Sukanya Samriddhi Yojana – Calculating Maturity Values @ 9.2% – Interest Rate Applicable for FY 2015-16

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

The Finance Ministry on March 31st announced the applicable interest rates for all the Post Office Small Savings Schemes, including PPF, Sukanya Samriddhi Yojana (SSY) and Senior Citizens Savings Scheme (SCSS). Except for SCSS and SSY, the government has kept all other interest rates unchanged, including 8.7% for its most popular scheme, PPF.

To encourage more and more people to get the Sukanya Samriddhi Account (SSA) opened, the Government has decided to ride against the tide and has increased its interest rate to 9.20% from 9.10% earlier, an increase of 0.10%.

As the interest rate on Sukanya Samriddhi Yojana is subject to a revision every financial year, this rate of 9.2% will remain applicable only for the current financial year, 2015-16 and will be further revised in March 2016 for the next financial year, 2016-17.

But, this move of keeping its interest rate higher makes me feel that the Modi Government will continue to keep its interest rate higher going forward as well. I think, like the current financial year, they will try to keep a differential of approximately 0.50% between PPF and Sukanya Samridhi Yojana.

I had posted an article last month in which maturity values were calculated with 9.1% rate of interest throughout its tenure of 21 years. But, as the interest rate has been updated to 9.2% and as most of the investors are yet to open this account, I thought there is a need to have a new post having maturity values calculated as per the new rate of 9.2%.

So, here you have the tables in which maturity values are given as per your annual contributions as well as monthly contributions:

Yearly Contribution Table

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Monthly Contribution Table

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As different investors will have have different amounts and different timings of their deposits, it is natural that their maturity values will also be different. So, these maturity values are only indicative based on certain assumptions and here you have those assumptions:

* Rate of Interest has been assumed to remain 9.2% 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.

As people are looking for more and more information about this scheme, I would like to again highlight the main features of this scheme here:

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. So, if your daughter is born on or after December 2, 2003, you can get this account opened for her in a post office or an authorised bank branch.

Which documents are required to open this account? – You need birth certificate of the girl child, along with the identity proof, residence proof and two photographs of the parents/legal guardian, to open an account under this scheme. You can approach any post office or a branch of any of the authorised banks to get this account opened.

9.2% Tax-Free Rate of Interest for FY 2015-16 – As mentioned above, this scheme will carry 9.2% rate of interest for the current financial year and it was 9.1% for the previous financial year. Similarly, interest rate will be revised every year in March and will be applicable for the applicable financial year afterwards.

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 period 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.

NRI/OCI Investment – It is still not clear whether Non-Resident Indians (NRIs) or Overseas Citizens of India (OCI) are allowed to open an account under this scheme or not. But, as it is not allowed with most of the post office small saving schemes, I think the government will not allow them to invest in this scheme either. I’ll update this post as soon as I get any information regarding the same.

Partial Withdrawal – It is allowed to withdraw 50% of the balance for higher education as the girl child attains the age of 18 years. Except for this period, it is not allowed to withdraw any amount during the whole tenure of this scheme.

Nomination Facility – Nomination facility is not there with this scheme. In an unfortunate event of the death of the girl child, the balance amount will be paid to the parents/ legal guardian of the girl child and the account will be closed immediately.

You can check all the features of this scheme from this post – Sukanya Samriddhi Yojana – Tax-Free Small Savings Scheme for a Girl Child

You can also check the updated list of banks and download the application form to open an account from this post – Sukanya Samriddhi Yojana – Updated list of Authorised Banks to Open an Account, Specimen Application Form & Passbook. If you have any query or something related to all these posts, please share it here.

996 thoughts on “Sukanya Samriddhi Yojana – Calculating Maturity Values @ 9.2% – Interest Rate Applicable for FY 2015-16”

  1. Sir my daughter was eight and half year old. I want to invest 15000 per year what is maturity value when hi was 21 year

  2. Sir .i want to know amount yearly bhi deposite kera sekte hai ya monthly bhi ,Agar mein ajj ki date mein Rs-3000/-ke sath ac open kerta hu aur meri daughter ki age 07 year tho 21 Saal bad kya return rehega thanku sir

  3. Sir,
    I want to know the rate of interest will be reduced below the base interest i.e 9.1 % or otherwise?

  4. My daughter is 5 yrs old now. If i open a sukanya account in her name she will attain the age of 26 on the completion of sukanya account closure. However it’s not necessary that she would marry only after the maturity/closure of that account. She may marry early too. So my question is if she wants to marry at the age of 21 when the age of the account would be 16 yrs, what is the procedure to close that account.

    1. Hi Sumeet,
      Whenever your daughter gets married, she would be allowed to withdraw the whole balance and close the account. She would be required to submit a declaration for the same.

  5. Sir ,
    I am working private firms I want to open ssy in post office or bank .my questions is the can I change post office or bank for monthly or yearly investment
    with regard
    amarjeet

  6. Hi Shiv
    You are doing a wonderful job by educating people on this scheme.
    My daughter was born on 14.04.2004. If I open an account today in my daughter’s name, I have to deposit up to next 14 years i.e. up to 2029. By that time my daughter will be 25 years old. As per the scheme, 50% of the accumulated amount can be withdrawn when the child reaches the age of 18. That means if I start investing today, I can withdraw 50% after 7 years when she reaches 18 years for her higher education, but I have to continue yearly deposits for another 7 years i.e. upto 2029.

    Pls let me know if my understanding is correct. Also pls tell me what records I have to produce for withdrawing the amount if her marriage is fixed before the maturity period of 21 years.

    Thanks
    Santosh

    1. Thanks Santosh for your kind words! 🙂
      Also, your understanding is perfectly correct. Moreover, in case of your daughter’s marriage, she will have to give an affidavit of her age to be more than 18 years on the date of closing of account and a self-declaration that she is closing the account as she is getting married.

  7. sir my daughter D.O.B is 27-09-2013.I have opened ssy account 24-04-2015.sir my question is why the difference in chart table is more investment in annually then month basisbasis. Exa if an individual invest2000 Rupees per month he get maturity after21year 12050000 But if he invest 24000 per year he get maturity 12067000. Tell me sir how

    1. Hi Namadipta,
      In yearly contribution table, it is assumed that an investor would invest Rs. 24,000 on April 1 every year. So, you will get full year’s interest. But, when you are putting money on a monthly basis, you will not be getting full year’s interest on each & every monthly investment. That is why you will have a lower maturity value.

  8. Sir mere bati ki date of birth 25feb. 2013 h kiya mai uska account khulba skti hoo please give me answer
    or sir me agar 1000rs ki karwata hu to last me kitna amount milega please reply sir

  9. Sir mere bati ki date of birth 25feb. 2013 h kiya mai uska account khulba skti hoo please give me answer

  10. Hi Shiv,
    First Thank you for your post,
    I have opened an account(SSY) on 26th March 2015 and D.O.B of my daughter is 24th March 2013.

    Incase, I want to withdraw all of my amount, at the end of complete maturity period i.e. after 21 years.

    Kindly let me know the exact date on which I could receive the maturity amount ?

    Thanks in Advance,

    Naveen Kumar

  11. Dear Sir,
    Meri beti ka D.O.B.-19.11.2014 hai,,,,par mujhe confusion hai,,agar main har saal 15000 deposit karta hoon to mujhe kitna amount milega 21 sal ke bad.

  12. Sir my daughter d.o.b. 06-09- 2004 h him 25000 year JMA karate h
    Sir 06-09-2025 me 21 year ki ho jayegi to kitne paise milege

    1. Krishnaji, beti ki age 21 saal hone pe ye scheme mature nahin hogi. Account khulne ki date se 21 saal baad ya phir beti ki shaadi hone pe aapko paisa milega.

    1. If interest rate decrease ,maturity amount also decrease.. Government not fix standard interest rate for all year.. It will be change every year.

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