New Delhi: You can accumulate a substantial fund for your daughter’s marriage and education. You won’t have to worry about gathering these funds, as the process is entirely hassle-free. The Central Government has launched the Sukanya Samriddhi Yojana, a scheme that offers significant benefits. It is widely regarded as a highly secure and popular investment option.
Under the Sukanya Samriddhi Yojana, parents can invest in their daughter’s name to build a sizable financial corpus. If you wish to accumulate a fund of up to approximately ₹70 lakhs through this scheme—with proper planning—there are certain key aspects you need to understand. You can also open an account under this scheme through a bank.
Interest Rates Offered by the Sukanya Samriddhi Yojana
If you open an account and invest in the Central Government’s Sukanya Samriddhi Yojana, you will earn a handsome rate of interest. Currently, the scheme offers an annual interest rate of 8.2%. This is considered a superior option compared to other secure investment avenues. Under this scheme, you are required to deposit a minimum of ₹250 in a financial year.
You can invest a maximum amount of up to ₹1.50 lakhs in this scheme. Investors have the flexibility to deposit funds either in monthly instalments or as a lump sum annually, depending on their convenience. Investments made under this scheme are eligible for tax exemptions under Section 80C of the Income Tax Act.
Who Can Open an Account?
An account under the Sukanya Samriddhi Yojana can be opened for a girl child who is under the age of 10 years. A maximum of two accounts can be opened in the name of daughters within a single family. However, in special circumstances—such as the birth of twins or triplets—permission may be granted to open more than two accounts.
Under this government scheme, investments can be made for a period of 15 years following the opening of the account. If the minimum required deposit of ₹250 is not made in any given year, the account becomes dormant (defaults). The account can, however, be reactivated. To reactivate a dormant account, one is required to make a minimum deposit of ₹250 along with paying a penalty of ₹50 for each year of default. How to Build a Fund of ₹70 Lakhs
Under the Sukanya Samriddhi Yojana, if parents open an account for their daughter when she is one year old, they can invest ₹1,50,000. Based on this calculation, one could receive approximately ₹69,27,578 upon maturity. This would entail a principal investment of roughly ₹22,50,000, meaning that approximately ₹46,77,578 would be earned through interest.