Sukanya Samriddhi Yojana calculator: The central authorities has declared fee of curiosity of small saving schemes for the first quarter of financial 12 months 2023-24. In this fee of curiosity declaration for government-backed small saving schemes, the central authorities has elevated Sukanya Samriddhi Yojana (SSY) fee of curiosity from 7.60 per cent to eight per cent, a return that debt mutual fund merchants anticipate on their funding for future. However, this SSY fee of curiosity is changeable on quarterly basis nonetheless one can anticipate to get spherical 7.60 to eight per cent return if any individual begins investing in Sukanya Samriddhi Yojana account after the supply of its girl teenager.
If an investor begins investing in SSY account immediately after the supply of its girl teenager, he or she would have the flexibility to contribute for 15 years as one can deposit in a single’s Sukanya Samriddhi Yojana account till its gild attains 14 years of age. After the girl turns into 14 years earlier, one can withdraw 50 per cent of the maturity amount when the girl turns into 18 12 months earlier. And the rest of the maturity amount shall be withdrawn when the girl teenager turns into 21 12 months earlier. However, one can take full withdrawal amount after the girl turns into 21 years earlier if they don’t uncover relevant to withdraw money from one’s SSY account.
Sukanya Samriddhi Yojana maturity
Assuming spherical 7.6 per cent return on one’s money on the time of maturity, if a person invests ₹12,500 month-to-month in 12 instalments, then the investor can have the flexibility to devour one’s ₹1.5 lakh earnings tax revenue limit beneath Section 80C limit in a single financial 12 months. If the investor takes full withdrawal when the girl turns into 21 12 months earlier, then the SSY maturity amount will most likely be spherical ₹41,29,634.
See SSY calculator underneath:
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Photo: Courtesy HDFC Bank Sukanya Samriddhi Yojana calculator
So, if an investor begins investing ₹12,500 month-to-month in Sukanya Samriddhi Yojana account immediately after the supply of 1’s girl teenager, then the girl will most likely be a millionaire on the age of 21.
Income tax revenue
As talked about above, an investor can declare earnings tax revenue on as a lot as ₹1.50 lakh invested in SSY account in single financial 12 months beneath Section 80C of the earnings tax act. The SSY curiosity earned and SSY maturity amount will most likely be 100 per cent tax exempted as properly. So, Sukanya Samriddhi Yojana is an EEE funding instrument.
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