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.
hello sir .mujhe puchna hai ke agar kisi ladki ki death ho jati hai in between 14 years of sending money time.what will hapn
Hi Iqbal,
Ladki ko kuch ho jaata hai to depositor ko paisa mil jaayega.
Bhag ke aur koi
Sir agar after 18year ladki bhag me sadi karti hai aur parents ka air koi saving Na ho to paisa kya ladki ko mailegi
Yes Laxmi, is scheme ka paisa beti ko hi milega.
Please can you give the comparison statement for nvestement with Lic as like you have given for PPF.
thanks
regards
K.Sundaramoorthy
Sorry SSY
Hello,this SSI is for poor people’s or rich people’s also
Hi Amit,
Anybody can get this account opened.
sir my daughter going to complete 5yrs on 3rd august.so to get 5 lacks maturity value, how much i have to deposit per month
Approximately Rs. 900 per month deposit karna hoga as per 9.20% rate of interest.
sir ek sawaal or beti ka a/c uske parents carry karte hain, or a/c open kiye hue only 3 to 4 years hue h or agar beti k 7 or 8 years pure hone par agar uske parents ko kuch ho jata h like any accident, agar wo handicap ho jate h ya uski death ho jati hai, ya kuch b esa ho jisse beti ka a/c carry karne wala koi na ho to kya hoga. reply soon sir…
Hi Pooja,
Us case mein beti/parents/legal guardian balance amount withdraw kar ke account close karwa sakte hain.
Sir my daughters birth date is 7.7.04 he.kya uska ssy me khata khul sakta he?kya mujhe 2029 tak pese jama karne hoge?or yadi 2030 me uski shadi hoti he to us time kya me pese nikal sakta hu?yadi me 1.5lakhs har sal jama karta hu to mujhe 2030 me kitna amount milega?
Hi Sandeep,
1. Yes, aapko 2029 tak paisa deposit karna hoga.
2. Yes, shaadi hone pe aapki beti ko paisa withdraw kar ke account close karna hoga.
3. Sorry, hum individual case calculations nahin karte.
Sir my daughters birth date is 7.7.04 he.kya uska ssy me khata khul sakta he?or yadi abhi se 14 sal tak har sal 1.5 lakh jama karne par me kab pese nikal sakti hu.yadi 2030 me uski shadi hoti he to kya me pese nikal sakta hu .or mujhe us samay kitna amount milega.
Shiv Kukreja ji sir aapne upar ek sawal ka ans. diya h ki ” aapki beti apni shaadi hone par 100% withdraw kara sakti h ” iska kya matlab hua kya aap clearly understand kara sakte hain, sir agar meri beti k 19 years pure hone par a/c ko 14 years pure hote h, or agar uski shadi 20 years me ho to us case me kya hoga sir? kya tab b 100% ho sakta h, ar agar haan to kya karna hoga use.
Yes Pooja, aapke case mein 20 saal mein shaadi hone pe aapki beti 100% balance amount withdraw kar sakti hai. Aapki beti ko age ka affidavit aur shaadi ka declaration submit karna hoga.
Sir, now my daughter is 4 years old if i deposit 50k per month then pls tell me that when or which year and how much money get back.
if the government will change in this period so that case who will refund our money….
if the new government is not allowed this scheme so what we do that time…
Hi Pooja,
1. 50K per month is not allowed. Rs. 1.50 lakh is the upper limit.
2 & 3. I have no idea what will happen if the government gets changed.
M samjhna cjahta hu meri beti ka age 9.3year hai. agar suknya yojna 1000/- Per month paid krta hu to use sadi me time kitna pais milega.
Chaubeyji, shaadi pe kitna paisa milega, ye shaadi ki timing pe depend karega ki shaadi kab hoti hai.
Hi Sir, I want to know about if I am fail to deposit in middle stage, what about initial amount deposit,
Hi Anand,
I you fail to deposit money on a regular basis, your account will become inactive and you’ll have to pay penalty to get it active again.
Sir my daughter D B is 15.03.2006 and I want dep 2500 pm then pls tell me that when or which year and how much money get back.
Hi Ritesh,
You need to deposit money for 14 years i.e. till 2029. For maturity values, please check the table pasted in the article above.
Sir ji maine pahale bhi ques. Pucha tha maine meri beti ka SSA me khata khulvaya h. Meri beti 9 ki H . M Rs.1500/- monthly Jama Karwa Raha Hu. Yadi M 14 sal Bad Withdrawl Karna Chahu To Kitna Return Milega
Subhashji, aap 14 saal baad 100% balance withdraw nahin karwa sakte. Aapki beti apni shaadi hone pe 100% balance withdraw kar sakti hai.
sir meri beti 2years 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
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.
I need to open two son fixed deposit every month I pay 2000rs can this possible
Your query is not clear Mr. Shiraj.
If parents of a girl dead unfortunately what is rule and regulations. How do you help of that girl. Thanks
Hi Dr. Deepak,
If any such unfortunate event occurs, then the girl child/legal guardian can withdraw the balance amount & close the account OR continue funding it till maturity.
Sir,
Meri Beti ka D.O.B 20/08/2004 (10Year 10 Months Running) hain Agar main A/c khulwana chahe to Khul Sakta hain. (1 Yr Grace Period kab tak hain.)
Bholaji, aapki beti ka account khul sakta hai. Grace period December 1, 2015 tak hai.