SSY Investment Tps: Why Sukanya Samriddhi Is the Best Savings Scheme for Girl Child? Know here

SSY:If you have a daughter and want to build a solid fund for her future, you should definitely consider opening a Sukanya Samriddhi Account (SSA) as soon as you can. This will help ensure that there’s a good amount saved up for her higher education or marriage by the time she’s grown up. Since this is a government scheme, it’s completely safe. Let’s take a look at what it offers.

Highest interest rate in government scheme

What sets the Sukanya Samriddhi Account (SSA) apart is its interest rate. It provides a better interest rate than not just bank fixed deposits but also other government schemes. Right now, the interest rate stands at 8.2%. If you invest regularly in this scheme, you can accumulate a significant amount over time.

Account can be opened for maximum two daughters

You can open this account in your daughter’s name. She needs to be under 10 years old. Either the parents or the guardian can set up this account. Parents can take advantage of this scheme for up to two daughters. You can only open one account per daughter, which means you can have a total of two accounts.

Scheme available at post offices/banks

You can open this scheme at either a bank or a post office. Most public and private banks currently provide this option. To set up an account, you’ll need your daughter’s birth certificate, identity proof, and address proof of the parent or guardian. A photo is also necessary. Some banks might ask for extra KYC documents.

The scheme matures in 21 years

To maintain the Sukanya Samriddhi Account, you need to deposit a minimum of Rs 250 each financial year. You can put in a maximum of Rs 1.5 lakh into this scheme. Deposits can be made either in installments or as a one-time payment. You can keep depositing for 15 years from when you open the account. The account will mature after 21 years. A small withdrawal is allowed when your daughter turns 18.

The Sukanya Samriddhi Scheme is one of the select schemes that falls under the EEE category. This means that both the interest and the maturity amount are tax-free. Furthermore, this scheme is eligible for Section 80C. Taxpayers using the old income tax regime can invest in it and avail deductions. This scheme is especially beneficial for parents in higher tax brackets.