Post office’s Sukanya Samriddhi Yojana is a better investment option. Here interest is being received at the rate of 7.6 per cent per annum.
Post Office SSY Calculator: The condition of capital market is not good due to geopolitical tension. Although there is a recovery in the market, but uncertainty cannot be ruled out. The kind of situation that is being created due to the war between Russia and Ukraine, many people are scared about investing in the capital market. In such a situation, there is a large section of investors, who are looking for safe investment options back. Where even though the return is less than equity, but their money is safe. So, there are some fixed return schemes which can be taken back. However, if you are looking for a scheme with higher returns, then Sukanya Samriddhi Yojana or Post Office SSY is a better option. Here interest is being received at the rate of 7.6 per cent per annum. The Government of India has run this scheme for daughters.
7.6% annual interest
The Sukanya Samriddhi Yojana (SSY) of the Central Government is a very popular scheme. The current interest rate through this scheme is 7.6 percent per annum. This is the highest return scheme in the Small Savings Scheme of the Post Office. This scheme matures in 21 years. If you open this account in the first year of the girl child, then you have to invest only for 15 years after the scheme is opened. That is, 14 years have to be contributed by the parents. Interest keeps on adding up for the rest of the year.
Minimum and maximum deposit
A minimum of Rs 250 can be deposited in Sukanya Samriddhi Yojana annually. Earlier the annual monthly deposit amount was Rs 1000. Under the scheme, a minimum of Rs 250 and a maximum of Rs 1.50 lakh can be deposited annually. Investment under Sukanya Samriddhi Yojana can be availed of tax exemption under section 80C of the Income Tax Act.
How much can fund
A maximum of Rs 1.50 lakh can be deposited in this scheme annually. If the current interest rate is 7.6 percent per annum, which will be Rs 12500 monthly. Suppose if these interest rates remain the same and you invest Rs 1.50 lakh every year for 14 years. So in 14 years your contribution will be Rs 21 lakh. Whereas according to 7.6 percent annual compounding, this amount will be Rs 37,98,225. After this, for 7 years, this amount will get a return of 7.6 percent compounding annually. On 21 years ie maturity, this amount will be around Rs 63.5 lakh.
how to open this account
To open an account, you have to go to the post office and take the form. For this, it is necessary to have the birth certificate of the daughter. ID proof of parents will also be required. In which PAN card, ration card, driving license, passport can apply any documents. Parents will also have to submit documents for address proof. In this also driving license, passport, electricity bill or ration card is valid. Your account will be opened after the verification of your documents from the bank or post office.
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