At 8.6% Sukanya Samriddhi Maturity Amt. Calculation
For Q1 (Apr16-Jun’16), as most of us know by now, the interest rate on Sukanya Samriddhi Yojana has been slashed from 9.2% to 8.6%. And with this rate cut, obviously the maturity amount will be reduced. So let’s evaluate the performance of SSY i.e. the returns generated for varying invested amount starting from 10, 000 till 1, 00,000 annually. For this calculation, 8.6% interest rate is assumed till the maturity. Please note that the interest rate would be revised by the government every quarter in the year 2016-2017.
|Yearly Investment||Returns @8.6% in INR||Total Investment till 14 Years in INR|
|10,000 ||4,89,120 ||1,40,000
If you want to see how the maturity value will reduce when compared to the interest rate of 9.2%, then check out this article.
More about Sukanya Samriddhi Account:
- The main objective of this long term deposit scheme is to safeguard the future of the daughter.
- The money earned during maturity can be used especially for marriage and higher education expenses.
- It had generated an excellent response because of interest rate offered which was 9.2% in the previous year. Check out maturity value at rate of 9.2%.
- Account matures when the girl turns 21 years of age.
- Account will continue to earn interest even if it is not closed.
- There is no tax on interest and invested amount.
- Premature withdrawal is possible after the girl attains the age of 18 years.
- Deposit needs to made till 14 years.