As the interest earned from SSY deposits is tax-free and the interest rate is at par with fixed deposits, or even better in some cases, the SSY account can be used by parents to secure the financial future of their daughters.
The maximum deposit allowed in an SSY account in a year is Rs 1.5 lakh. However, the SSY account can be maintained by depositing just Rs 250 in a financial year.
Parents, who do not have Rs 1.5 lakh to deposit in the SSY account at once, can deposit small amounts as many times as they want in a month.
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While the deposit of Rs 1.5 lakh/year in the SSY account will give around Rs 67 lakh on maturity (assuming 8% interest rate), even small deposits can help parents accumulate lakhs of rupees.
For instance, if you save just Rs 100 per day to deposit in the SSY account, the annual contribution would become Rs 36,000 and the amount that can be withdrawn on maturity at 8% interest will be approx Rs 16 lakh, calculation shows.
By saving just Rs 50 per day, the annual contribution will be Rs 18,000 and the amount on maturity will be approx Rs 8 lakh.
It is important to note that the SSY interest rate is revised on a quarterly basis. However, the interest rate offered on this scheme since its launch in 2015 has been above 8%. The highest interest rate at the time of the launch of the scheme was 9.2% between 01-04-2015 and 31-03-2016.
The current interest rate for deposits in Sukanya Samriddhi Account is 8% with effect from April 1, 2023. The next revision will take place by June 30.