SSY: If you have a daughter and want to start planning for her future now, a special government savings scheme may be helpful. This scheme has been designed to address major expenses like her education and marriage. If you start investing in this scheme for daughters, you can build a strong corpus over time. This scheme is called the Sukanya Samriddhi Yojana. It’s a long-term small savings scheme. You invest in it, and the government grows your savings through a fixed interest rate
This is not a direct cash benefit scheme, but rather an investment scheme. The account is opened in the daughter’s name and operated by the parents or legal guardians. The account can be opened from the daughter’s birth until she reaches the age of 10. Generally, a family can open an account in the name of two daughters. Exemptions are available under certain circumstances. Investments can start as low as Rs 250 per year, with a fixed maximum limit. You can deposit in installments as per your convenience
This scheme is also very beneficial from a tax perspective. Deposits are exempt. The interest earned is tax-free, and the maturity proceeds are also tax-free. This means you combine the benefits of tax planning with savings. The maturity period is usually 21 years. However, partial withdrawals are also available for a daughter’s education or marriage, subject to certain conditions. This allows funds to be used when needed without having to discontinue the entire plan.
To open an account, fill out a form at the nearest post office or bank branch. Submit your daughter’s birth certificate and the guardian’s KYC documents. Once the account is opened, you can secure your daughter’s financial future through regular investments.
If a parent deposits Rs 1.5 lakh every year for 15 years in Sukanya Samriddhi Yojana, then after 21 years, on maturity, they get around Rs 72 lakh, that is, your total investment is only Rs 22.5 lakh, whereas it gives interest of more than Rs 49 lakh.
Small investment, big returns
Suppose you deposit Rs 1.5 lakh (or Rs 12,500 per month) every year in SSY in your daughter’s name. The scheme’s rules require deposits for 15 years, but the money matures after 21 years. This means you’ve invested a total of Rs 22.5 lakh (₹1.5 lakh × 15 years). Now, let’s see how much your fund becomes upon maturity—
Maturity Amount: Approximately Rs 72 Lakh
Total Investment: Rs 22.5 Lakh
Total Interest Earning: Rs 49 Lakh+
Total Investment: Rs 22.5 Lakh
Total Interest Earning: Rs 49 Lakh+