With the birth of a daughter, the responsibilities of parents increase. As the daughter grows older, concerns about her education, career, and marriage also deepen. In today’s times, the expenses related to education and marriage are increasing rapidly, making strong financial planning essential. Keeping this need in mind, the central government has launched a reliable savings scheme for daughters, known as the Sukanya Samriddhi Yojana.
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What is the Sukanya Samriddhi Yojana?
The Sukanya Samriddhi Yojana is a government savings scheme specifically launched to secure the financial future of girl children. This scheme not only offers a safe investment option but also provides attractive returns in the long term. Due to government protection, investor confidence in this scheme is continuously increasing, and millions of families across the country have adopted it.
Age for opening an account and investment period
Under the Sukanya Samriddhi Yojana, an account can be opened for a daughter from birth until she reaches the age of 10 years. A minimum of Rs. 250 and a maximum of Rs. 1.5 lakh can be deposited annually in this account. The investment period is 15 years, while the account matures in 21 years. This means that a strong long-term fund can be created for the daughter’s future through savings over a limited period.
How to create a fund of approximately Rs. 70 lakh
If a parent invests the maximum amount of Rs. 1.5 lakh annually, or approximately Rs. 12,500 per month, continuously for 15 years in this scheme, then, according to the current interest rate of 8.2 percent, this amount can reach approximately Rs. 70 lakh after 21 years. This amount can provide strong financial support for major expenses such as the daughter’s higher education, professional courses, or marriage.
Tax benefits increase the advantage
A major feature of the Sukanya Samriddhi Yojana is its tax benefit. The amount invested in this scheme is eligible for tax exemption under Section 80C of the Income Tax Act. Furthermore, the entire amount received upon maturity is tax-free. This means there is no tax burden on the investment, interest, or returns, making this scheme even more beneficial.
Secure Future with Low Risk
For parents who want to avoid risky options like the stock market, the Sukanya Samriddhi Yojana is a safe alternative. It is unaffected by market fluctuations, and the investment is considered completely secure due to the government guarantee. This is why this scheme is considered ideal for long-term and stable financial planning.
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Timely Investment Reduces Stress
If investments in this scheme are started in the early years of a daughter’s life, a substantial fund can be built up by the time she grows up. This relieves parents of financial worries regarding important milestones such as education, career, and marriage. The Sukanya Samriddhi Yojana can provide a strong and secure foundation for a daughter’s future.