The Sukanya Smariddhi Yojana subscriber will earn an interest rate of 7.6 per cent during the July to September quarter. The interest earned is credited to the account at the end of every financial year and is eligible for exemption under the Section 80C of the Income Tax Act, 1961. The deposit amount is also exempt under the same section.
Open Account With Rs 250, Get Rs 5 Lakh at Maturity
If you open an account with Rs 250, plus an amount of Rs 750 for the first month and continue to deposit Rs 1,000 per month, then your total yearly deposit will be Rs 12,000. Assuming that you opened the account at your daughter’s birth, by the time she turns 21 your investment will be Rs 1,80,000 while you will receive interest worth Rs 3,47,445. Therefore, you will receive a maturity value of Rs 5,27,445 after 21 years.