Sukanya Samriddhi Yojana: There is an important news for those who deposit money for the future of their daughter under Sukanya Samriddhi Yojana. A new update has come in this scheme.
That is, if you deposit Rs 12,500 every month in Sukanya Samriddhi Yojana in the name of your daughter, then you will get a mega return of more than Rs 80 lakh by the time your daughter turns 21 years old. Apart from this, there will be tax savings on this investment, that is separate. Let us know how your daughter will get a mega return of Rs 80 lakh by investing in Sukanya Samriddhi Yojana.
What is Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana is a savings scheme. It was launched in 2015 as part of the government’s initiative Beti Bachao, Beti Padhao campaign. The scheme enables parents to open a savings account for their girl child in any authorized bank or post office branch. The government pays 8.2% interest on deposits in Sukanya Samriddhi Yojana accounts.
Whose account will be opened in Sukanya Samriddhi Yojana
To open an account in Sukanya Samriddhi Yojana, the girl child must be a resident of India. The age of the girl child should not be more than 10 years. A maximum of two accounts can be opened in a family with two daughters. Apart from this, legal guardians can also open an account in the name of the girl child in this government scheme and deposit money.
Tax exemption in Sukanya Samriddhi Yojana
Investing in Sukanya Samriddhi Yojana provides tax exemption under Section 80C of the Income Tax Act. Under this scheme, you can contribute a maximum of Rs 1.5 lakh annually. The interest received on the deposit amount under the scheme is also tax free. The interest rate is fixed by the government every quarter.
How much tax exemption is available in Sukanya Samriddhi Yojana
- If you deposit Rs 1.5 lakh annually and your annual salary is between Rs 3 to 6 lakh, you will save tax of Rs 7,500 annually. Those whose salary is between Rs 3 to 6 lakh annually get the benefit of up to 5% tax exemption on deposits of Rs 1.5 lakh.
- At the same time, if your salary is between Rs 6 to 9 lakh, then on depositing in Sukanya Samriddhi Yojana, you will get the benefit of tax exemption of up to Rs 15,000 at the rate of 10% on 1.5 annual deposits.
- Those whose annual salary is between Rs 9 to 12 lakh will get tax exemption of up to Rs 22,500 at the rate of 15% on annual deposit of Rs 1.5 lakh under Sukanya Samriddhi Yojana.
- Those whose annual salary is between Rs 12 to 15 lakh will get the benefit of tax exemption of up to Rs 30,000 at the rate of 20% on annual deposit of Rs 1.5 lakh under Sukanya Samriddhi Yojana.
- Apart from this, those whose salary is more than Rs 15 lakh will get the benefit of tax exemption up to Rs 45,000 at the rate of 30% on annual deposit of Rs 1.5 lakh under Sukanya Samriddhi Yojana.
This is how you can get a mega return of Rs 70 lakh from Sukanya Samriddhi Yojana
If your daughter is 10 years old and you deposit Rs 12,500 every month in her account under Sukanya Samriddhi Yojana, then Rs 1.5 lakh will be deposited in a year. When your daughter turns 21, about Rs 22.50 lakh will be deposited in her account. You will get 8.2% annual interest on this deposit. On this interest, you will get about Rs 46,77,578 as return till the maturity date.
Now if we add the principal and interest amount, the total amount will be Rs 69,27,578. Now if your annual salary is more than Rs 15 lakh, then you will save Rs 45,000 annually as tax exemption. When your daughter turns 21, you will save Rs 9.45 lakh from tax. Now if you add the tax saving amount of Rs 9.45 lakh to the Rs 69,27,578 deposited in the Sukanya Samriddhi Yojana account, then this amount will become Rs 7,872,578. That means when your daughter turns 21, she will have an amount of around Rs 80 lakh.
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