In a heartening announcement during the last Parliament session before the upcoming Lok Sabha elections, Prime Minister Narendra Modi expressed his satisfaction with the Sukanya Samriddhi Yojana (SSY), highlighting the positive changes it has brought for daughters across the country.
PM Modi shed light on the evolution of societal perceptions towards daughters, emphasizing a significant shift from viewing them as a financial burden to celebrating their future prospects.
Changing Narratives for Daughters
PM Modi noted a noteworthy transformation, stating that today, when a daughter is born, the conversation is no longer centered around financial concerns or the burden of expenses.
Instead, the focus has shifted to whether a Sukanya Samriddhi account has been opened for her.
This shift signifies a positive change in societal attitudes towards supporting the financial well-being of daughters from an early age.
Encouragement to Open Accounts
Encouraging parents to capitalize on this change, PM Modi urged those with daughters under 10 years of age to open a Sukanya Samriddhi account in their names.
This government-backed scheme allows parents to create a substantial fund for their daughters through modest investments, ranging from Rs 250 to Rs 1.5 lakh.
Attractive Interest Rates
Under the Sukanya Samriddhi Yojana, daughters benefit from an 8.2 percent interest rate. The government reviews interest rates quarterly, ensuring that the scheme remains financially rewarding for investors.
Benefits for Multiple Daughters
The scheme extends its benefits to two daughters in a family, and in the case of twins or multiple daughters born together, all will be made beneficiaries of the Sukanya Samriddhi Yojana.
Withdrawal and Tax Benefits
Investors are required to contribute for 15 years, with the maturity period set at 21 years. Withdrawals can be made after 21 years of opening the account or when the daughter turns 18.
Moreover, the scheme offers tax benefits under Section 80C of the Income Tax Act 1961, allowing investors to save up to Rs 1.5 lakh annually on the invested amount.
As PM Modi lauds the Sukanya Samriddhi Yojana for fostering a positive change in societal attitudes, the scheme stands as a powerful tool for securing the financial future of daughters across the nation.
