Sukanya Samriddhi Yojana of Post Office
Post office schemes are considered to be the best option for those who want better returns with safe investment. Here, good profits can be made on maturity without any risk, provided the beginning is made with the right amount. If you want safe and guaranteed returns, Sukanya Samriddhi Yojana (SSY) is a great option. This scheme is especially made to secure the future of daughters. To start investing in this, you have to save only 70 rupees daily.
How much will you get returns?
The Sukanya Samriddhi Yojana of the post office is currently getting around 8.2% annual interest, and the entire scheme is tax free. Investment can also be started with a low amount, but by making regular investments for a long time, a big fund on maturity can be prepared. This amount proves to be very helpful for daughter’s education, marriage or other big expenses.
Investment limit
In this scheme, you can invest annually from Rs 250 to Rs 1.5 lakh. The account can be opened in the name of a girl under 10 years of age. An account can be opened in the name of a maximum of two daughters in a family, while in the case of twin daughters, three accounts are allowed.
How will the millionaire be made by saving 400 rupees daily?
If you open this account in the name of your daughter and want to get a fund of about 70 lakh rupees on maturity, then about 400 will have to be saved daily. That is, investment of Rs 12,500 a month and Rs 1.5 lakh in a year. If the daughter starts investing 1.5 lakh rupees annually from 5 years, then after 21 years, about 69,27,578 rupees will be ready in her name. In this, your total investment will be Rs 22,50,000 for 15 years and the remaining Rs 46,77,578 will come from only interest.
Investment control with parents
After opening the account, money can be deposited for a maximum of 15 years. If at least Rs 250 is not deposited in a financial year, the account may be default, which can be activated again within 15 years. Partial withdrawal is possible only after the daughter’s completion of 18 years or passing 10th. Money can be withdrawn in lump sum or annual installments. The maturity will be completed 21 years after opening the account, but the deposit will have to be done only for the first 15 years.