The government is running many schemes for the safety, education, and empowerment of daughters. For financial security, one popular scheme of the Modi Government can help a lot in managing expenses for her education and marriage. This is the Sukanya Samriddhi Yojana. In this scheme, regular investment can give your daughter ₹71 lakh. Let us know the details about the interest and other benefits of this scheme.
Scheme Started in 2015
To secure the future of daughters, the Modi government started the Sukanya Samriddhi Yojana (SSY) on 22 January 2015 under the ‘Beti Bachao, Beti Padhao’ campaign. This scheme has become very popular. By November 2024, 4.1 crore accounts have been opened under it. It is a long-term investment plan, also known as a scheme to make daughters lakhpati.
Interest Rate and Main Features
The government is giving 8.2% interest in this scheme, which is usually higher than bank FD rates. The investment is completely safe and also gives the benefit of tax exemption.
Main features:
- An account can be opened with just ₹250.
- 8.2% interest is given.
- Account can be opened for a girl up to 10 years of age.
- The maturity period is 15 years.
- Tax exemption up to ₹1.5 lakh under Section 80C.
- Withdrawal allowed for education after the girl turns 18 years.
- 50% of the balance can be withdrawn for education purposes.
How to Get ₹71 Lakh?
If you invest ₹1.5 lakh every year for 15 years, you will deposit ₹22,50,000 in total. At 8.2% interest, you will earn ₹49,32,119 as interest. So, when the girl turns 21, the total amount will be ₹71,82,119. This entire amount will be tax-free.
Important Rule Change
From October 1, 2024, only parents or legal guardians can open and manage an SSY account. If an account was opened by someone else, it must be transferred to the natural parents or legal guardian, otherwise the account may be closed.
Other rules:
- One account per daughter.
- Birth certificate is required.
- Identity and residence proof needed.
- Accounts can be opened in a post office or a bank branch.