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.
Sir suknya yojna ka notification mail par send kar dijiye
Avanishji, ye link is scheme ka notification hai – http://rbidocs.rbi.org.in/rdocs/content/pdfs/494SSAC110315_A1.pdf
How can the returns be same when you invest monthly or lumpsum the same amount….can you please clarify the same.
eg if I deposit 12,000 lumpsum at the beginning of the year or 1000 every month for 12 months as per the table above, the maturity values will be same or different after 14yrs or 21 yrs?????
Maturity values will be different with lumpsum and monthly investments.
sir,if some body deposits Rs500 p/m,total deposit in one year is Rs 6000 &total contribution in 14 years will b 84000 but I fail to understand or figure in posted in the calculation box.
Hi Suneel,
The above calculation includes interest earned as well.
Sir, my daughter is 8 year old and I invest 2000 pm please tell how much amount in maturity..and who will be receive after maturity.
Hi Umendra,
Your daughter will get the maturity proceeds after 21 years or whenever she gets married, whichever is earlier. For maturity values as per your contribution, please check this post – http://www.onemint.com/2015/04/03/sukanya-samriddhi-yojana-calculating-maturity-values-9-2-interest-rate-applicable-for-fy-2015-16/
sir, meri beti ki dob 29/10/2009 hai.wo abhi 5 1/2 years ki hai to mujhe kitna amt per month jama karna hoga jisse maturity amount 6,30,000 ke kareeb mile aur kitne year jama karna hoga?….ye bhi batayen ki kya har month ek jaisa amt. jama karna hai ya kam/jyada bhi kar sakte hain. jaise humne 1000 per month ki kisht banai par kisi month men 5000 deposit kar diye to aisa ho sakta hai kya ?………please marg darshan karen…..
thanks
Shwetaji, ye scheme monthly deposit scheme nahin hai, aap saal mein ek baar ya zyaada baar kitna bhi amount deposit kar sakte ho. Maturity values check karne ke liye ye post check keejiye – http://www.onemint.com/2015/04/03/sukanya-samriddhi-yojana-calculating-maturity-values-9-2-interest-rate-applicable-for-fy-2015-16/
Dear sir
kya mujhe account me paisa 14 sal tak jma kerna hai ya 21 sal tak or ager mai Rs.1000 per month jma kerta hu to mujhe maturity k bad approxe amount kitna milega meri Beti ka
D/O/B Hai 04-12-2014 ya is yojna ka koi bhi pamplate ho to wo aplog please mail ker dijiye
Thanking you yours faithfully
sandeep yadav
Sandeepji,
Aapko 14 saal tak paisa jama karna hai aur 21 saal baad ye account mature hoga. Maturity value ke liye ye post check keejiye – http://www.onemint.com/2015/04/03/sukanya-samriddhi-yojana-calculating-maturity-values-9-2-interest-rate-applicable-for-fy-2015-16/
Is scheme ke RBI circular ke liye ye post check keejiye – http://www.onemint.com/2015/03/16/sukanya-samriddhi-yojana-updated-list-of-authorised-banks-to-open-an-account-specimen-application-form-passbook/
Sir, Is the contribution amount fixed for an account or can it be increased/decreased over the following years ?
Thanks.
Cyril
Hi Cyril,
The min yearly deposit should be Rs 1000 and max 1.5 lakh. Within that limit you can deposit any amount in any month. There is no obligation.
How it is different from sip of other companies?
Who can withdraw the maturity amount. ..guardian or the daugher (as she is above 18)
I think both can withdraw.
Sir
My daughter is 9 years old .I want to invest 10000 annualy .How much i will get andcan i receive it after 14 years or at time of marraige of my daughter.
Hi Arun,
Maturity values as per your contribution are given in the table above. You’ll get the maturity value whenever your daughter gets married or after 21 years from the account opening date.
can I invest 1000 rs pm for my daughter born on 08/02/2005?if yes how much money will I get and how?
Yes, you can invest Rs. 1,000 per month. Maturity values as per your contribution are given in the table above.
Hi Shiv,
Is it possible for NRI to open this account for their daughters and is the matured value tax free. My daughter is an indian citizen now but will eventually change her citizenship. At the time of maturity if shes not an indian citizen how it will affect this scheme?
Hi Siya,
NRI’s can’t open this account. And from your scenario it seems you will not be in India in future, then why you want to open this scheme?
my daughter is 7 year old, i have invest 12000 per yaer.how much i get after maturity also informmaturity 21 year date of child or opening of account.
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/
21 saal account opening date se calculate honge.
sir,
my daughter is 7 year old, i have invest 12000 per year. how much i get after maturity also inform maturity 21 year date of child birth or opening of account?
Please tell me the maturity period about the date of opening the A/C from 21th years or 21st age completed.
Hi Bapi,
It is 21 years from account opening date or marriage whichever is earlier.
for any possible info regarding SSY… whats app me on my personal cell
9561880669… as per my knowledge i can share my view
Ni3.
Dear Subhash V Ji
Scheam u got some wrong info…. still scheam is in progress…
Ni3.
Dear Krishna Sharma Ji
10000 Per year agar ap jama karte h0 abhi se… then u will get 525000 approx….
regards,
Ni3.
Dear All,
Plz dont Get Confused…. this scheme clearly states that till the Age of Daughter gets 21 years it will get Matured… It means if any parents wants to start this scheme directly after birth of their Daughter then they will get benefits as mentioned on the chart means.. till the age of 14 Years from the Birth with payment of 1000 pm total premium deposited id Rs 168000 & after AGE OF 21 OF DAUGHTER PARENTS / DAUGHTER WILL GET 607000 RS THAT IS APPROX FIG….. If any parent whos daughter is of 4 years & if he wants to open an account then he is eligible to pay premium only for TEN Years “ok”… hop now its clear….. Regards, Ni3.
sir
agar sadi maturity date se pahle hoti hai to paise
21 saal ke hisab se mileage ya jab saadi hota hai us hisab se.
Shaadi pehle hone pe paise 21 saal ke hisaab se nahin milenge.
sir
14 saal tak paise jama karne hain aur maturity 21 saal ya ladki ki saadi hone tak.
sir paise 21 saal ke hisab se mileage ya saadi ke time jitne saal pure honge us hisab se.
Agar shadi 21 saal se pehele ho gayi, to tab tak jitna jama hua utna hi milega.