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.
My daughter is 9 yrs old.i want to deposite rs 1500/- per year.how much i get after maturity
With 9.1% rate of interest, it would be approximately Rs. 78,907.5 on maturity.
Dear Sir,
Thanks for posting valuable info on SSY. I have below queries, appreciate your response.
1. Can this account is eligible to open for PIO born girl? My daughter is 1 year old NRI-PIO.
2. Can partial amount is allowed to withdrawan for higher education, if not for marriage after 21 years?
Thanks
Thanks Venkat,
1. It is still not clear whether NRIs/PIO investors are allowed to get this account opened. You’ll have to wait for its clarification.
2. The girl child can withdraw 50% of her balance for her daughter’s higher education after 18 years.
Meri beti ki DOB 17.09.2006 hai Rs 1000 pm bharne ke bad agar uski shadi 17.09.2026 me hoti hai to mujhe kitne Rs milenge ; 2026 me pure paise milenge kya.
2026 ka amount aapke deposit timing and rate of interest pe depend karega.
Thanks Sir for sharing this valuable information.
I have two queries:
a) My daughter is 9 years old. Do I need to invest for the next 14 years or till my daughter’s marriage? and when will the account get matured.
b) The upper limit of Rs. 1.5 lacs is per child or total investment for 2 girl children.
Thanks
Sandeep
Thanks Sandeep,
1. You need to invest in this scheme for the next 14 years or till your daughter gets married, whichever is earlier. The scheme will get matured on completion of 21 years from the account opening date or when your daughter gets married, whichever is earlier.
2. As per the language of the circular, Rs. 1.5 lakh cap is for a single account. So, for two accounts, it is Rs. 3 lakh.
kya ye post office me hi khule ga ya kisi bhi bank me
Vinodji, ye accounts kuch bank branches mein bhi khulenge.
sir is youjna ki last date kab tak hai
sir is ki last dade kab tak hai
sir is ke bare me koi janta hai to plz mujhe kuchh bataiye
vinod kumar singh
mobile no -9990441768
Nahin Vinodji, is scheme ki koi last date nahin hai. Aap agle saal bhi account open karwa sakte hain.
sir account open ka date fix hai kya
Nahin Rakeshji, koi fix date nahin hai.
R/sir
Meri beti ki d.o.b 07/10/2007,
Sir kitne ? monthly deposit karne par min. 20 lkhs milenge.
Approximately Rs. 3,500.
i am depositing 1.50 lakhs today ,my daughter is 10 years now,i dont want to deposit in between,please tell me my returns ?
Regards,
Suresh Hegde
It is difficult to calculate your returns in this manner. There are many variables involved in such calculations.
Dear Sir,
I have 2 daughters, I am planning to invest 1.5 lacs each, my elder daughter is 9 yrs and the younger one is 4yrs. what will be the maturity amount for both and in which year it will matured.
Wrgds
Hi Sumit,
Maturity amount table is given in the tables above. If you get the accounts opened today, both these accounts will get matured after 21 years from now or as & when your respective daughters get married.
Sir
I had opened SSA account in post office.
Now any online money deposit facilities available ?
Hi Indrajit, there is no online transfer facility available as of now in the post offices. Some of the banks are expected to offer such facility.
Sir what is the last date of submission this form? Is 31-03-2015 last date?
Hi Alok, there is no last date for this scheme, you can get this account opened beyond 31st March as well.
sir meri beti ka RD account he or mai kya sukanya mai ac khol sakta hu kya
Yes Sunil, agar aapki beti ki date of birth December 2, 2003 ya uske baad ki hai, to aap ye account khol sakte hain.
well done..Mr.shiv…..such a great job boss….salute
Thanks Abhik for your kind words!
hi sir meri beti ka dob 18/03/2008 hai sir main agar 8000p/month deposit karu to muhje 18year aur 21 year me kya benifit milega sir please iska detail dijiye
Shambhuji, 18 saal ke baad aapki beti apni studies ke liye 50% paisa withdraw kar sakti hai aur shaadi ke time poora paisa. Is scheme rate of interest bhi tax-free hai.
Dear Mr. Ramesh,
You’ll get approximately Rs. 187,591.40 after 21 years with monthly contribution of Rs. 300 and 9.1% rate of interest.
Sir meri beti ki dob 29/3/06 hai to mujhe kitne saal tak paisa jama karna hoga.
14 saal ya jab tak aapki beti ki marriage nahin hoti.
Dear sir
I have a girl child whose age is 9 years I want to deposit Rs 300 per month please guide how msuch I will get maturity amount after 21 years
The date of birth of my daughter is 23.03.2007 and I want to open an account in SSY in April-2015 with an amount Rs5000- for every year at a time.What is the maximum year I have to deposit? What is the maturity value I get when my daughter will 21yrs old?
You need to deposit money for 14 years. For maturity values, please check the table above in the post.