Sukanya Samriddhi Yojana calculator : The central government has announced the interest rates of small savings schemes for the first quarter of the financial year 2023-24.
Among government-guaranteed small savings schemes, the central government has increased the interest rate on Sukanya Samriddhi Yojana (SSY) from 7.60 per cent to 8 per cent, which is the kind of return that debt mutual fund investors can invest in for long periods.
The interest received in this is available on compound interest. However, the interest rate available on SSY is fixed every quarter. That is, it may change. If any parent wants to invest in Sukanya Samriddhi Yojana after the birth of their daughter, they can expect an average return of around 7.60 to 8 percent.
If an investor starts investing in the SSY account immediately after the birth of his daughter, he will contribute to it for 15 years. After that there is no need to invest money in it. When your daughter turns 21, she will get the entire money. 50% of the maturity amount can be withdrawn when the investment is 14 years old and the girl child is 18 years old. And the rest of the money can be withdrawn on maturity.
You will get this much return on Sukanya Samriddhi Yojana
If interest will be given at the rate of 7.6 percent till the maturity of Mane and a person invests Rs 12,500 i.e. Rs 1.50 lakh every month, then he will get exemption under 80C. If the investor withdraws the money after the completion of 21 years of the girl then he will get approximately Rs 63,79,634. So, if an investor starts investing Rs 12,500 per month in Sukanya Samriddhi Yojana account immediately after the birth of his daughter, the girl child will be a millionaire at the age of 21.
Get tax exemption
Investing in a government scheme is exempted under section 80C of income tax. Investor can claim exemption on investment up to Rs 1.50 lakh invested in SSY account in a financial year. 100 percent tax exemption will be available on both the interest of SSY and the money received on maturity.
