To secure the future of daughters, the government offers the Sukanya Samriddhi Yojana (SSY), which allows parents to invest in the name of their daughters until they turn 10 years old.
Investments need to be made for 15 years, and the scheme matures in 21 years. Here’s a breakdown of the benefits, including how much you could earn by investing ₹1,00,000 annually and how many accounts can be opened for daughters.
How Much Will You Get on an Annual Investment of ₹1,00,000?
If you invest ₹1,00,000 every year for 15 years, you will contribute a total of ₹15,00,000 over the investment period.
At the current interest rate of 8.2%, you will earn ₹31,18,385 as interest. The total maturity amount after 21 years will be ₹46,18,385.
For example, if you start investing in 2025, the scheme will mature in 2046, providing a substantial amount for your daughter’s future.
How Many Daughters Can You Open an Account For?
You can open a Sukanya Samriddhi Account for a maximum of two daughters. If you have more than two daughters, you are not eligible for the scheme for the third or fourth daughter.
However, if you have twins or triplets as your second daughter, you can open accounts for them as well.
How to Open a Sukanya Samriddhi Account
- Download the Form: Go to the bank or post office website and download the Sukanya Samriddhi Yojana form.
- Fill Out the Form: Print the form, fill it out, and gather the necessary documents, such as the daughter’s birth certificate, a recent photograph, and the guardian’s identity card.
- Visit a Branch: Take the filled form along with the original documents to the nearest bank or post office branch.
- Verification and Account Opening: The bank or post office will verify the form and documents, then open the account in your daughter’s name.
Once the account is opened, you can manage it online for added convenience.
This scheme is an excellent way to secure your daughter’s future, offering good returns with the benefit of compounding at a relatively high interest rate.
