When a girl child is born, parents often worry about the expenses for her education and marriage.
To alleviate these concerns, the government has introduced several schemes aimed at securing the future of daughters.
One prominent scheme is the Sukanya Samriddhi Yojana, which is a small savings scheme offering tax benefits and attractive returns.
By investing up to Rs 1 lakh annually in this scheme, parents can ensure significant benefits for their daughters by the time they turn 21.
Getting the benefit of so much interest
The government is currently offering an 8.2 percent interest rate on deposits made under the Sukanya Samriddhi Yojana.
Under the SSY scheme, account holders can invest annually between Rs 250 to Rs 1.50 lakh.
The scheme offers the benefit of compounding interest on deposits.
Investments need to continue until the girl child reaches 15 years of age, after which the funds remain locked until she turns 21 years old.
Invest 1 lakh/year to get Rs 46 Lacs
If a person invests Rs 1 lakh every year in Sukanya Samriddhi Yojana from the birth of his daughter,
the total amount deposited in the account by the age of 15 years will be Rs 15 lakh.
According to the SSY calculator, when the girl turns 21, she will receive a total of Rs 46,18,385.
This includes the invested amount of Rs 15 lakh and interest earnings of Rs 31,18,385.
Know other details related to SSY
By investing in this scheme, you can avail a tax rebate of up to Rs 1.50 lakh under Section 80C of the Income Tax Act. Additionally, the maturity amount received by account holders is entirely tax-free.
This scheme was introduced by the Central Government in 2015.
Under it, premature withdrawal of deposited amounts is permitted under specific circumstances.
After the girl child turns 18, up to 50 percent of the amount can be withdrawn for her education. Moreover, funds can be withdrawn from the account in case of emergencies after opening it.
