Deposit Rs 21 lakh for 5 year old daughter, know SSY calculation

Know SSY calculation for Rs 21 lakh deposit fund for 5-year-old daughter.

axpertmedia By: RAJPAL NEHRA

The Sukanya Samriddhi Yojana of the Indian government can help you realize your daughter Rani's dreams.

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You can deposit Rs 250 to Rs 1.5 lakh in SSY account in 1 year.

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To open an SSY account, the daughter's age should be less than 10 years. You can deposit money in the account for 15 years

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SSY account matures in 21 years and there is no tax on the interest received. 8% interest is offered on the account

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Know from this easy calculation how much money you will have to deposit in how many installments to create a fund of Rs 21 lakh.

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You will have to invest Rs 4,000 every month for 15 years. In this case, you will deposit a total of ₹ 48,000 every year.

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At the same time, after 15 years, according to the monthly installment of ₹ 4,000, ₹ 7,20,000 will be deposited in your SSY account.

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By taking advantage of compounding interest, you can earn a total interest of ₹ 14,37,797 on a deposit of ₹ 7,20,000.

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According to this calculation, when the account matures after 21 years, you can create a huge fund of Rs 21,57,797.

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