If you invest in a post office savings scheme, you are guaranteed to get a return on your 100 percent deposit with security.
Post Office SSY / Small Savings Scheme: Talking about the Small Savings Scheme, the special scheme of Post Office Sukanya Samriddhi Yojana is at the top in giving returns right now. Sukanya Samriddhi Yojana is getting interest at 7.6% per annum, which is higher than schemes like FD, NSC, Monthly Income Scheme, KVP or RD. The Senior Citizen Scheme running only for senior citizens is the only such post office scheme in which more interest is being received from Sukanya. Under Sukanya Samriddhi Yojana, a minimum of Rs 250 and a maximum of Rs 1.5 lakh can be deposited in one financial. Under the scheme, there is a facility to apply every month.
Being a post office scheme, you are guaranteed to get a return on your 100 percent deposit with security. On post office schemes in India, you are guaranteed security by the government on your 100 percent investment. Once your interest is locked in this scheme, you will get a return accordingly. Under the scheme, parents have to invest only for 14 years. While the maturity period of the account is 21 years. During the remaining 7 years after 14 years, interest will be available at 7.6% per annum on the closing balance of 14 years. After 21 years, you will get full amount on maturity.
15 lakhs on deposit of 9 lakhs
The interest rates on SSY have been fixed at 7.6 per cent for the current quarter. Suppose if these interest rates remain and for 14 years you invest Rs 3000 or 36 thousand annually every month. You have to do this for 14 years. In 14 years, this amount will be Rs 9,11,574, according to compounding of 7.6% per annum. After this, for 7 years, this amount will get a return of 7.6 percent compounding annually. This amount will be around Rs 15,22,221 at 21 years i.e. on maturity.
How much can be availed
You have to do the Monthly investments of Rs 12500 or Rs 1.50 lakh annually (maximum amount) for 14 years. In 14 years, this amount will be Rs 37,98,225, according to compounding of 7.6% per annum. After this, for 7 years, this amount will get a return of 7.6 percent compounding annually. This amount will be around 63,42,589 rupees on 21 years i.e. maturity.
Benefit of tax exemption A minimum of 250 rupees can be deposited annually in Sukanya Samriddhi Yojana. Earlier, the annual monthly deposit was Rs 1000. A minimum of Rs 250 and a maximum of Rs 1.50 lakh can be deposited annually under the scheme. Tax exemption can be availed under Section 80C of Investment Income Tax Act under Sukanya Samriddhi Yojana. If the daughter becomes 18 years of age and needs money for studies or her marriage, then you can withdraw up to 50 percent of the deposit amount.