SSY Returns: Every parent wishes for their daughter to study at a good institution and marry a good family. However, given today’s rising inflation, it has become difficult to afford education, let alone marriage. But now you needn’t worry. The government is running a wonderful scheme to secure daughters’ futures. With this scheme, you can secure your daughter’s future.
We are talking about the SSY scheme, also known as the Sukanya Samriddhi Scheme. This scheme helps secure your daughter’s future. The special feature of this scheme is that the amount invested is secure. There is no risk involved. It also offers excellent returns. With this scheme, you can build a fund of ₹70 lakh with a small investment.
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Learn the details of the SSY scheme
This scheme provides for a special savings account opened in the name of a daughter up to 10 years of age. A minimum of ₹250 can be invested annually. Deposits are made for 15 years after opening the account, and the account matures at 21. If the daughter marries before the age of 21, the account is closed.
Learn about the eligibility for the scheme
It should be noted that only daughters under 10 years of age can benefit from this scheme. Only one account can be opened in the name of one daughter, while a family can open two accounts for two daughters. In the case of twins or triplets, more accounts are permitted under special circumstances. A deposit of ₹250 is required every year; otherwise, the account becomes defaulted and can be reactivated within 15 years with a penalty. Only the parents or legal guardians can operate the account.
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This is how you’ll get a return of ₹41.25 lakh
If your daughter is currently 5 years old and you deposit a maximum of ₹1.5 lakh every year, the total investment over 15 years will be ₹22.50 lakh. At the current interest rate of 8.2 percent, approximately ₹41.25 lakh will be deposited in the account by the age of 20. Of this, approximately ₹18.75 lakh will be earned as interest alone. The long-term compound interest makes this scheme even more beneficial.
Why is SSY the best scheme?
Investments made in the SSY scheme are completely safe because it is administered by the government. Additionally, a tax deduction of up to ₹1.5 lakh is available under Section 80C of the Income Tax Act. Both the maturity amount and interest are tax-free. This scheme is extremely helpful in building a strong financial foundation for your daughter’s higher education, career, or marriage.