The Sukanya Samriddhi Yojana (SSY), a small deposit financial savings scheme launched by the Indian authorities in 2015, continues to offer enticing returns for folks investing of their daughters’ futures. As a part of the Beti Bachao Beti Padhao marketing campaign, the SSY goals to assist the academic and monetary wants of lady kids throughout India.
For the present quarter, from July 1 to September 30, 2024, SSY accounts provide an rate of interest of 8.2 % each year, compounded yearly. This price, reviewed quarterly, stays one of many highest amongst small financial savings schemes within the nation.
The maturity interval of SSY is 21 years from the account opening or upon her marriage after attaining 18 years. However, contributions might be made for the primary 15 years solely. Thereafter, the SSY account will proceed to earn curiosity till maturity.
For occasion, if the mother and father of a 5-year-old lady make investments ₹1.2 lakh yearly over 15 years on the present rate of interest, they might probably accumulate round ₹55.61 lakh at maturity, after 21 years of account opening. This sum would come with their complete funding of ₹17.93 lakh plus an estimated ₹37.68 lakh in earned curiosity.
The SSY scheme additionally provides vital tax advantages. An official assertion from the Ministry of Finance explains, “Sukanya Samriddhi Yojana enjoys ‘Triple E’ (Exempt-Exempt-Exempt) tax benefit available on investments made in this. Investments made in the SSY scheme are eligible for deductions under Section 80C, subject to a maximum cap of ₹1.5 lakh. The interest that accrues against this account, which gets compounded annually, is also exempt from tax under Section 10 of the Income Tax Act. The proceeds received upon maturity/withdrawal are also exempt from income tax.”
One of the important thing options of the SSY is its long-term nature. Accounts mature after 21 years from the account opening or, upon her marriage, after attaining 18 years. This prolonged funding interval builds a considerable corpus for the kid’s future wants.
While the scheme provides safety and excessive returns, it is essential to notice that it comes with sure restrictions. Partial withdrawals are allowed beneath particular circumstances, however depositors can not take loans in opposition to SSY deposits. However, the scheme’s authorities backing supplies assurance to buyers concerning the security of their funds.
