Nowadays, people are choosing options like the stock market instead of bank FD and traditional government schemes in search of safe and better returns. However, the specialty of government schemes is that not only do investors get a security guarantee in these, but they also get the benefit of tax exemption and better interest rates. One of these schemes is the Sukanya Samriddhi Yojana, which has been started especially for daughters.
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What is the Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana is a small savings scheme of the central government, which was started keeping in mind the education and marriage of daughters. Under this scheme, an account can be opened in the name of daughters up to the age of 10 years. Any Indian citizen can open this account in the name of their daughter at a post office or an authorized bank.
Terms and period of investment
Under this scheme, a minimum of Rs 250 per annum and a maximum of Rs 1.5 lakh can be deposited. The investment period is 15 years, but the account matures on completion of 21 years. The special thing is that the account also comes with the benefit of tax exemption, which comes under Section 80C of the Income Tax Act.
Interest rate and government guarantee
Sukanya Samriddhi Yojana currently gives 8.2 percent annual interest. The government revises this interest rate every quarter. This interest is counted among the highest interest-paying secure schemes in the country. The amount in the account remains completely safe, as it comes under the guarantee of the central government.
How to get the benefit of 71 lakhs
If an investor deposits Rs 1.5 lakh every year in this scheme for 15 years, then the total investment will be Rs 22,50,000. Adding interest to this, the total amount on maturity becomes about Rs 71,82,119. That is, a profit of about Rs 49,32,119 will be available only from interest. This entire amount is tax-free, which makes this scheme even more attractive.
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Special rules for investors
To get the maximum benefit of the investment, it is necessary that the amount is deposited in the account before 5th April every year. This will add interest for the entire financial year to the investment. Also, if the daughter is one year or more at the time of opening the account, then the maturity amount will be available only after completion of 21 years from the date of opening the account.