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 2028 | THEN MATURITY AMOUNT RECEIVED AFTER 21 YEARS (IN 2036) WILL BE |
|---|---|
| 10,000 | 5,33,764 |
| 20,000 | 10,67,528 |
| 30,000 | 16,01,293 |
| 40,000 | 21,35,057 |
| 50,000 | 26,68,821 |
| 60,000 | 32,02,585 |
| 70,000 | 37,36,349 |
| 80,000 | 42,70,114 |
| 90,000 | 48,03,878 |
| 1,00,000 | 53,37,642 |
| 1,10,000 | 58,71,406 |
| 1,20,000 | 64,05,170 |
| 1,30,000 | 69,38,934 |
| 1,40,000 | 74,72,699 |
| 1,50,000 | 80,06,463 |
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
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