The Sukanya Samriddhi Yojana (SSY) is one of the most popular government-backed savings schemes in India. It helps parents secure their daughter’s financial future with attractive returns and tax benefits. Many parents wonder: “How much should I invest monthly in SSY to accumulate 50 lakh rupees at maturity?” This article provides a detailed investment breakdown, practical advice, and an easy-to-use SSY calculator.
Sukanya Samriddhi Yojana (SSY) Latest Calculator
| Feature | Details |
|---|---|
| Scheme Name | Sukanya Samriddhi Yojana (SSY) |
| Interest Rate (2024) | 8% per annum (compounded annually) |
| Maturity Period | 21 years from the account opening date |
| Lock-in Period | 15 years of investment, 6 years of maturity growth |
| Maximum Investment | ₹1.5 lakh per year |
| Target Corpus | ₹50 lakh at maturity |
| Estimated Monthly Investment | ₹9,283 per month for 15 years |
The Sukanya Samriddhi Yojana (SSY) is a powerful financial tool to secure your daughter’s future. By investing ₹9,283 per month, you can accumulate a corpus of ₹50 lakh, ensuring financial stability for higher education or marriage expenses. With its high interest rate, tax benefits, and guaranteed returns, SSY remains the best long-term investment plan for a girl child in India.
What is Sukanya Samriddhi Yojana (SSY)?
The Sukanya Samriddhi Yojana (SSY) was introduced by the Government of India under the Beti Bachao Beti Padhao initiative. It offers a safe, tax-free, and high-return investment option for parents with a girl child. The scheme provides an excellent opportunity to build a substantial corpus for education, marriage, or any future financial needs.
Key Features of SSY
- Attractive Interest Rates – The SSY interest rate is currently 8% per annum (subject to periodic revisions by the government).
- Tax Benefits – Investments are eligible for tax deduction under Section 80C of the Income Tax Act, and the maturity amount is completely tax-free.
- Partial Withdrawal Facility – After the child turns 18 years old, up to 50% of the balance can be withdrawn for higher education expenses.
- Government-Backed Security – Since it is a government-sponsored scheme, it provides zero risk with guaranteed returns.
see also: Start Investing Just ₹500 and Create a Fund of ₹1 Crore
How Much Should You Invest Monthly to Get ₹50 Lakh at Maturity?
To accumulate ₹50 lakh by the maturity period, let’s break down the numbers:
Assumptions:
- Interest rate: 8% per annum (compounded annually)
- Investment period: 15 years (after which deposits stop, but the corpus continues to grow for another 6 years)
- Maximum deposit limit: ₹1.5 lakh per year (₹12,500 per month)
Investment Calculation for ₹50 Lakh
| Investment per Month | Total Investment (15 Years) | Maturity Amount (21 Years) |
|---|---|---|
| ₹9,283 | ₹16.7 lakh | ₹50 lakh |
| ₹12,500 (Max Limit) | ₹22.5 lakh | ₹69.8 lakh |
Conclusion: If you want to accumulate ₹50 lakh, you should invest around ₹9,283 per month consistently for 15 years. If you invest the maximum limit of ₹12,500 per month, your corpus will grow to approximately ₹69.8 lakh.
Step-by-Step Guide to Opening an SSY Account
- Eligibility Criteria:
- The account can only be opened for a girl child below 10 years of age.
- Only one account per girl child is allowed.
- A family can open a maximum of two SSY accounts (three in case of twins).
- Where to Open the SSY Account?
- Any post office or authorized bank (SBI, PNB, HDFC, ICICI, etc.)
- Requires KYC documents, such as birth certificate, Aadhaar, PAN, and address proof.
- Deposit Process:
- Minimum deposit: ₹250 per year
- Maximum deposit: ₹1.5 lakh per year
- Payments can be made via cash, cheque, demand draft, or online transfer.
- Maturity & Withdrawals:
- Full maturity occurs after 21 years from account opening.
- Partial withdrawal (up to 50%) is allowed when the child turns 18 years old for education.
- The entire amount can be withdrawn once the girl turns 21 years old or gets married after 18.
Benefits of Investing in SSY
- High Returns: SSY offers one of the highest interest rates among small savings schemes.
- Zero Risk: Backed by the Government of India, ensuring safe and guaranteed returns.
- Tax-Free Growth: Deposits, interest, and maturity amount are all exempt from tax.
- Financial Security for Girl Child: The scheme provides financial independence for your daughter.
see also: Where Should You Invest 5 Lakh Rupees: FD or RD? A Comprehensive Guide with Calculations
Sukanya Samriddhi Yojana (SSY) Latest Calculator FAQs
1. Can I increase or decrease the investment amount in SSY?
Yes, you can change the amount every year based on your financial capacity, but the annual limit is ₹1.5 lakh.
2. What happens if I miss a payment in SSY?
If you fail to deposit the minimum ₹250 per year, the account becomes inactive. You can reactivate it by paying a ₹50 penalty.
3. Is premature withdrawal allowed?
Partial withdrawals (50%) are allowed after the girl turns 18 years old, but full withdrawal is only possible after maturity (21 years).
4. Can NRIs open an SSY account?
No, only resident Indian parents/guardians can open an SSY account for their daughter.
5. What happens if the account holder (girl child) passes away?
In case of the death of the child, the entire amount, along with interest, is handed over to the parents/legal guardian.
