Sukanya Samriddhi Yojana Calculator: How much should you save daily to get Rs 50 lakh?

financialexpress.com:

With the help of the Central Government-backed Sukanya Samriddhi Yojana (SSY), you can accumulate a large corpus to fund the future financial needs of your girl child. The scheme allows parents to open up to two accounts per family in the name of two girls aged 1 year to less than 10 years. However, in the case of twins and triplets, more than two SSY accounts per family can be opened.

At present, the SSY account is offering 8% interest and the maximum amount that can be deposited in one account in a year is Rs 1.5 lakh. Deposits in SSY earn interest, which is compounded annually, and matures after 21 years from the date of opening the account. However, deposits in the SSY account can be made only up to the completion of 15 years from the date of opening.

The Sukanya Samriddhi Yojana calculator shows that by depositing the maximum of Rs 1.5 lakh per year in an SSY account, parents can save up to Rs 67.3 lakh that can be drawn on maturity, assuming 8% interest. For example, if you open an SSY account in 2023 and deposit Rs 1.5 lakh per year till the completion of 15 years, you will receive approx Rs 67.3 lakh at the time of maturity after 21 years i.e. in 2044 if the interest rate during these years remains at 8%.

Also Read: Rs 15 lakh in SCSS vs Retirement Mutual Fund: Income difference will surprise senior citizens

In case the interest rate goes up, you may receive more amount on maturity. However, the reverse of it is also possible if the interest rate of SSY is revised downwards in future.

It is important to note here that the SSY account interest rate is subject to quarterly revision by the Government. However, since the inception of this scheme, the interest rate for SSY deposits has been around 8%.

The SSY