The Sukanya Samriddhi Yojana (SSY) was introduced in 2015 as part of the 'Beti Bachao, Beti Padhao' initiative to promote savings, for girls. Parents can open an account for their daughter at designated banks or post offices with an interest rate of 8.2%.
Main Features of the SSY Scheme:
Interest Rate; The current interest rate is 8.2%, up from the rate of 7%.
Investment Period; Contributions are accepted for 15 years from the account opening.
Maturity Criteria; The account matures when the girl reaches 21 years or upon her marriage after turning 18.
Contribution Limits; A minimum annual deposit of Rs 250 and a limit of Rs 1.50 lakh apply.
Tax Benefits; Investments in SSY qualify for tax benefits, under section 80C of the Income Tax Act with a deduction limit of Rs 1.50 lakh.
How you will get Rs 70 Lakh by Age 21:
By saving Rs 1,50,000 every year for 15 years, with an interest rate of 8.2% you could accumulate Rs 70 lakh by the age of 21. The total interest earned would amount to Rs 49,32,119 bringing the maturity sum to Rs 71,82,119 after an investment of Rs 22,50,000, over the course of 21 years.
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