Sukanya Samriddhi Yojana: Can investing Rs 75,000 annually secure your daughter's future?

Sukanya Samriddhi Yojana (SSY): International Women's Day (IWD) is celebrated every year on 8 March all over the world. It is a day to celebrate and recognise the social, economic, cultural and political achievements of women. This day commemorates the women who impact daily life in both direct and indirect ways – as a mother, a daughter, a friend and much more.

As a father, the best way to celebrate this day is to invest some amount in a good scheme to secure the future of your daughter. If you are looking for a scheme that is safe and offers good returns, you can opt for the Sukanya Samriddhi Yojana (SSY). It is a government-backed savings scheme made for a girl child’s future. What is it? How does it work? And if you invest Rs 75,000 annually, how much return will you get? Let's find out:

What is Sukanya Samriddhi Yojana (SSY)?

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The Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme for girls that offers safe and tax-free returns. Currently, it offers an interest rate of 8.2 percent per annum. These investments can later be used for important expenses such as their education, health, and overall well-being.

What is the maximum amount that can be invested in the Sukanya Samriddhi Yojana (SSY)?

A maximum of Rs 1,50,000 can be invested in the Sukanya Samriddhi Yojana (SSY) in a financial year.

What is the minimum amount that can be invested in the Sukanya Samriddhi Yojana (SSY)?

A minimum investment of Rs 250 can be made in the Sukanya Samriddhi Yojana (SSY) in a financial year.

It should be noted that: The system allows deposits in increments of Rs 50, which can be made through single payments or multiple payments with no limit on the total deposits allowed during a month or throughout the financial year.

How much interest is being received on this scheme?

Sukanya Samriddhi Yojana (SSY) offers an interest rate of 8.2 per cent per annum with interest compounded annually. This makes it one of the highest-yielding small savings schemes in India.

Eligibility for Sukanya Samriddhi Yojana (SSY)

Parents can open an SSY account for their daughter below 10 years of age and operate it till she turns 18, after which the daughter takes over its operation. A family can have a maximum of two accounts, with exceptions in the case of twins or triplets, and each girl can have only one account.

Now, let's calculate how much money your daughter will receive if you open an SSY account for her at the age of 8:

• Amount to be invested each year: Rs 75,000
• Time period: 15 years
• Starting period: 2026
• Maturity period: 2047

Sukanya Samriddhi Yojana (SSY) Calculations: How much money do you invest in total?

By investing Rs 75,000 every year, you will contribute a total of Rs 11,25,000 over a period of 15 years.

Sukanya Samriddhi Yojana (SSY) Calculations: How much interest will be received?

After 15 years, your investment will earn a total interest of Rs 23,38,789.

Sukanya Samriddhi Yojana (SSY) Calculations: Total amount received

At the end, the maturity amount will be around Rs 34,63,789.

Sukanya Samriddhi Yojana (SSY) Calculations: Investment tenure & maturity

This account remains active for 21 years, and you can invest in it for 15 years, starting from the date of account opening. After 15 years, no further deposits are required.

Sukanya Samriddhi Yojana (SSY) Calculations: Payout structure

The maturity amount will be given to you in a lump sum and without any taxes, and can be used for your daughter's education, medical, marriage or other financial needs.

FAQs related to the article

Q1 What is SSY?

SSY stands for Sukanya Samriddhi Yojana. It is a government-backed savings scheme for girl child.

Q2 When is International Women's Day?

International Women's Day (IWD) is celebrated every year on 8 March all over the world.

Q3 What is the maximum and minimum amount that can be invested in SSY?

A maximum of Rs 1,50,000 and a minimum of Rs 250 can be invested in a year in SSY.

Q4 Are there any eligibility criteria for investing in SSY?

Parents can open an SSY account for their daughter below 10 years of age and operate it till she turns 18, after which the daughter takes over its operation.