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sukanya samriddhi yojana Interest rate returns, tax benefits #how to open

Sukanya Samriddhi Yojana

Eligibility Girls below 10 years age
Interest rate 8.5% (2019Q4)
How to open Online
Investment amount 250 INR to 1.5 lakh
Partial withdrawal for higher education up to 50%
Premature closing for marriage after 18 years
Maturity / Lock-in Period till the girl’s age of 21
Tax Benefits 1.5 lakh under section 80C

 

How SSY Account Works?

The parents have to pay the Premium until Girl age reaches 14 years.  after 7 Years waiting period (Interest accumulated monthly) withdraw at after attaining girls age 21 years. Total Income Fully Tax-Free.

 

How To Open SSY Account?

Unfortunately, There is No Online Account Opening Facility Available, But You have to download the SSY Application Form. from RBI.

Visit any Nearest Post Office or participating bank Along with KYC ID & Address proof of parent.

Child Birth Certificate as Age Proof, submit Documents, Make Minimum payment, choose Options either Pay monthly / Yearly, etc.

 

How to revive / Reactivate Sukanya Samriddi Yojana Account?

the penalty of Rs.50 if a minimum amount of Rs. 250.

15 years assuming 8% per annum rate of interest = Rs. 28.32

SSY Tax Benefits

  1. Invested amount up to 1.5 lakh every year.
  2. Withdrawal amount fully tax-free.

 

SSY Return calculation

EX:

Monthly investment: 10,000  maximum limit 12,500.

interest compounded monthly – added at the end of each month)


Year Year Deposits Year Interest Total Deposits Total Interest Balance
1 ₹120,000.00 ₹5,329.26 ₹120,000.00 ₹5,329.26 ₹125,329.26
2 ₹120,000.00 ₹15,731.52 ₹240,000.00 ₹21,060.78 ₹261,060.78
3 ₹120,000.00 ₹26,997.17 ₹360,000.00 ₹48,057.95 ₹408,057.95
4 ₹120,000.00 ₹39,197.86 ₹480,000.00 ₹87,255.81 ₹567,255.81
5 ₹120,000.00 ₹52,411.21 ₹600,000.00 ₹139,667.02 ₹739,667.02
6 ₹120,000.00 ₹66,721.25 ₹720,000.00 ₹206,388.27 ₹926,388.27
7 ₹120,000.00 ₹82,219.03 ₹840,000.00 ₹288,607.30 ₹1,128,607.30
8 ₹120,000.00 ₹99,003.10 ₹960,000.00 ₹387,610.40 ₹1,347,610.40
9 ₹120,000.00 ₹117,180.25 ₹1,080,000.00 ₹504,790.66 ₹1,584,790.66
10 ₹120,000.00 ₹136,866.10 ₹1,200,000.00 ₹641,656.75 ₹1,841,656.75
11 ₹120,000.00 ₹158,185.86 ₹1,320,000.00 ₹799,842.61 ₹2,119,842.61
12 ₹120,000.00 ₹181,275.15 ₹1,440,000.00 ₹981,117.76 ₹2,421,117.76
13 ₹120,000.00 ₹206,280.84 ₹1,560,000.00 ₹1,187,398.59 ₹2,747,398.59
14 ₹120,000.00 ₹233,361.98 ₹1,680,000.00 ₹1,420,760.58 ₹3,100,760.58

 


Regular Deposit Calculation

Base amount: ₹0.00
Interest Rate: 8%
Effective Annual Rate: 8.3%
Calculation period: 14 years

After 14 years  with 7 Years

 

interest compounded monthly – added at the end of each month)


Year Year Interest Total Interest Balance
1 ₹257,361.60 ₹257,361.60 ₹3,358,122.18
2 ₹278,722.48 ₹536,084.08 ₹3,636,844.66
3 ₹301,856.31 ₹837,940.40 ₹3,938,700.98
4 ₹326,910.24 ₹1,164,850.64 ₹4,265,611.22
5 ₹354,043.63 ₹1,518,894.26 ₹4,619,654.84
6 ₹383,429.07 ₹1,902,323.34 ₹5,003,083.92
7 ₹415,253.50 ₹2,317,576.83 ₹5,418,337.41

 


Standard Calculation

Base amount: ₹3,100,760.58
Interest Rate: 8%
Effective Annual Rate: 8.3%
Calculation period: 7 years

 

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