Sukanya Samriddhi Yojana: If you are the father of a daughter, this news may be special for you. The Sukanya Samriddhi Yojana is a special initiative of the Central Government that provides parents with financial security for their daughters’ future. Investing in this scheme not only ensures funding for a daughter’s education and career, but also provides financial assistance for major responsibilities like marriage. This scheme has become extremely popular among investors due to its guaranteed interest and maturity amount.

Read Here: Modi Government Giving ₹11,000 Financial Aid to Women: Check Who Can Get the Benefit

Learn the rules for investing

Sukanya Samriddhi Yojana accounts can only be opened in the name of daughters under the age of 10. The minimum annual deposit allowed is ₹250 and the maximum is ₹1.5 lakh. Deposits are mandatory for 15 years after opening the account, but the account remains active for 21 years. Currently, the government offers an annual interest rate of 8.2 percent on this scheme, which is updated quarterly. Investments in this scheme are tax-deductible under Income Tax Section 80C, and the interest earned upon maturity is completely tax-free.

Maturity Amount on an Investment of Rs. 2,000 per Month

Suppose your daughter is currently one year old and you invest Rs. 2,000 per month in the Sukanya Samriddhi Yojana. The annual investment is Rs. 24,000. If this amount is deposited for 15 years, the total investment will be Rs. 3.60 lakh.

Read Here: Start a business with just ₹5,000 and earn ₹50,000 a month

If compounded at an interest rate of 8.2 percent, the maturity amount after 21 years will be approximately Rs. 11.08 lakh. No new investment is required from the 16th to the 21st year. However, the interest on the initial deposit continues to accrue, increasing the total amount.

Withdrawal Conditions

The entire amount can be withdrawn only after 21 years from the date of account opening. However, if the daughter turns 18 and needs funds for her education, 50 percent of the amount can be withdrawn in advance. The remaining amount is received upon maturity. This way, parents can meet their daughter’s needs in a timely manner and secure her future.