Sukanya Samriddhi Yojana: The Central Government runs excellent schemes aimed at brightening the future of daughters—schemes that offer significant benefits on a large scale. You have likely heard of the Central Government’s Sukanya Samriddhi Yojana, which acts like a boon. This scheme was launched by the government in 2015.
The objective of the scheme is to ensure financial prosperity for daughters. By participating in it, you can free yourself from worries regarding your daughter’s marriage and education. Read on to learn in detail how you can build a substantial fund through the Sukanya Samriddhi Yojana.
Key details about the Sukanya Samriddhi Yojana
The Sukanya Samriddhi Yojana is an excellent initiative. It is completely secure, as the government itself guarantees the scheme. Currently, it offers an interest rate of 8.2 per cent. Parents can open this account for daughters under the age of 10. Accounts can be opened with a minimum deposit of ₹250, and up to ₹1.50 lakh can be deposited annually.
Understanding the scheme’s maturity and investment tenure
The total tenure of the Sukanya Samriddhi Yojana is 21 years, but parents are required to make deposits for only the first 15 years. The final 6 years constitute a lock-in period during which interest continues to accrue even without further deposits.
How to build a fund of ₹72 lakh
If you open an account within one year of your daughter’s birth and invest the maximum amount of ₹12,500 per month, your total investment over 15 years will amount to ₹22.50 lakh. By the time your daughter turns 21, you could easily receive a total of ₹71,82,119 (approximately ₹72 lakh) based on the 8.2per centt interest rate; the interest component alone would amount to ₹49,32,119.
Additionally, this scheme offers tax benefits under Section 80C of the Income Tax Act. Now, even if a family has twin daughters following a first daughter, all three can reap significant benefits from this scheme. Once a daughter turns 18, you can easily withdraw 5 per cent of the accumulated corpus for her education without any hassle.