Selvamagal Savings Scheme

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 By which date is it profitable to pay money in the Selvamagal Savings Scheme? 


Find out by which date is it profitable to pay money in the Selvamagal Savings Scheme. You can also see how much interest you will get if you invest how much money in a year

Regarding this, Venkataraman Ramasubramanian has said on social media: By which date is it profitable to pay money in the Selvamagal Savings Scheme? 


In the Selvamagal Savings Scheme, i.e. Sukanya Samruddhi Yojana, a good interest rate is available every year. The current interest rate is 8.2%. It can change from quarter to quarter. This is a great compound interest scheme. In this scheme, interest is calculated monthly and added to the principal at the end of the year. 




The minimum balance from the 5th of a month to the end of the month is considered as the principal and interest is calculated.  Therefore, to get the full benefit of Sukanya Samruddhi Yojana, one should invest a maximum amount of Rs 1.5 lakh at the beginning of the fiscal year, i.e. from April 1 to March 31 of the financial year, on or before April 5 of the financial year. If they do so, they will get full interest. Even if they delay it for a month, they will lose the monthly interest of that month. Therefore, the growth of money will slow down a bit. If they invest in March at the end of the financial year, they will lose the entire interest of that financial year. The investment will start paying interest for the next financial year itself. 


Therefore, it is best to invest the entire amount (Rs 1.5 lakh) within the first 5 days of April of the financial year. If this is not possible, the more amount we invest by the 5th of the month, the more interest we will get. We should try to invest Rs 1.5 lakh as soon as possible. By doing so, we can get the best benefit of the compound interest scheme. 


The following table shows the interest earned by investing money divided monthly.

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