Sukanya Samriddhi Yojana: From the moment a daughter is born, parents begin to worry about her education and future. Long-term planning is essential, but investing at the right time can make this responsibility much easier. The Sukanya Samriddhi Yojana (SSY) is an excellent option in this regard. Under this scheme, you can invest up to ₹1 lakh every year and accumulate a sum of ₹45 to ₹47 lakhs, which will help cover your daughter’s education and marriage expenses in the future.
Eligibility and Account Opening Process
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A Sukanya Samriddhi Yojana account can only be opened by the legal guardians of a girl child. The guardians can be the biological parents or a guardian appointed by the court. The account must be opened before the girl child turns 10 years old. The maturity period of this account is 21 years from the date of opening. However, the account can be closed prematurely only if the girl gets married after the age of 18. Additionally, partial withdrawal of up to 50% of the account balance is allowed for the girl’s higher education.
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Interest Rate and Tax Benefits
The interest rate on the Sukanya Samriddhi Yojana is 8.2%, and it is completely tax-free. The government may change the interest rate from time to time. To open an account, guardians need to submit copies of their PAN card, address and identity proof, and the girl child’s registered birth certificate.
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Investment Limit and Account Maintenance
The minimum investment amount in this scheme is ₹250, and the maximum is ₹1.5 lakhs. To keep the account active, it is necessary to deposit an amount at least once every financial year for the first 15 years. During the maturity period, the interest on the account will accrue automatically, and no further deposits will be required. If the account becomes inactive, it can be reactivated by paying a penalty of ₹50.
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Preparing for Future Funds
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If parents invest ₹1 lakh every year, the total investment will be ₹15,00,000. Upon maturity of the account in 2047, the total amount could reach approximately ₹47,88,079, including earned interest of ₹32,88,079. This way, timely investment ensures sufficient funds for the daughter’s education and marriage, significantly reducing the parents’ worries.