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
agar mein per month 1000 rs per month jama kervate hain to kitna milega meri beti 7 years completed
Rs. 1,000 monthly deposit karne pe aapko 21 saal baad Rs. 6,29,328 milenge. Please check this post for maturity values – http://www.onemint.com/2015/04/03/sukanya-samriddhi-yojana-calculating-maturity-values-9-2-interest-rate-applicable-for-fy-2015-16/
Sir meri bati kind date of birth 30 jan2005 h to kiya him account khulba sktea h or uski kiya statements hogi I please
Yes Rajniji, aapki beti ka account khul sakta hai. Aapko is account ki passbook issue ki jaayegi.
Sir, jaisa likha hua h 2 Dec 2003 Se Ab tak account khol sakte . Agar jo larki 4dec2003 Ko janm hua to use account me kitne sal paisa dale ge agar janm se 14sal tak dalenge to 3ya 4 Sal jama hoga . Or agar 1000 Par month dale to kitna 18 Sal Bad And Maturity samay milega . Please reply sir dont ignore it…..
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/
Rs. 1,000 monthly invest karne pe aapko 21 saal baad Rs. 6,29,328 milenge.
Dear sir, meri beti ki date of birth 14-06-2004 hai.
Kya woh eligible hai?
Isme saal mein ek baar 150000 se kam jama karun aur next saal agar 50000 jama kare to aisa ho sakta hai.
Yes, aapki beti eligible hai aur aap agle saal amount change kar sakte hain.
Sir
Thanks for the great job with this blog.
My daughter is turning 10 in May 2015.
1) Am I still eligible for investing in this account?
2) Can I invest varying amounts (Rs 50 thousand one year, 1 lac next etc)?
3) Do we have clarity of the banks who are opening these accounts?
Please reply
thanks
Thanks Abhishek for encouraging words!
1. Yes, your daughter is eligible for this scheme.
2. Yes, you can do so.
3. Not yet, banks are still reluctant to act on these accounts.
Sir., 15april2015 Main khata kola 1000/- Per month aur April 2026 Main shadi ho gayi to 14 Sal to pure nahi hote. To is 11 Sal main muze 1000/- Installments se kitne rupe milenge
9.2% rate of interest ke according 11 saal baad shaadi hone par approximately Rs. 2,28,762 milenge – http://www.onemint.com/2015/04/03/sukanya-samriddhi-yojana-calculating-maturity-values-9-2-interest-rate-applicable-for-fy-2015-16/
Sir muje iska chart dekhana h
Aap kaun se chart ki baat kar rahen hain Yashwantji?
My question is when a person deposit Rs.12000/- timely some amount in this scheme but in case he or his daughter die between the tenure of this scheme. then how much amount his relative received or not.
On this scheme death benefit is not described/ shows properly. Kindly educate.
There is no insurance provision in this scheme. If something happens to your daughter, you’ll get the whole balance with interest. If something happens to you, your daughter can withdraw the whole balance or continue with the account.
Sir meri beti ke shadi ke samay maturityko 8 Sal hai aur maine paise 8 sal bad nikale to chalta hai kya ya shadi ke samay hi nikalne honge
Yes, aap shaadi ke time paisa nikal sakte ho.
Sir
agar mari beti ki shadi 20 sal main ho gayi aur maturity ke liye 9 Sal hai to kya maine 9 Sal bad paise le sakti hu ya shadi ke samay hi lene Honge. Aur shadi ke waqt thode paise le sakti hu ya sabhi lene honge
Aapko shaadi ke time saare paise withdraw kar ke account close karwana hoga.
Sir
meri beti 9 Sal ki hai agar main 14 Sal tak monthly 1000 Diposit kiya Aur uski shadi 20 Main tai ho gayi to kya muze maturity ki sabhi amt milegi
Beti ki shaadi hone pe aapko aapka paisa interest ke saath milega.
sir
pls confirm that if we deposit money upto 14 yrs and some how we r not able to deposit the futher amount, then ll we get the money back or it ll drowned.
pls clear this matter
thnx
rakesh rathi
You are required to deposit money only for 14 years. Nothing will get drowned as it is a government scheme.
sir meri beti 9 Sal ki hai agar iski shadi 20 sal mai tai ho gayi to us samay muze kitne paise milenge
Shaadi ke time aapki beti ko jo paisa milega wo aapke contribution aur rate of interest pe depend karega.
My daughter’s birth date is 12-jan-2004.
1) pls confirm if i can open SSY account in her name
2) What if she gets married within 14 years from today’s date ?
1. Yes, your daughter is eligible for this scheme.
2. You can withdraw the balance and close the account whenever your daughter gets married after attaining 18 years of age.
Sir. Aabi mai pune me rahata hu bad me dusare city gaya to deposits Kidhar karane ka.
Agar aapka account post office mein hai, to aapko apna account transfer karwana hoga.
ye scheme clear nhi h, bada jhol h isme ,
kuch bhi clear nhi
Please don’t misguide others.
Dear sir,
if i can’t continue the policy after 5 years@12000/- p.a. how much i get?
Hi Upendra,
There is a penalty of Rs. 50 for every year of non-payment and your account will become inactive. You cannot withdraw the balance till your daughter’s marriage or 21 years from the account opening date.
R/s
Maine 01/04/2015 ko 3500 me account Open karwaya h. Agar mujhe saal me 1 lkhs deposit krna ha to mein balance amount (100000 – 3500 = 96500 ) ek bar me 31/03/2016 tak jama kra sakta hoon.
Yes Anuj, aap Rs. 96,500 ek saath 31 March, 2016 ko jama kar sakte hain.
sir
maturity 21 saal
girl ki dob se suru honge ya account kolne ki date se.
meri girl ki dob 01.01.2007 hai
aur maine account 10.03.2015 ko khulbaya hai
agar saadi 2028 me hoti hai to mujhe kitne rupees mileage.
1000 per month deposit. karne par
21 saal account opening date se calculate honge. Is scheme ka rate of interest har saal change hoga, maturity value 9.2% ke according calculate karne ke liye ye post check keejiye – 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/
my daughter dob is 15/9/2007 if i deposits Rs2000/= per month then how many yrs i deposits the maturity & how much money i will receive at maturity
Maturity values 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/
At Rs. 2,000 per month and 9.2% rate of interest, maturity value will be Rs. 12,58,655 after 21 years.