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New Delhi: To get maximum returns in the financial year 2024-25, you must invest in Sukanya Samriddhi Yojana (SSY) before April 5. By making early deposits in SSY, you will get more tax exempt interest and this will benefit the future of the girl child. , Timely repayment is important to maximize savings, but if you have invested in SSY account before April 5, your returns will be optimized for 2024-25. Know how:
what is the reason
In Sukanya Samriddhi Yojana, interest is calculated on the basis of lowest balance in the account from 5th to the end of every month. This means investors who want to invest a lump sum in their SSY account should deposit the money before April 5 to maximize the interest income. Missing this deadline results in loss of additional interest on the annual deposit. However, before the change in December 2019, in Sukanya Samriddhi Yojana, interest was available only on the minimum balance available between the tenth day and the last day of every month.
Do this in PPF also
Not only in SSY you will have to deposit money in your account before 5th April, but also in PPF, if you do not invest till 5th then you will not get the interest for that month, because the interest in it is also calculated like SSY. Is. , The way you invest has a significant impact on the returns you get at maturity. According to the rules, in both SSY and PPF savings schemes, interest is available only on the minimum balance available between the 5th and the last date of every month. This means that if you do not invest on or before the 5th of the month, you will not get interest for that month. It is noteworthy that the interest is calculated on a monthly basis, but the entire interest is deposited on the last day of the financial year i.e. 31st March. In both these schemes, the interest is compounded on an annual basis.
Experts say that if you have a surplus, you should try to invest the lump sum on or before April 5 every financial year. Although it may be more convenient to do it every month, at least do it before or on the 5th of the month. Let us understand both with examples.
Loss in investment made in SSY after April 5
For example, the current interest rate of SSY for the April-June 2024 quarter is 8.2% per annum. Assuming that this rate remains constant for 21 years, then if an account holder deposits Rs 1.5 lakh annually for 15 years before April 5, then he will get Rs 49.32 lakh as interest. However, the interest earned on deposits after April 5 will be Rs 48.85 lakh. Thus, if the lump sum investment is made after April 5, the account holder will suffer a loss of Rs 47,014 over a period of 21 years.
ppf
For PPF account, assume the interest rate is 8% for the entire maturity period (15 years). In the calculation, if the maximum limit of investment in a financial year is considered to be Rs 1.5 lakh, then if you deposit Rs 1,50,000 in lump sum on or before 5th April every financial year, then the amount after the maturity period of 15 years = 43, 98,642. would be Rs., whereas if you deposit Rs. 1,50,000 in lump sum after April 5, the maturity amount would be = Rs. 43,71,490. So in this case you will suffer a loss of Rs 27,152 in returns.