Sukanya Samriddhi Yojana (SSY) Calculator: Get Rs. 52 Lakh on Maturity With 10K Investment

NEW DELHI: Sukanya Samriddhi Yojana launched by the government of India is a scheme for parents to save or invest money for the long term financial requirements of their girl child. Considered the best saving scheme for a girl child, Sukanya Samriddhi Yojana (SSY) allows parents to invest or save up to Rs. 1.5 lakh per year whose interest rate is 7.6% and also qualifies for a deduction under Section 80C of the income tax act.

On the other hand, as per the online SSY calculators, starting in 2023, investing Rs. 10,000 annually in the Sukanya Samriddhi Yojana plan will enable you to amass Rs. 4,24,344 by 2044 in the name of your girl child.

Meanwhile, if you invest Rs.20,000 per year starting from 2023, then you will be able to withdraw around Rs. 8,48,687 by 2044. If you start spending Rs.50,000 in 2023, then it will enable you to collect Rs. 21,21,718 by 2044.

It should be noted that the Government frequently changes the SSY interest rate. As a result, the interest rate could change in the future. As a result, the total returns from the investments made under the SSY plan will not exactly match the information shown above.

However, as mentioned above, an investor can claim income tax benefit on up to Rs 1.50 lakh invested in an SSY account in the single financial year under Section 80C of the income tax act. The SSY interest earned and SSY maturity amount will be 100 percent tax exempted as well.

As per reports, if someone begins contributing to a Sukanya Samriddhi Yojana account as soon as their girl child is born, they will have 15 years to invest because the SSY program permits investors to do so up until their girl turns 14 years old. If an investor contributes Rs. 10,000 per month, he can invest a total of Rs. 1.20 lakh per year in 12 equal payments because Section 80C of the Income Tax Act enables investors to claim income tax benefits.

According to the Sukanya Samriddhi Yojana calculator, if an investor chooses not to opt for a 50% maturity amount once their girl child turns 18, they will be able to receive a maturity amount of 51,03,707 or almost 51 lakh. One would invest a total of 18 lakh in this 51 lakh, and the interest after the 21-year maturity period would be 33,03,707, or almost 33 lakh.

How to deposit Sukanya Samriddhi Yojana money?

Step 1: First, open an India Post Payments Bank (IPPB) Savings account, then transfer money to Sukanya Samriddhi account through IPPB mobile app.

Step 2: Don’t forget to mention you Sukanya Samriddhi scheme plan detail.

Step 3: Enter your customer ID provided by the Department of Post.

Step 4: Once payment transfer is successful, you will receive a message on your registered mobile number.

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