Understanding the Sukanya Samriddhi Yojana Maturity Timeline
Explained: Opened Sukanya Samriddhi Yojana Account When Your Daughter Was 6 Years Old?
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The Sukanya Samriddhi Yojana (SSY) is a savings scheme for girls under 10, allowing parents to secure funds for their daughters' futures. Accounts mature 21 years after opening, regardless of the child's age, with partial withdrawals allowed at 18. The scheme provides tax benefits and attractive interest rates.
- 01The Sukanya Samriddhi Yojana requires a minimum annual deposit of ₹250 and allows contributions up to ₹1.5 lakh per year.
- 02An SSY account matures 21 years after the account is opened, not based on the child's age.
- 03Parents can withdraw up to 50% of the account balance for specific needs once the girl turns 18.
- 04The current interest rate for the SSY is approximately 8.2%, potentially yielding a total corpus of nearly ₹70 lakh after 21 years.
- 05Investments in SSY qualify for tax deductions under Section 80C of the Income Tax Act.
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The Sukanya Samriddhi Yojana (SSY) is a government-sponsored savings scheme aimed at ensuring a secure financial future for daughters. Parents can open an account for girls under 10, contributing a minimum of ₹250 annually and up to ₹1.5 lakh per year. Importantly, the maturity of the SSY account is determined by the account opening date, maturing 21 years later, regardless of the child's age. For instance, if opened when a girl is 6, the account matures when she turns 27. During the first 15 years, contributions are made, after which the account continues to earn interest without further deposits. At an interest rate of 8.2%, the total corpus could reach nearly ₹70 lakh after 21 years. Withdrawals are permitted at age 18 for specific purposes, allowing families to access funds for education or marriage. Additionally, investments in SSY are tax-deductible under Section 80C, making it an attractive option for parents.
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The SSY scheme supports families in securing financial resources for daughters' education and marriage.
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