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Saturday, December 26, 2015

Sukanya Samriddhi 9.2% Interest Maturity Amount Calculation

 

Sukanya Samriddhi Scheme which was launched in January'15 is turning out to be the favourite investment option for the girl child since for the financial year 2015-2016, interest rate of 9.2% has been declared by the government. Earlier for the financial year 2014-2015, interest rate of 9.1% was declared by the government of India. Compared to PPF which would offer 8.7% interest, Sukanya Samriddhi Account will naturally offer very good returns if such an high interest rate is offered every year. Although there are many ways PPF and SSA are similar but there are many difference between these two zero risk investments.

Interested individuals can open the account at post offices and 28 authorized banks (public/private) by Reserve Bank of India. The application process is very simple and requires parents to submit the account opening form along with the following mandatory documents:

  • Birth Certificate of the girl child
  • Address and ID proof of the parents/legal guardian

The amount earned after the maturity will be totally tax free and moreover there is absolutely no tax on the investment made.

Displayed below is the maturity amount calculed at 9.2% interest rate when someone starts investing from the financial year 2015-2016 till 14 years and the amount received on maturity:

IF YOU INVEST FOLLOWING AMOUNT EVERY YEAR FOR 14 YEARS STARTING FROM 2015 TILL 2028THEN MATURITY AMOUNT RECEIVED AFTER 21 YEARS (IN 2036) WILL BE
10,0005,33,764
20,00010,67,528
30,00016,01,293
40,00021,35,057
50,00026,68,821
60,00032,02,585
70,00037,36,349
80,00042,70,114
90,00048,03,878
1,00,00053,37,642
1,10,00058,71,406
1,20,00064,05,170
1,30,00069,38,934
1,40,00074,72,699
1,50,00080,06,463
Invest Rs 1,50,000 and Save Tax under Section 80C. Get Great Returns by Investing in Best Performing ELSS Mutual Funds

Top 10 Tax Saving Mutual Funds to invest in India for 2016 or Best 10 ELSS Mutual Funds in india for 2016

1. BNP Paribas Long Term Equity Fund

2. Axis Tax Saver Fund

3. Franklin India TaxShield

4. ICICI Prudential Long Term Equity Fund

5. IDFC Tax Advantage (ELSS) Fund

6. Birla Sun Life Tax Relief 96

7. DSP BlackRock Tax Saver Fund

8. Reliance Tax Saver (ELSS) Fund

9. Religare Tax Plan

10. Birla Sun Life Tax Plan

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