Daughters are not a burden, but in today’s era, girls are competing with boys in every field of work. When a daughter is born, many parents worry about saving for the future. But did you know that there is a government scheme where you can make your child’s future much safer by investing a small amount of money? Find out about this scheme-
From the birth of a daughter to her growth, there are multiple schemes to secure the future. One of these is the Sukanya Samriddhi Yojana, which has been specially brought only for daughters. By depositing a small amount of money in this scheme, you can get up to 71 lakh rupees.
The current interest rate in the Sukanya Samriddhi Yojana is 8.2 percent, which is higher than many investment schemes. There is no tax to be paid in this investment scheme.
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How to open an account?
You can open a Sukanya Samriddhi Yojana account in your daughter’s name with just Rs 250. This account can be opened at any post office or authorized bank branch. A Sukanya Samriddhi Yojana account can be opened for a maximum of two daughters in a family. You have to invest in this scheme for 15 years. When the daughter turns 21, the entire amount will be available.
If you invest Rs 1,000 every month in this scheme, you will invest Rs 12,000 per year. If you invest for 15 years, then a total of Rs 1,80,000 will be deposited. If calculated at an interest rate of 8 percent, the interest amount will be approximately Rs 3,74,612. The total deposit and interest amount will be Rs 5,54,612.
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Similarly, if you invest Rs 5,000 every month and invest for 15 consecutive years, you will get Rs 2,773,000 in total.
When the daughter turns 21, money can be withdrawn from this scheme. However, if the girl turns 18, you can withdraw up to 50 percent of the amount deposited for her higher education or marriage.
A minimum of Rs 250 per year can be deposited and a maximum of Rs 1.5 lakh can be deposited. If you deposit the money for 15 years, it is possible to get more than Rs 71 lakh at maturity after 21 years.
This scheme falls under the EEE category. That is, the money deposited, the interest earned and the entire amount received at the time of maturity are tax-free. Tax deductions are also available under Section 80C.
Although SSY is safe, its returns are limited. Experts recommend investing in alternatives like equity mutual funds or hybrid funds along with SSY to beat inflation.