It is natural for every parent to be concerned about their daughter’s education and wedding expenses, but a small prudent investment can mitigate this concern. The Sukanya Samriddhi Yojana (SSY) is a well government backed scheme offering very safe returns and tax benefits. If you invest ₹1.5 lakh in SSY every financial year, the total corpus you can receive on maturity is ₹70 lakh. Let us see what this scheme is, how it grows, and how the calculations are made.

The Government launched the Sukanya Samriddhi Yojana in 2015 under the Beti Bachao, Beti Padhao initiative. This scheme will help every parent save for their daughter’s future.

Key Points of SSY

  1. You can open an account for a daughter up to 10 years of age.
  2. Minimum annual deposit is ₹250.
  3. Maximum annual deposit is ₹1.5 lakh.
  4. Deposits can be made for 15 years from the date of account opening.
  5. The account matures when the daughter turns 21.
  6. If the daughter marries before 21, the account will be closed.
  7. SSY is a good long-term investment with safe returns, tax benefits, and a government guarantee.

Eligibility and Rules for SSY

  • The daughter must be under 10 years old.
  • Only one SSY account can be opened for each daughter.
  • A family can open two accounts for two different daughters. Twins or triplets can open more accounts as per the rules.
  • A minimum annual deposit of ₹250 is required to keep the account active.
  • If the minimum deposit is not made, the account will default. A defaulted account can be reactivated within 15 years by paying a penalty of ₹250 plus ₹50 annually.
  • Only the legal guardian or parents can manage the account. Accounts opened by grandparents must be transferred to the legal guardian.

How Much Will the Amount Be After 15 Years?

If your daughter is 5 years old and you deposit ₹1.5 lakh every year, you will receive ₹41,25,000 when she turns 20. Your total investment over 15 years will be ₹22,50,000, and at an 8.20% annual interest rate, you will earn ₹18,75,000 in interest. This makes a total of ₹41,25,000. SSY is not only a safe long-term savings scheme but also a strong financial plan for your daughter’s future and education.