For those wanting to contribute small amounts each month towards creating a large pension, this article should give you good information in order to achieve that goal. Today we will discuss a program offered by the Government of India where you can create a Rs. 1.1 million Rs. pension fund by only saving Rs. 2000/month; this program is called the Sukanya Samriddhi Yojana (SSY).
Sukanya Samriddhi Yojana is a Government of India pension plan available until your daughter turns 10. As such, it allows you to build up significant sums (Rs. 1.5 million maximum per annum) for your daughter’s financial future. As part of the Sukanya Samriddhi Yojana (SSY), you can contribute up to 1.5 million in one calendar year (in the case of a father who contributes the full 1.5 million, this means that he has 2 years to meet his contribution limit). The contribution period for the scheme is 15 years, and the maturity period is 21 years, and the funds are only available for withdrawal once the girl turns 21. The current interest rate for SSY accounts is 8.2% pa.
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Save Rs 2000 and invest in SSY
If you save Rs 2,000 every month, you will save Rs 24,000 annually. If you invest Rs 24,000 every year in the SSY scheme for 15 years, you will have invested a total of Rs 3.60 lakh. At maturity, you will get a total of Rs 11.08 lakh. This means that you will gain Rs 7.48 lakh. When your daughter turns 21, you can spend this amount on her education or marriage. If you invest Rs 1.50 lakh annually in this scheme, you will get a total of Rs 69.27 lakh at maturity, resulting in a gain of Rs 46.77 lakh.