Post Office Saving Scheme: Offers 15 Lakh On Investment Of 9 Lakh With 100% Security On Returns!Wed Jun 03 2020 / By: Rashmi
When it comes to small savings schemes, India Post's Sukanya Samriddhi Yojana is the best in terms of returns. In the Sukanya Samriddhi Yojana, the depositor will get a yearly interest rate of 7.6%. This interest rate is way more than that of FD, NSC, Monthly Income Scheme, KVP, or RD schemes.
In other words, if you want to invest peanuts and get loads of money after some time, Sukanya Samriddhi Yojana is the way to go.
In Sukanya Samriddhi Yojana (SSY), a person has to deposit at least 250 rupees monthly while the maximum deposit limit is 1.5 lakh rupees.
Because the scheme is availed by India Post, your money will be secure in the hands of the government. Not only that, there is also a 100% guarantee of returns. Because the India Post comes directly under the central government, this guarantee is given by the central government itself.
In this scheme, once your interest gets locked, you will get the return accordingly. The parents will have to invest the sum for a period of 14 years, while the maturity period of the scheme is 21 years. The remaining 7 years will get a yearly interest rate of 7.6 % on the closing balance of the first 14 years.
Rs. 15 Lakh Return On Deposit Of Rs. 9 Lakh
For current quarters, the interest rate of SSY is set at 7.6%. Suppose the interest remains the same, and you deposit Rs. 3,000 monthly or Rs. 36,000 yearly for 14 consecutive years. At a compound interest rate of 7.6 percent, this sum will amount to Rs. 9,11,574.
After the completion of the first 14 years, the compound interest rate will turn into a yearly interest rate. For the next 7 years, a yearly interest rate of 7.6% will apply to these Rs. 9,11,574. After the maturity period of 21 years, you will get a return of Rs. 15,22,221.
How Much Profit Can You Make
You can deposit a maximum of 12,500 rupees monthly or 1.5 lakh rupees yearly. You will have to keep depositing the same amount for the next 14 years. As per your compound interest, this sum will amount to 37,98,225 rupees. After another 7 years of yearly 7.6% interest rate, you will get a return of 63,42,589 rupees.
Earlier, the minimum monthly deposit sum was set to 1,000 rupees, but it has been reduced to 250 rupees monthly only. Not only can you earn money by high-interest rates, but you will also save your hard-earned income in terms of taxes. According to Act 80C of Income Tax Rules, the money you will deposit in SSY will be exempted from tax.
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