Rs 52,74,457 can be obtained once the child reaches 21 years of age.
This calculation assumes an interest rate of 7.6 per cent, keeping in mind that the rate is subject to change.