Sukanya Samriddhi Yojana Chart: A Guide with Examples
Sukanya Samriddhi Yojna Chart Download: Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme in India aimed at securing the financial future of girls. It encourages parents and guardians to invest in their daughters’ education and marriage by offering attractive interest rates and tax benefits. To help you understand the scheme better, we’ll delve into a Sukanya Samriddhi Yojana chart with illustrative examples.
What is Sukanya Samriddhi Yojana
Before diving into the chart and examples, let’s quickly recap the key features of SSY:
- Eligibility: The scheme is open for girls below the age of 10 years.
- Account Opening: Parents or guardians can open an SSY account for a maximum of two daughters. The account can be opened at any authorized bank or post office.
- Deposit Amount: You can deposit any amount in multiples of ₹100, with a minimum deposit of ₹250 and a maximum of ₹1.5 lakh per financial year.
- Tenure: The SSY account matures after 21 years from the date of opening or when the girl gets married after the age of 18, whichever is earlier.
- Interest Rate: The interest rate for SSY is revised quarterly and is typically higher than most other savings schemes. The interest is compounded annually.
- Tax Benefits: Contributions to SSY are eligible for a deduction under Section 80C of the Income Tax Act, and the interest earned and the maturity amount are tax-free.
Sukanya Samriddhi Yojana Chart: An Example
Let’s consider an example to illustrate the growth of an SSY account over time. Suppose you open an SSY account for your 6-year-old daughter and start with an initial deposit of ₹25,000. You plan to contribute ₹10,000 per year for the next 15 years. Here’s how the account balance would grow:
| Year | Opening Balance (₹) | Annual Deposit (₹) | Interest Earned (₹) | Closing Balance (₹) |
|---|---|---|---|---|
| 1 | 25,000 | – | 1,900 | 26,900 |
| 2 | 26,900 | 10,000 | 2,045 | 38,945 |
| 3 | 38,945 | 10,000 | 2,965 | 51,910 |
| 4 | 51,910 | 10,000 | 3,956 | 65,866 |
| 5 | 65,866 | 10,000 | 4,997 | 80,863 |
| 6 | 80,863 | 10,000 | 6,169 | 96,032 |
| 7 | 96,032 | 10,000 | 7,330 | 113,362 |
| 8 | 113,362 | 10,000 | 8,625 | 131,987 |
| 9 | 131,987 | 10,000 | 10,058 | 151,045 |
| 10 | 151,045 | 10,000 | 11,631 | 172,676 |
| 11 | 172,676 | 10,000 | 13,348 | 196,024 |
| 12 | 196,024 | 10,000 | 15,213 | 221,237 |
| 13 | 221,237 | 10,000 | 17,231 | 248,468 |
| 14 | 248,468 | 10,000 | 19,409 | 277,877 |
| 15 | 277,877 | 10,000 | 21,757 | 309,634 |
| 16 | 309,634 | – | 23,542 | 333,176 |
| 17 | 333,176 | – | 25,369 | 358,545 |
| 18 | 358,545 | – | 27,337 | 385,882 |
| 19 | 385,882 | – | 29,455 | 415,337 |
| 20 | 415,337 | – | 31,731 | 447,068 |
| 21 | 447,068 | – | 34,172 | 481,240 |
- Year 1: Initial deposit of ₹25,000. Interest earned is added to the principal.
- Year 2-15: Annual deposit of ₹10,000 each year. Interest is calculated on the total balance, including the previous year’s interest.
- Year 16-21: No further deposits, but the interest continues to compound.
Sukanya Samriddhi Yojana Maturity Value
Now, let’s calculate the approximate maturity value of the SSY account based on the example provided:
- Total deposits over 15 years: ₹25,000 (Year 1) + ₹10,000 * 14 years (Years 2-15) = ₹1,65,000
- Assuming an average annual interest rate of 7.6% (interest rates may vary), the maturity value after 21 years would be approximately ₹5,00,000.
This is a simplified example, and actual returns may vary depending on the prevailing interest rates. However, it highlights the potential for substantial growth in the SSY account balance over time.
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Conclusion
Sukanya Samriddhi Yojana is a fantastic savings scheme that not only secures your daughter’s future but also provides tax benefits. This SSY chart example demonstrates the power of compounding and long-term savings. By investing consistently in an SSY account, you can build a significant corpus to fund your daughter’s education, marriage, or any other important life events. It’s a reliable and government-backed option for securing your child’s financial future.
