Sukanya Samriddhi: Rs. 60000 Investment, Maturity Calculation @9.2%
The massive response to the Sukanya Samriddhi Yojana is mainly credited to the following:
- High interest rate
- Tax free return and investment
- Ease of account transfer within India
- Premature withdrawal
The maximum investment limit for sukanya samriddhi account is Rs. 1, 50, 000 in any given financial year with an option of monthly contribution within the specified limit.
The interest rate offered for the financial year 2014-2015 was 9.1% and for the current year 2015-2016, the interest rate offered is 9.2%.
Below table displays maturity amount calculation for a yearly investment of Rs. 60, 000 @9.2% for 14 years starting from the financial year 2015-2016. The maturity amount will be Rs. 3,202,585 for the total contribution of Rs. 8,40,000.
| No. of Years | Financial Year | SSA Opening Balance (INR) | Investment/Year (INR) | Interest Earned (INR) | SSA Balance at Year End (INR) |
|---|---|---|---|---|---|
| 1 | 2015-2016 | 60,000 | 60,000 | 5,520 | 65,520 |
| 2 | 2016-2017 | 1,25,520 | 60,000 | 11,548 | 1,37,068 |
| 3 | 2017-2018 | 1,37,068 | 60,000 | 18,130 | 2,15,198 |
| 4 | 2018-2019 | 2,15,198 | 60,000 | 25,318 | 3,00,516 |
| 5 | 2019-2020 | 3,00,516 | 60,000 | 33,168 | 3,93,684 |
| 6 | 2020-2021 | 3,93,684 | 60,000 | 41,739 | 4,95,423 |
| 7 | 2021-2022 | 4,95,423 | 60,000 | 51,099 | 6,06,522 |
| 8 | 2022-2023 | 6,06,522 | 60,000 | 61,320 | 7,27,842 |
| 9 | 2023-2024 | 7,27,842 | 60,000 | 72,481 | 8,60,323 |
| 10 | 2024-2025 | 8,60,323 | 60,000 | 84,670 | 10,04,993 |
| 11 | 2025-2026 | 10,04,993 | 60,000 | 97,979 | 11,62,972 |
| 12 | 2026-2027 | 11,62,972 | 60,000 | 1,12,513 | 13,35,485 |
| 13 | 2027-2028 | 13,35,485 | 60,000 | ,128,385 | 15,23,870 |
| 14 | 2028-2029 | 15,23,870 | 60,000 | 1,45,716 | 1,729,586 |
| 15 | 2029-2030 | 1,729,586 | 0 | 1,59,122 | 1,888,708 |
| 16 | 2030-2031 | 1,888,708 | 0 | 1,73,761 | 2,062,469 |
| 17 | 2031-2032 | 2,062,469 | 0 | 1,89,747 | 2,252,216 |
| 18 | 2032-2033 | 2,252,216 | 0 | 2,07,204 | 2,459,420 |
| 19 | 2033-2034 | 2,459,420 | 0 | 2,26,267 | 2,685,687 |
| 20 | 2034-2035 | 2,685,687 | 0 | 2,47,083 | 2,932,770 |
| 21 | 2035-2036 | 2,932,770 | 0 | 2,69,815 | 3,202,585 |
You can open sukanya samriddhi account at post offices and 28 authorized banks in the name of the girl child. Mandatory documents are birth certificate of the girl child and ID and residential address proof of the parents or local guardian. Read in detail about the features of SSA
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