If you want to secure your daughter’s future, then Sukanya Samriddhi Yojana (SSY) can be a great option for you. This is a small savings scheme offered by the government, specifically designed for girls. In this, not only do you get great interest on investment, but you also get tax exemption. If you want to know how to invest in this scheme and how much money you will get on maturity, then this article is for you.
Features of Sukanya Samriddhi Yojana
Who can open an account
The parents or legal guardians of a daughter below 10 years of age can open this account in her name. This account can be opened for a maximum of two daughters in a family.
Interest Rate
Currently, an attractive interest rate of 8.2% is being given for the July-September 2024 quarter.
Investment limit
You can invest a minimum of ₹ 250 and a maximum of ₹ 1.50 lakh every year in this scheme.
Maturity and tax benefits
Maturity period
The investment period in this scheme is 15 years. The account matures at the age of 21 or when the daughter gets married after the age of 18.
Tax exemption
Investment up to ₹ 1.50 lakh every year in SSY is tax exempted under Section 80C of the Income Tax Act.
How much will you get on maturity
If you invest ₹ 5,000 per month, i.e., ₹ 60,000 annually, in this scheme, then your total investment in 15 years will be ₹ 9 lakh. It will get an interest of ₹ 18.92 lakh at the rate of 8.2% and on maturity, you will get a total amount of ₹ 27.92 lakh.
If you invest ₹8,333 per month, i.e., ₹1 lakh annually, then your total investment in 15 years will be ₹15 lakh. On this, you will get an interest of ₹31.53 lakh, and on maturity, you will get a total amount of ₹46.53 lakh.
On investing the maximum limit, i.e., ₹12,500 per month (₹1.50 lakh annually), your total investment in 15 years will be ₹22.50 lakh. On this, you will get an interest of ₹47.30 lakh, and on maturity, you will get a huge amount of ₹69.80 lakh.
This scheme not only creates a financial security cover for your daughter’s future, but also gives you an opportunity to save tax. This is an investment that helps in creating a big fund from small savings.