There is a lot of stress in lower and middle-class families about the higher education and marriage of their children. Parents often worry about how they will arrange money for these big expenses. That’s why it is important to start saving early. The government has a very good scheme for daughters called the Sukanya Samriddhi Scheme. By investing in this scheme, parents can collect money for their daughter’s education and marriage. With regular savings, you can even build a fund of up to ₹70 lakh. This scheme is available at the post office, and accounts can also be opened through banks. Let’s understand the details of this scheme.

How Much Interest in SSY?

Sukanya Samriddhi Yojana (SSY) is a small savings scheme. The government decides the interest rate every 3 months. Right now, the interest rate is 8.2% per year. This is compound interest, which means your money keeps growing every year.

How Much Can You Invest?

You can start this scheme with just ₹250 in one year. You can invest a maximum of ₹1,50,000 in one year. You can put money every month or once in a year.

Who Can Open the Account?

Parents can open this account for their daughter before she turns 10 years old. You can open accounts for 2 daughters. If you have twins or triplets, then you can open more than 2 accounts.

What Is the Maturity Time?

You can put money in this account for 15 years. If you don’t put ₹250 in any year, the account will become inactive. But you can start it again by paying ₹250 + ₹50 for every missed year.

This scheme also gives you income tax benefit under Section 80C.

When Can You Take Money Out?

When your daughter turns 18 years old or passes 10th class, you can take out 50% of the money. You can take this money all at once or in parts.

The account will end after 21 years from the opening date or when your daughter gets married, whichever comes first. If you start when she is 1 year old, you will put money for 15 years. After that, you don’t need to add money, but interest will keep coming.

Your Daughter Can Get ₹70 Lakh

If you put ₹1,50,000 every year from when your daughter is 1 year old, you will get about ₹69,27,578 after 21 years. Out of this, ₹22,50,000 is your total saving, and ₹46,77,578 is interest.

This money can help in your daughter’s education and marriage.