Sukanya Samriddhi Yojana (SSY), under the central government’s Beti Bachao, Beti Padhao initiative, is a great investment option to secure the future of a girl child. The scheme currently offers an interest rate of 8.2%, providing safe returns and tax benefits. But what will be its actual value after 21 years, when it can give around Rs 70 lakh at maturity? Let’s find out in detail.

This plan is specifically tailored to your daughter’s future financial needs, such as education, or even marriage. While the amount of Rs 70 lakh may sound like a lot today, inflation over the next two years will eat away at some of its purchasing power. On the assumption of an average inflation rate of 6% per annum, Rs 70 lakh in 2046 will be worth about Rs 20-22 lakh in today’s value.

Features of Sukanya Samriddhi Yojana

This government scheme has some attractive key features for parents:

  1. Eligibility to open an account: The account can be opened for a girl child aged 10 years or below.
  2. Minimum and maximum deposit: You can deposit a minimum of Rs 250 and a maximum of Rs 1.5 lakh per annum.
  3. Deposit duration: You will need to deposit money for a maximum of 15 years from the date of opening the account.
  4. Maturity: The account will mature 21 years after it is opened.
  5. Premature closure: The account will be closed if a marriage occurs before the age of 21.

Account and Guardian Rules

Account Restrictions: Only one SSY account can be opened for a girl. A family can open a maximum of two accounts for two different girls. For twins or triplets, more than two accounts are allowed.

Keeping the Account Active: To keep the account active, a minimum deposit of Rs 250 per year is required. A default account can be reactivated by paying Rs 250 and a penalty of Rs 50 per year.

Guardian Rules: Only the legal guardian or natural parent can operate the account, as per the Post Office circular on August 21, 2024.

How to Save Rs 70 Lakh

If your daughter is 5 years old and you invest Rs 1.5 lakh every year, your total investment over 15 years will be Rs 22.5 lakh. At the current interest rate of 8.2% (subject to change), this amount can grow to approximately Rs 70 lakh in 21 years by 2042. Despite inflation, this is still considered a safe and reliable investment for your daughter’s future.