Maturity Amount Sukanya Yojana: Invest 50,000/Yr & Get Rs. 2,668,821 @9.2%
There are many investment instruments to save for the girl child but the recently launched Sukanya Samriddhi Account has become the favourite option. There are multiple reasons for its increasing popularity which are as follows:
- Zero risk investment: Since the maturity amount is fixed depending on the investments made, it carries no risk at all
- Higher interest rate: For the financial year, 2014-2015 the interest of 9.1% was offered and for this financial year the interest rate is set to 9.2%
- Tax benefit: Both the investment and income from Sukanya yojana has got relief under the section of 80C of Indian income tax act.
- Minimum documents required to open the account which are child’s birth certificate, ID and address proof of the parents. Read about the details of SSA
Displayed below is the table showing maturity amount calculation when Rs. 50,000 is invested for 14 years (although you can contribute any amount ranging from minimum Rs. 1000 to Rs. 1,50,000 (maximum)). This yearly investment would earn the maturity amount of Rs. 2,668,821. For the calculation of the maturity amount, interest rate of 9.2% is used for each year.
| No. of Years | Financial Year | SSA Opening Balance (INR) | Investment/Year (INR) | Interest Earned (INR) | SSA Balance at Year End (INR) |
|---|---|---|---|---|---|
| 1 | 2015-2016 | 50000 | 50000 | 4600 | 54,600 |
| 2 | 2016-2017 | 54,600 | 50000 | 9,623 | 114,223 |
| 3 | 2017-2018 | 114,223 | 50000 | 15,109 | 179,332 |
| 4 | 2018-2019 | 179,332 | 50000 | 21,099 | 250,430 |
| 5 | 2019-2020 | 250,430 | 50000 | 27,640 | 328,070 |
| 6 | 2020-2021 | 328,070 | 50000 | 34,782 | 412,852 |
| 7 | 2021-2022 | 412,852 | 50000 | 42,582 | 505,435 |
| 8 | 2022-2023 | 505,435 | 50000 | 51,100 | 606,535 |
| 9 | 2023-2024 | 606,535 | 50000 | 60,401 | 716,936 |
| 10 | 2024-2025 | 716,936 | 50000 | 70,558 | 837,494 |
| 11 | 2025-2026 | 837,494 | 50000 | 81,649 | 969,143 |
| 12 | 2026-2027 | 969,143 | 50000 | 93,761 | 1,112,905 |
| 13 | 2027-2028 | 1,112,905 | 50000 | 106,987 | 1,269,892 |
| 14 | 2028-2029 | 1,269,892 | 50000 | 121,430 | 1,441,322 |
| 15 | 2029-2030 | 1,441,322 | 0 | 132,602 | 1,573,923 |
| 16 | 2030-2031 | 1,573,923 | 0 | 144,801 | 1,718,724 |
| 17 | 2031-2032 | 1,718,724 | 0 | 158,123 | 1,876,847 |
| 18 | 2032-2033 | 1,876,847 | 0 | 172,670 | 2,049,517 |
| 19 | 2033-2034 | 2,049,517 | 0 | 188,556 | 2,238,073 |
| 20 | 2034-2035 | 2,238,073 | 0 | 205,903 | 2,443,975 |
| 21 | 2035-2036 | 2,443,975 | 0 | 224,846 | 2,668,821 |
This scheme is compared to public provident fund but there are many differences between Sukanya Scheme and PPF in terms of objective, interest rate and other features. Also check out how SSA differs from child mutual fund
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