SSY Scheme: If you are looking for a safe and great investment option for your daughter’s golden future, then Sukanya Samriddhi Yojana (SSY) is an extremely popular and beneficial government scheme for you. It is specially designed for daughters, where you can invest through a post office or bank.
In this article, not only do you get guaranteed returns, but with the power of compound interest, your deposit increases manifold, creating a huge fund by the time your daughter grows up. If you are thinking of investing in this scheme, then the calculation given below will help you make a better decision.
Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana is a small savings scheme of the Government of India that was launched under the ‘Beti Bachao, Beti Padhao‘ campaign. This scheme is designed to help meet the education and marriage expenses of daughters. This is the best option for investors who want to avoid market risks and want guaranteed returns. Being backed by the government, the investment in it remains completely safe.
This scheme generally offers a better interest rate than other small savings schemes, which is currently 8.2% per annum (this rate may change on a quarterly basis, but it is always competitive). The amount invested in it gets the benefit of tax exemption under Section 80C of the Income Tax Act, and the amount received on maturity is also completely tax-free. It gets EEE (Exempt-Exempt-Exempt) status.
The power of ₹3000 monthly investment
Let’s see how much amount your daughter will get on maturity if you invest ₹3000 every month. If you start this account for a 5-year-old daughter in 2025 and deposit ₹3000 every month (₹36,000 annually), you will invest a total of ₹5,40,000 for 15 years (i.e. till 2039). After this, on maturity in the 21st year (in 2046), you will get an estimated amount of ₹16,62,619. This amount is based on an interest rate of 8.2%.
₹5000 monthly investment
If you want to invest a little more for your daughter, a monthly contribution of ₹5000 can create a strong financial foundation. Similarly, if you invest ₹5000 every month (₹60,000 annually), you will invest a total of ₹9,00,000 in 15 years. On maturity in the 21st year (in 2046), you will receive a huge sum of ₹27,71,031. This money will provide a substantial fund for your daughter’s higher education or marriage.
₹10,000 monthly investment
If you do not want to leave any stone unturned for your daughter’s future and can invest more, then a monthly investment of ₹10,000 can give you bumper returns. If a person starts this investment in 2025 and deposits ₹10,000 every month (₹1,20,000 annually), then in 15 years the total investment will be ₹18,00,000. On maturity in the 21st year (in 2046), he will get a colossal amount of ₹55,42,062. This amount will be sufficient for any major need in your daughter’s life, be it studies in India or abroad or a grand wedding.