SSY: The Central Government’s Sukanya Samriddhi Yojana (SSY) has become a reliable and guaranteed investment option for securing the future of daughters. By investing in this scheme, parents can ensure financial security for their daughters’ education, career, and marriage. The interest and maturity amount on the investment are fully guaranteed.
How to invest?
Under this scheme, accounts can only be opened in the name of daughters under the age of 10. A minimum annual deposit of Rs 250 and a maximum of Rs 1.5 lakh can be made. Deposits must be made for 15 years, but the account remains active for 21 years. Currently, the government offers an annual interest rate of 8.2%, which is revised quarterly. Investments in this scheme are tax-deductible, and the interest earned upon maturity is completely tax-free.
Maturity amount on investment of Rs 2000 per month
Suppose your daughter is currently one year old and you start depositing Rs 2,000 every month into the Sukanya Samriddhi Yojana (SSY). This means an annual investment of Rs 24,000. Depositing this amount for 15 years results in a total investment of Rs 3.60 lakh. If compounded at an interest rate of 8.2%, the maturity amount after 21 years will be Rs 11.08 lakh.
This means you receive more than two and a half times the deposit. It’s worth noting that no new deposits are required from the 16th to the 21st year, but interest continues to accrue on the previously deposited amount. This is why the total amount grows to approximately Rs 11.08 lakh after 21 years.
The full amount can only be withdrawn after 21 years of account opening. However, if the daughter reaches 18 and needs funds for her education, 50% of the amount can be withdrawn before that time. The remaining amount is available upon maturity.
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