Details of Sukanya Samriddhi Yojana (2024)
Introduction:
Sukanya Samriddhi Yojana (SSY) is a small deposit scheme by the Ministry of Finance for a girl child. The Honorable Prime Minister Narendra Modi launched the scheme on 22nd January 2015 with the main motto of the campaign being “Save Daughter Educate Daughter”. The scheme intends to cover the education and marriage expenses of a girl child. You can open the account at any India Post office or authorized commercial bank branch, as well as online.
Summary:
Sukanya Samriddhi Yojana (SSY) scheme has some annual period of interest rate. At first, we set the interest rate at 9.1%. We later revised the interest rate to 9.2% in March 2015 for FY2015-16. You can keep the account open for up to 15 years from the date it was opened Currently, the interest rate is 8.2% in the financial year of January to March 2024.
Age limit:
Starting January 1, 2024, the Sukanya Samriddhi Yojana (SSY) account has been revised to an interest rate of 8.2%. Parents or guardians can open an account for a girl child anytime between her birth and when she reaches 10 years of age. Each child is allowed to have only one account. Their parents can open a maximum of two accounts for each of their girl children.
The girl can operated her account after she reached the age of 10. That account allows 50% withdrawn at the age of 18 for higher education purposes. The account achieved maturity status after 21 years from the date of its opening, and the account holder may choose to either continue or close it at her discretion.
Investing amount criteria:
You can transfer a Sukanya Samriddhi Yojana (SSY) account to any location in India. You must deposit a minimum amount of Rs.250 into the account initially. Subsequently, you can deposit any amount in multiples of Rs 100. The maximum deposit limit is Rs. 1,50,000.If the account holder fails to make the minimum deposit of Rs.250 within a year, a fine of Rs.50 will be charged. The opening account will earn only applicable rate of interest only.
Transfer of account:
You can transfer your Sukanya Samriddhi Yojana (SSY) Account anywhere in India, including between post offices and banks. The cost on furnishing of proof to shifting the residence of either the guardian or the account holder to be free. The account holder must pay a fee of one hundred rupees to either the post office or the Bank to which the transfer is being made. The account transfer process must be electronically initiated by the account holder.
Interest calculator:
Sukanya Samriddhi Yojana calculator uses the following formula
A = P (1 + r/n) ^ nt
Where –
A-Compound interest
P-Principal amount
r- Rate of interest
N-Number of times interest compounds in a year
t- Number of years
For example let us consider the investing amount is Rs.1.5lakh per annum for each 15 years. The compound interest rate is 8%. After 21 years the maturity amount is Rs. 65,93,071 lakh to be raised.
Year | Opening Balance | Deposit | Interest | Closing Balance |
1 | Rs. 0 | 1,50,000 | 11,400 | 1,61,400 |
2 | 1,61,400 | 1,50,000 | 23,666 | 3,35,066.4 |
3 | 3,35,066.4 | 1,50,000 | 36,865 | 5,21,931 |
4 | 5,21,931 | 1,50,000 | 51,067 | 7,22,998 |
5 | 7,22,998 | 1,50,000 | 66,348 | 9,39,346 |
6 | 9,39,346 | 1,50,000 | 82,790 | 11,72,136 |
7 | 11,72,136 | 1,50,000 | 1,00,482 | 14,22,619 |
8 | 14,22,619 | 1,50,000 | 1,19,519 | 16,92,138 |
9 | 16,92,138 | 1,50,000 | 1,40,002 | 19,82,140 |
10 | 19,82,140 | 1,50,000 | 1,62,043 | 22,94,183 |
11 | 22,94,183 | 1,50,000 | 1,85,758 | 26,29,941 |
12 | 26,29,941 | 1,50,000 | 2,11,276 | 29,91,216 |
13 | 29,91,216 | 1,50,000 | 2,38,732 | 33,79,949 |
14 | 33,79,949 | 1,50,000 | 2,68,276 | 37,98,225 |
15 | 37,98,225 | 1,50,000 | 3,00,065 | 42,48,290 |
16 | 42,48,290 | 0 | 3,22,870 | 45,71,160 |
17 | 45,71,160 | 0 | 3,47,408 | 49,18,568 |
18 | 49,18,568 | 0 | 3,73,811 | 52,92,379 |
19 | 52,92,379 | 0 | 4,02,221 | 56,94,600 |
20 | 56,94,600 | 0 | 4,32,790 | 61,27,390 |
21 | 61,27,390 | 0 | 4,65,682 | 65,93,071 |
TAX DEDUCTION:
Sukanya Samriddhi Yojana (SSY) account is eligible for a tax deduction up to Rs 1.5lakh per year under Section 80C of the Income tax act. The interest you earn on the deposit and the amount withdrawn at maturity are tax-free.
For more Details:
Public Provident Fund 2024 Details