Sukanya Samriddhi Account: How to receive ₹66 lakh upon maturity by investing ₹411 per day?

Under the Union government's Sukanya Samriddhi Account Scheme, parents of a girl child can open an account in her name till she attains the age of 10.

Published on: Sep 28, 2022, 16:52:32 IST

By HT News Desk, New Delhi

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The Union government's Sukanya Samriddhi Account (SSA) scheme is for parents of girls, under which an account can be opened in the name of the child till she attains the age of 10. The account, which can be opened in post offices and authorised banks, is one for each daughter and the rate of interest is 7.6% per annum (with effect from April 1, 2020), calculated on yearly basis, yearly compounded.

Also Read: PPF, Sukanya Samriddhi account holders get 3-month extension to make deposits for FY 20

To open a Sukanya Samriddhi Account, one needs to put in a minimum of ₹250 and maximum ₹1,50,000 in a financial year; subsequent deposits should be in multiples of 50.

How to earn ₹66 lakh by investing ₹411 per day?

If a person invests the entire tax-free amount of ₹1.5 lakh each year for 15 years, the total investment will be ₹22,50,000 or approximately ₹411 a day. After the girl attains the age of 21, she will get ₹65,93,071 ( ₹22,50,000 plus interest of ₹43,43,071) as maturity amount.

Tax benefits under Sukanya Samriddhi Account

Subscribers get these four prominent benefits:

(1.) Investments made are eligible for tax deductions under Section 80C of the Income Tax Act.

(2.) Annual deduction of up to ₹1.5 lakh allowed.

(3.) The interest accrued is exempt from tax payment under Section 10 of the Income Tax Act.

(4.) Proceeds received upon maturity/withdrawal also out of purview of tax payment.

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HT News Desk
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