SSY- It is very important to make financial plans ahead of time for major expenses like education and marriage of daughters. Keeping this need in mind, the Government of India has launched Sukanya Samriddhi Yojana (SSY). This is a government-backed savings scheme, which is completely safe and offers an annual compound interest rate of 8.2%.
What is Sukanya Samriddhi Yojana?
Under the Sukanya Samriddhi Yojana, parents can open an account in their daughter’s name from birth till the age of 10. Accounts can be opened for a maximum of two daughters but relaxation is given in case of twins or triplets. Investment can be made in the account for up to 15 years. After this, there is a lock-in period of 6 years, where the money does not have to be deposited, but interest continues to be received. 50% of the deposit amount can be withdrawn when the daughter turns 18 and the entire amount can be withdrawn when she turns 21.
How can a fund of Rs 70 lakh be created?
If a parent opens an SSY account in the name of his/her 1 year old daughter in the year 2025 and invests the maximum limit of Rs 1.5 lakh every year, then:
Investment period: 15 years (2025–2040)
Total Investment: Rs 22,50,000
Maturity Year: 2046
Interest Benefit: Rs 46,77,578
Total amount: Rs 69,27,578
This amount can be very useful for big expenses like daughter’s higher education or marriage.
Why should you choose
- Completely government and safe scheme
- Compound interest rate of 8.2%
- Tax exemption as well (under section 80C)
- Strong financial support for daughter’s education and marriage.
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