Sukanya Samriddhi Yojana offers 8.2 percent interest rate on investments. It is a great government scheme for long-term investments. Let’s learn about more benefits.
The Central Government recently raised the interest rates for the Sukanya Samriddhi Yojana. Earlier, investors received an interest rate of 8% under this scheme. Now, the interest rate has been increased to 8.2%. It's a great government scheme for long-term investments. It’s important to note that the Sukanya Samriddhi Yojana (SSY) account can only be opened until the daughter reaches 10 years of age.
Maturity period
The SSY account matures in 21 years. However, withdrawals for education or marriage can be made once the daughter turns 18. Here are some calculations for you: If you save Rs 4,000 monthly and deposit it into the SSY account, starting in 2024 when your daughter is 5 years old, let's find out what benefits you will receive.
If you start investing in this scheme in 2024, it will mature in 2045, considering your daughter is 5 years old at the time of opening the account. By saving Rs 4,000 monthly, you will accumulate Rs 48,000 annually. The deposits must continue consistently for the set investment period. It will result in a total investment of Rs 7.2 lakh in the Sukanya Samriddhi Yojana.
How much will you get on maturity?
Upon maturity after 21 years, in the year 2045, you can expect to receive a total of Rs 22.34 lakh, including the interest amount of Rs 15.14 lakh.
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