Sukanya Samriddhi Yojana, launched with the objective of securing the future of daughters, is currently in the news and the reason for this is a change in one of its rules, which is going to be implemented from October 1, 2024. This scheme of the Modi government is also considered to be a scheme to make the daughter a millionaire. Let us understand through complete calculations how if you invest Rs 10,000 every month, how much fund will you raise for the daughter…
Getting a strong interest of 8.2%
SSY Account, also known as Sukanya Samriddhi Yojana Account, offers compound interest at the rate of 8.2 per cent per annum for this quarter i.e. from 1 July 2024 to 30 September 2024. It is on the top of the list of most popular small savings schemes run by the government and its benefits are also countless. This scheme is a part of the ‘Beti Bachao Beti Padhao’ campaign, which aims to enable parents or guardians to meet the expenses of their daughters from education to marriage.
‘Triple-E’ Tax Benefits
The government of Prime Minister Narendra Modi started this scheme in the year 2015. The interest rates available in the SSY Scheme are revised every quarter. The maximum investment limit in this is Rs 1.5 lakh. Talking about other benefits, ‘Triple E’ tax benefits are available on investments made in Sukanya Samriddhi Yojana. Investments in this are eligible for tax deduction under section 80C, which is a maximum of Rs 1.5 lakh. Apart from this, the benefit of compounding is available on the interest received on this account, which is tax free under section 10 of the IT Act. Apart from this, there is no tax on the income on maturity / withdrawal.
This much fund will be created by depositing 10000
If we talk about the fund collected by investing Rs 10,000 every month, then its calculation is very easy. The formula A=P(1+r/n)^nt works in this scheme. In this, A is the compound interest or compounding interest, P is the principal amount, r is the interest rate and n is the number of times the interest is compounded in a year, while t is the number of years of investment. If we calculate through SSY Calculator, then by investing Rs 10,000 every month, you will invest Rs 1.2 lakh annually.
If you have a 5-year-old daughter and you invest Rs 1.2 lakh annually, which will become an estimated Rs 55.61 lakh after 21 years at an interest rate of 8.2% per annum. The amount invested in this will be Rs 17.93 lakh, while the interest after 21 years will be Rs 37.68 lakh. On the other hand, if you can invest Rs 1,50,000 annually, then on maturity, the daughter will get Rs 69.8 lakh, in which Rs 22.5 lakh will be the investment and the interest will be Rs 47.3 lakh. That is, when the daughter turns 21, she will be a millionaire and will say to you, ‘Thank you papa’.
This big change has just happened
In order to provide financial security to the future of daughters, a big change has been made recently in the popular government’s Sukanya Samriddhi Yojana, which is very important for you to know. In this scheme, now only parents or legal guardians can operate the daughter’s account. If this is not done, this account can be closed. If we understand the SSY Scheme Rule Change in detail, then it will especially apply to such Sukanya accounts which have been opened under the National Small Savings Schemes (NSS).
According to the new rule, if a daughter’s SSY account is opened by a person who is not her legal guardian, then she will now have to transfer this account to her natural parents or legal guardian. In case of not doing so, that account can be closed. According to the report, this change in the scheme will come into effect from October 1, 2024.
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