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Tuesday, March 8, 2016

Sukanya Samriddhi Maturity Calculation @ 9.2%

 

Sukanya Samriddhi - Rs. 60000 Investment, Maturity Calculation @9.2%

 

The massive response to the Sukanya Samriddhi Yojana is mainly credited to the following:

  • High interest rate
  • Tax free return and investment
  • Ease of account transfer within India
  • Premature withdrawal

The maximum investment limit for sukanya samriddhi account is Rs. 1, 50, 000 in any given financial year with an option of monthly contribution within the specified limit.

The interest rate offered for the financial year 2014-2015 was 9.1% and for the current year 2015-2016, the interest rate offered is 9.2%.

Below table displays maturity amount calculation for a yearly investment of Rs. 60, 000 @9.2% for 14 years starting from the financial year 2015-2016. The maturity amount will be Rs. 3,202,585 for the total contribution of Rs. 8,40,000.

NO. OF YEARSFINANCIAL YEARSSA OPENING BALANCE (INR)INVESTMENT/YEAR (INR)INTEREST EARNED (INR)SSA BALANCE AT YEAR END (INR)
12015-201660,00060,0005,52065,520
22016-20171,25,52060,00011,5481,37,068
32017-20181,37,06860,00018,1302,15,198
42018-20192,15,19860,00025,3183,00,516
52019-20203,00,51660,00033,1683,93,684
62020-20213,93,68460,00041,7394,95,423
72021-20224,95,42360,00051,0996,06,522
82022-20236,06,52260,00061,3207,27,842
92023-20247,27,84260,00072,4818,60,323
102024-20258,60,32360,00084,67010,04,993
112025-202610,04,99360,00097,97911,62,972
122026-202711,62,97260,0001,12,51313,35,485
132027-202813,35,48560,000,128,38515,23,870
142028-202915,23,87060,0001,45,7161,729,586
152029-20301,729,58601,59,1221,888,708
162030-20311,888,70801,73,761
2,062,469
172031-20322,062,46901,89,747
2,252,216
182032-20332,252,21602,07,2042,459,420
192033-20342,459,42002,26,2672,685,687
202034-20352,685,68702,47,0832,932,770
212035-20362,932,77002,69,8153,202,585

You can open sukanya samriddhi account at post offices and 28 authorized banks in the name of the girl child. Mandatory documents are birth certificate of the girl child and ID and residential address proof of the parents or local guardian. Read in detail about the features of SSA

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

Invest in Best Performing 2016 Tax Saver Mutual Funds Online

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