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Friday, February 23, 2024
HomePersonal FinanceSSY Calculator: Get Rs 44 lakh on investment of Rs 1 lakh,...

SSY Calculator: Get Rs 44 lakh on investment of Rs 1 lakh, check scheme details

SSY Calculator: The Government of India runs Sukanya Samriddhi Yojana for the daughters of the country. How a fund of Rs 44 lakh can be created under this scheme, see the easy calculation of SSY here.

SSY Calculator: If you are the father of a girl, then you will be well aware of the fact that worrying about the future of daughters starts from their childhood itself. To meet all the expenses of your daughters from education to marriage, you should start investing from today itself. By doing this you will not have much trouble in collecting funds in future. In this condition, you can take help of Sukanya Samriddhi Yojana for financial planning. What is SSY scheme and how to get fund of Rs 44 lakh, read complete information here.

What is SSY scheme?

Sukanya Samriddhi Yojana of the Government of India is very beneficial for the daughters of the country. Parents of girls below 10 years of age can open SSY account. At present, interest rate of 8% per annum is being offered on investment in SSY. Keep in mind that by investing in Sukanya Samriddhi Yojana, parents can deposit a maximum of Rs 1.5 lakh in a year. Investment in SSY scheme has to be made for 15 years. The maturity period of this scheme is 21 years. However, when the daughter turns 18 years of age, you can withdraw money from the account for marriage or studies.

How to deposit ₹44 lakh fund, this is the easy way

To create a fund of Rs 44 lakh, you will have to invest ₹ 1 lakh annually for 15 years. This means that in 15 years you will deposit a total of Rs 15 lakh in your SSY account. According to the annual interest of 8%, you will get total interest of ₹ 29,89,690 on SSY account. Let us tell you, on maturity you will get the invested amount (15 lakh) and the interest amount (₹ 29,89,690) together. According to this calculation, the total amount you will get will be ₹ 44,89,690.

Note, if your daughter is 3 years old and you start investing in this scheme from 2024, then you will have to deposit money annually for the first 15 years i.e. till 2039. At the same time, when your daughter turns 21 (year 2042), then you can withdraw money for your daughter’s education or marriage. At the same time, after 21 years i.e. in the year 2045, the SSY account will mature and the entire amount will be given to you at once.

Shyamu Maurya
Shyamu Maurya
Shyamu has done Degree in Fine Arts and has knowledge about bollywood industry. He started writing in 2018. Since then he has been associated with Informalnewz. In case of any complain or feedback, please contact me @informalnewz@gmail.com
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