Sukanya Samriddhi Yojana: Sukanya Samriddhi Yojana (SSY) is a flagship savings scheme of the Government of India, launched in 2015 under the “Beti Bachao, Beti Padhao” campaign. The scheme aims to provide parents with a safe and profitable investment opportunity for their daughters’ future. The scheme’s interest rate is set at 8.2% per annum through 2025, which is better than many other small savings schemes.
Parents or guardians can open an SSY account in the name of their daughter under the age of 10. A minimum of Rs 250 and a maximum of Rs 1.5 lakh can be deposited annually into this account. The investment period is 15 years, but the account remains in effect until the daughter reaches 21 or her wedding date. During this period, the deposit earns compound interest, allowing the investment amount to grow rapidly. If a parent deposits Rs 1.5 lakh annually for 15 consecutive years, they can receive approximately Rs 71 lakh at maturity, sufficient to cover their daughter’s education or wedding expenses.
The most significant feature of this scheme is its tax benefits. Under SSY, the amount invested, the interest earned, and the total amount received at maturity are all tax-free (EEE tax benefit). This means that your entire savings are tax-free. Furthermore, this scheme is fully government-guaranteed, making it a safe investment.
How to invest in Sukanya Samriddhi Yojana?
Investing in Sukanya Samriddhi Yojana (SSY) is easy and a safe and beneficial option for your daughter’s future. Here’s a step-by-step guide…
First of all, to open an account in Sukanya Samriddhi Yojana, you can go to any nearest post office or government/private bank (like SBI, PNB, HDFC, ICICI).
Here, daughter’s birth certificate, parent or guardian’s identity card (like Aadhaar or PAN card), residence certificate, passport size photo and account opening form have to be submitted.
The annual investment in this scheme ranges from ₹ 250 to ₹ 1.5 lakh, which can be made as a lump sum or in installments. The investment period is 15 years, but the account matures in 21 years.
Currently, the scheme offers an interest rate of around 8.2%, which is compounded quarterly and the maturity amount is completely tax-free, along with this, the investment also gets tax exemption under Section 80C.
