By investing in Sukanya Samriddhi Yojana for just 15 years, a secure fund of Rs 72 lakh can be created for the daughter. The best thing is that for such a big fund you have to deposit only Rs 22.5 lakh. Know the interest, tax benefits and features of the entire scheme.
Sukanya Samriddhi Yojana Benefits: In today’s time, every parent wants their daughter’s future to be secure. Be it a matter of studies, career or marriage expenses. Keeping this need in mind, the government had started Sukanya Samriddhi Yojana under the ‘Beti Bachao, Beti Padhao’ campaign. Since its launch, this scheme has become the most popular savings scheme in the country. Interestingly, more than 4 crore Sukanya accounts have been opened across the country so far, in which the total deposit amount has crossed Rs 3.25 lakh crore. These figures clearly show how much people trust this scheme. Due to features like low investment, assured returns and complete tax exemption, SSY has become the first choice of every family today.
How a fund of Rs 72 lakh is created in just 15 years?
The biggest advantage of Sukanya Samriddhi Yojana is its compound interest, which increases the money manifold in the long run. If a parent deposits Rs 1.5 lakh every year, then their total deposit in 15 years is only Rs 22.5 lakh. But on maturity they get around Rs 72 lakh. That means a profit of around Rs 49 lakh in the form of interest only. This return is not affected by market fluctuations at all.
How much interest is available in Sukanya Samriddhi Yojana?
Currently the scheme offers 8.2% annual interest. Interest is compounded on the minimum balance every month and is added to the account at the end of the year. Even after depositing money for 15 years, the money keeps growing automatically for the next 6 years, because the total tenure of the account is 21 years. Because of this the returns become manifold.
How much can one invest in SSY?
This scheme has been made for every category of people. In this, the minimum investment is Rs 250 per year and the maximum investment is Rs 1.5 lakh per year. You can deposit this amount in one go or in several installments.
Who can open SSY account?
- The account can be opened from the birth of the daughter till she is 10 years old.
- Accounts of two daughters can be opened in a family.
- If there are twin daughters, three accounts are also allowed.
- The account is always opened in the name of the daughter and is operated by the parents or guardian.
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Completely tax-free scheme SSY
SSY is included in those selected schemes which are not taxed at all three levels. In this, exemption on investment (Section 80C) is available. The interest received remains tax free and the entire amount on maturity remains tax free. Therefore it is considered to be the most reliable scheme in the EEE category.
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Why is SSY the safest and best scheme for daughters?
This scheme provides 100% government guarantee. There is no effect of market decline or fluctuations. Compound interest turns into a huge sum in the long run. The initial investment may also be very low. It becomes a secure fund for both the daughter’s education and marriage. This scheme is beneficial for every family, from low income to high income group. Even with Rs 250 annually, you can create a big fund for your daughter.