This post is written by Shiv Kukreja, who is a Certified Financial Planner and runs a financial planning firm, Ojas Capital in Delhi/NCR. He can be reached at skukreja@investitude.co.in
Sukanya Samriddhi Yojana has received a great initial response from the general public. As the scheme offers 9.1% tax-free rate of interest, investors are finding this scheme to be extremely attractive and want to invest in it as soon as possible. They also need handholding to invest in this scheme. But, due to lack of required information with the post offices and authorised bank branches, people are finding it difficult to do so.
I have posted two articles about this scheme and both have received over hundred comments from the visitors. I have been getting many queries regarding the maturity value of this scheme. People want to know the value of their investment as the scheme gets matured after 21 years.
Though it is almost impossible to calculate a precise maturity value of this scheme as there are many variables on which its maturity value will depend, I have tried to make a couple of tables in which the maturity value has been calculated keeping those variables to be constant and yearly & monthly contribution to be the only variable.
Certain assumptions have been made for calculating these maturity values and those assumptions are:
* Rate of Interest has been assumed to be 9.1% for all these 21 years.
* Yearly contributions have been assumed to be made on April 1 every year i.e. the beginning of the financial year.
* Monthly contributions have been assumed to be made on 1st day of every month.
* Although it is not mandatory, a fixed amount of yearly/monthly contribution has been assumed.
* It is also assumed that no withdrawal is made throughout these 21 years.
Here you have the tables:
Yearly Contribution Table
Monthly Contribution Table
I hope these two tables help people in deciding how much amount they would like to contribute to this scheme in order to achieve their girl child’s marriage and/or higher education goals.
Before you go ahead and plan to get an account opened, I would like to again highlight the main features of this scheme:
Who can open this account? – Parents or a legal guardian of a girl child up to the age of 10 years, can open this account in the name of the girl child. Up to December 1, 2015, one year grace period has been provided to allow this account to get opened for a girl child who is born on or after December 2, 2003.
9.1% Tax-Free Rate of Interest – This scheme offers 9.1% rate of interest, which has also been exempted from tax in this year’s budget. But, this rate is not fixed at 9.1% for the whole tenure and is subject to a revision every financial year.
Scheme Matures in 21 years or on Girl’s Marriage, whichever is earlier – The scheme gets matured on completion of 21 years from the date of opening of the account or as the girl child gets married, whichever is earlier. Please note that the girl attaining the age of 21 years has no relevance to maturity of this scheme.
Deposit for 14 years only – You need to deposit a minimum of Rs. 1,000 and a maximum of Rs. 1,50,000 only for the first 14 years, after which you are not required to deposit any amount. Your account will keep earning the applicable interest rate for the remaining 7 years or till it gets matured on your daughter’s marriage.
Documents Required – You need birth certificate of the girl child, along with the identity proof and residence proof of the guardian, to open an account under this scheme. You can approach any post office or authorised branches of some of the commercial banks to get this account opened.
You can check the rest of the features of this scheme from this post – Sukanya Samriddhi Yojana – Tax-Free Small Savings Scheme for a Girl Child
You can also download the application form to open an account from this post – Sukanya Samriddhi Yojana – Application Form & List of Banks to Open an Account. If you still have any query or something related to discuss, please share it here.
R/s meri daughter 4 years 5 month ki he mein per annum 12000.00 invest kakarunga maturity par kitna mikega . sath me account close hone par amount kisko milega bet I ko ja guardian ko
21 saal baad approximately Rs. 6,35,322 milega – http://www.onemint.com/2015/04/03/sukanya-samriddhi-yojana-calculating-maturity-values-9-2-interest-rate-applicable-for-fy-2015-16/
Account close hone par amount beti ko milega.
Sir Ji agar 10,000 rupee per year me jama karwaye to 21 year me kitna milega my daughter d.o.b is 26-10-2014 h
21 saal baad approximately Rs. 5,29,435 milega – http://www.onemint.com/2015/04/03/sukanya-samriddhi-yojana-calculating-maturity-values-9-2-interest-rate-applicable-for-fy-2015-16/
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Sir my daughter is 5year 4month old
If I will invest 15000 per year then how much amount I will get on maturity
And when I can withdraw the amount
50% of the balance you can withdraw when your daughter attains 18 years of age and 100% of the balance you can withdraw when your daughter gets married or after 21 years from the account opening date. If you invest Rs. 15,000 per annum, you’ll get approximately Rs. 7,94,153 after 21 years @ 9.2% rate of interest.
someone told me that iska validity 31 march 15 tak hi tha… lekin kuchh extend kia he..kya ye sahi he?
actually maine apni beti ki dob certificate nhi banaya he.. thora time lagega. isiliye thora tensed hu.
plz inform me asap?
waiting for your reply
thanx in advance.
Na na avivi hai, ab rate of interest 9.2%
Sir,
Maturity ka amount guardian ko milega yeah girl ko? I mean agar ladki against family love marriage karti hai, then?
If you are thinking good future for your kid then why you bother about who will get the money? even if she opt for love marriage?
Agr meri beti ki shaadi dus saal baad hoti hai to aage ka kya procedure hoga….
What is your girl’s current age?
Sir ,my daughter date of birth 08-01-2015,elgbul this scheme
Sir
meri do betiyaan hn dob hai 24-4-06and 14-6-08 .Mujhe do alag account khulvaane padenge kya? Agr mn 1000hr mahine deposit karoon ek account mn to mujhe kitne.saal tk hr mahine deposit krvaane honge aur maturity date kya hogi aur m
aturity ka.amount kitna hoga agr april se start karun to…..???aur kya mn ise apne m I s account se jod sakti huun……..plz clearly bataaein.
Sir my daughter date of birth 08-01-2015, elgbule this policy
Meri beti ki DOB 29.06.2006 hai Rs 1000 pm bharne ke bad agar uski shadi 29.06.2026 me hoti hai to mujhe kitne Rs milenge ; 2026 me pure paise milenge kya.
sir
maine account 10.03.2015 ko khulbaya hai
to mujhe kab tak paise jama karne hain aur paise kab mileage.
if there is no insurance than LIC plan no 830 is much more better….
Sir agar ek sal me mai 5 K pay krta hu aur dusare sal 1k pay kiya to kuchh prob to nahi h n
kya is scheme me Insurance bhi milta hai…aur kitna milta hai ….
Sir Maine 1/04/2015 ko 3500 monthly SSY scheme me Start karwayi h. Kya mein isko annual me convert karwa sakti hon. Agar hain to kaise. Balance amount kya hoga aur kab tak deposit karwana hoga.
Aabhaji, ye scheme monthly deposit scheme nahin hai. Aap saal mein ek baar ya usse zyaada baar paisa deposit kar sakte ho.
sir ,yadi koi vayakti kuch saal tak paisa deposit karta h ,fir achank kisi vajah se vho paisa jama karna bund kar deta h , tho fir kya hoga
Sunilji, agar aap paisa deposit nahin karte, to ye account inactive ho jaayega. Jitne saal aap paisa deposit nahin karenge, har saal aapko Rs. 50 penalty pay karni hogi.
loan kab le sakate
4000 pr month par kitna maturity value hoga
Sir agar mai first month me 5000 deposit krta hu to kya mai next month me 3000 kar sakta hu .
Yes, kar sakte hain.