Sukanya Samriddhi Yojana: If you’re a father of a daughter, this news could be very important for you. The Sukanya Samriddhi Yojana is considered the most reliable government savings scheme for daughters nationwide. Its goal is to enable families to make sound financial preparations for their daughters’ education, career, and marriage without any burden. Launched as part of the Beti Bachao, Beti Padhao campaign, the scheme has grown immensely over time.
The popularity of this scheme can be gauged from the fact that over 40 million Sukanya accounts have been opened across the country. The total deposits in these accounts have exceeded ₹325,000 crore. This figure demonstrates the trust people place in this scheme for their daughters’ secure future.
How to Build a ₹72 Lakh Fund
The most significant feature of the Sukanya Samriddhi Yojana is its compound interest. When invested consistently over a long period of time, the power of interest multiplies the principal amount. If a parent deposits ₹1.5 lakh every year for 15 years, they receive approximately ₹7.2 million by the time they turn 21. The total investment is ₹2.25 million, with an additional benefit of approximately ₹4.9 million in interest.
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Benefits from Compound Interest
The scheme’s interest rate is 8.2%, which is determined by the government after a quarterly review. Interest is calculated on the monthly minimum balance and credited to the account at the end of the year. Compound interest allows the amount to grow rapidly over time, especially since the account continues to earn interest for six years after the investment period is over.
What is the Investment Period?
The Sukanya Samriddhi Yojana (SSY) runs for a total of 21 years. You invest for the first 15 years, and the funds remain in the account for the remaining six years, earning interest. This additional time multiplies the invested amount, allowing a substantial corpus to be easily created.
How much can you invest?
The special feature of this scheme is that it is suitable for all economic classes. The minimum deposit amount is only ₹250 per year. The maximum deposit limit is up to ₹1.5 lakh per year. You can deposit the amount as per your convenience, either in one go or in instalments.
Who can open the application?
Parents or guardians can open an account from the daughter’s birth until the age of ten. This account is opened only in the daughter’s name. Accounts can be opened for two daughters in a family, and if there are twins, a third account can also be opened.
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Tax benefits are available
Sukanya Samriddhi Yojana is a completely tax-free scheme. Investments are exempt under Section 80C of the Income Tax Act. Interest earned on the account is tax-free, and the maturity amount is also completely tax-free. This is why it is one of the most popular savings schemes in the EEE category.
Build a large corpus with a low investment
The main objective of this scheme is to enable families from all walks of life to make strong financial preparations for their daughters. If someone wants to start with a small amount, even just ₹250 a year is sufficient. Regular deposits and compounding can help build a substantial corpus over time.