SSY SCHEME: The central government is running several government schemes to secure the future of daughters. If you’re the father of a daughter, you can open an account for her under the government-run Sukanya Samriddhi Scheme. The government is providing significant returns to daughters through this scheme. In fact, the government is offering interest at an 8.2% rate under this scheme. If you deposit ₹1 lakh annually in your daughter’s name, you can receive ₹46.18 lakh upon maturity. The key point of this scheme is this: By investing in it, you can accumulate funds for your daughter’s education and marriage.
Learn when you can do this.
Parents can open an account for their daughter under the SSY scheme at the age of 10 and invest in it until she turns 18. After that, the account will be handled. A family can have a maximum of 2 people open an account, which remains active for 21 years.
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Returns
The minimum investment amount in this scheme is ₹250 per year, and the maximum amount is ₹1.5 lakh. If a person deposits ₹1 lakh every year in their daughter’s name, the total investment amount will be ₹15 lakh in 15 years. At an annual interest rate of 8.2 percent, this amount will grow to approximately ₹46.18 lakh at maturity. This entire amount is tax-free and can be used for the daughter’s education, marriage, or other needs.
Maturity and Tax Benefits
The special feature of this scheme is that the entire maturity amount is tax-free. Additionally, investments made each year are eligible for tax exemption under Section 80C of the Income Tax Act. This scheme is an ideal option for parents who want to make a secure long-term investment for their daughter’s future.
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Premature Account Closure Rules
An account under the Sukanya Samriddhi Yojana normally matures at 21 years of age. However, under certain circumstances, it can be closed after five years. Closing the account is permitted if the daughter needs treatment for a serious illness or if the account holder dies.
A daughter’s future will be secure
The Sukanya Samriddhi Yojana not only provides financial security but also takes a major step towards making daughters self-reliant. Through disciplined investment, parents can make strong financial preparations for their daughter’s education, marriage, and other needs.