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
Monthly Contribution Table
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.
sir meri beti 9years 4 month ki hai mai her month 1000 jama karti hun to mai yeh rashi kab tak jama karugi or beti ke ketnay years mai kitnay rupay melege please reply
Hi Krishna,
Aapko paise 14 saal tak deposit karne hain, ya aapki beti ki shaadi hone tak. Account khulne ke 21 saal baad aapki beti ko approximately Rs. 6,34,654 milenge @ 9.20% annual rate of interest.
If daughter age is 8 year & I will give 1.2lack per year so what will be the maturity at 21 year
Hi Garima,
After 21 years from the account opening date, maturity amount would be approximately Rs. 64,05,171 @ 9.20% annual rate of interest.
Hello,sir this scheme wonderful
hello sir I open a account for my niece d/b 19-06-2006. If I deposit 2000 Rs every month what would amount she gets after 21 year complete OR at a time off marriage. Please explain me I oblize u.
Hi Ram,
After 21 years from the account opening date, she will get approximately Rs. 12,69,307 @ 9.20% annual rate of interest.
Hi Shiv,
Even if the girl child is 10 yeras…deposit till 21 years of age??
Hi Priyanka,
If the girl child is 10 years old, you need to deposit money till she turns 24. Account will mature when she turns 31 (10 + 21) or when she gets married, whichever is earlier.
Hi Shiv,
If the girl child is 10 years old..this means the amount has to be deposited till she turns 21 years..although still 14 years for deposit havent been completed??
Thanks
Hi sir. I have one daughter whose date of birth is 01042014. Am I eligible for say scheme. If I deposit 2500 rd per month then how much money would I gain after maturity. Pls give answer as soon as possible.
Hi Mohammad,
Your daughter is eligible for this scheme. For maturity values, please check the table above.
Very useful scheme
Hello sir, thanks for introducing us to this wonderful scheme in duch details. My girl is 1 yr 8 months old. After 19 yr 4 months, she will complte 21 yrs. If I start scheme now, then what would be the maturity, if i give 50 k per year
Hi Ravi,
This scheme will mature after 21 years from the account opening date and not when your daughter turns 21. For maturity values, please check the tables above.
Hello, myself and my wife are planning to deposit the amt on monthly basis in SSA. Shall we avail the tax exemption for both? Thanks.
At present, only one depositor is allowed for one account. So, it seems only the depositor can claim the tax exemption.
Meri betide 18 march 2015 ko born hui hai main a/c open karba sakta hu
Yes Neeraj, aap apni beti ka account open karwa sakte hain.
Hi,
There is no information mention if within the tenure earning parent expire then what will be the provision. Is the account continue as it is or need to withdraw and who will be nominee in this condition..?
Hi Rakesh,
In case the depositor dies, the girl child or the legal guardian of the girl child has the option to either continue funding the account or withdraw the balance & close the account.
Sir, we can deposit for 14 years or till 21 years?
Hi Arvind,
You need to deposit money for 14 years from the account opening date.
Ssy a/c dena bank ahmedabad in which branches ? Plse give list
Hi Aditsa
You can open in any Dena Bank Branch.
Hi, sir mera name Jaydeepsinh he meri bety ki DoB 18 Nov 14 he to kya me ye account khulva sakta hu…or me rahne Vala Gujarat ka hu but service Lucknow me karta hu to as account me yaha khulva sakata hu kya
Hi Jaydeepsinh
Yes aap apni beti ka account khulwa sakte hai. yes aap ye account Lucknow me bhi khulwa sakte hai aapke pass identity prove and address prove hone chhahiye
Sar meri beti hai uska a.c khulwana hai kya mahine ka 1500 ka bhi plan hai kit
Hi Ankit,
Aapko saal mein minimum Rs. 1,000 deposit karna zaroori hai.
Mery beti 6 year ki hai kabtak amaut jma karna ho ga
2029 tak Mr. Vipin.
Sir,
My Daughter’s DOB Is 21/05/2006. So,Is She Eligible To Take Benefit Of ‘Sukanya Samriddhi Yojana’ ?
Thank you.
Hi Mr. Mehta,
Your daughter is eligible for this scheme.
Dear sir,I have started SSA for Rs 1500 monthly IN the name of my daughter since 20/03/2015 bearing DOB 02/12/2006.PLS tell me ,up to how many years,I will have to deposit the same and what will be the MATURITY AMOUNT.
Hi Rupam,
You’ll have to make deposits till 14 years from the account opening date i.e. till 2029. For maturity amount, please check the table above.
sir,
we have two daughter one 8 years and other 6years old
1. dono ka ek hi account hoga ya alag alag hoga.
2.ek ka post office me and dusry ka bank me khulwa skte hain kya
3.kisi ek girl ka gardian parents k alawa ho skta hain kya
Hi Shriram,
1. Aapko dono ke liye alag alag account khulwana hoga.
2. Yes, khulwa sakte hain.
3. Yes, ho sakta hai.