Small Saving Scheme
To make the future of daughters financially secure, the Central Government’s Sukanya Samriddhi Yojana (SSY) is counted among the most reliable savings schemes. In this scheme, investors are currently getting the benefit of 8.2 percent annual interest, which is compounded on compound basis. If parents deposit Rs 50,000 every year in the name of their daughter, a huge fund can be created at the time of maturity. Let us know how much return we can get on this investment.
Sukanya Samriddhi Yojana is a special small savings scheme of the Central Government, which was started only for girl children. Under this scheme, parents or legal guardians can open an account in the name of a daughter below 10 years of age. The objective of the scheme is to provide financial security for important expenses like higher education and marriage of daughters.
Investment has to be made for 15 years
According to the rules of the scheme, after opening the account, investment can be made in it for 15 years. However, the account matures after 21 years. This means that even after the investment is closed, interest continues to be received on the deposited amount for the next six years, due to which the fund grows rapidly. If a parent deposits Rs 50,000 every year for 15 consecutive years in Sukanya Samriddhi Yojana, the total investment amount will be Rs 7.5 lakh. Based on the current 8.2 percent annual interest rate, this amount can increase to approximately Rs 23.94 lakh by the completion of the maturity period of 21 years.
Benefit from compound interest
The biggest feature of this scheme is compound interest. The interest received on the invested amount also earns further interest. This is the reason that even a relatively small investment can create a huge fund in the long run. A minimum of Rs 250 and a maximum of Rs 1.5 lakh can be deposited in Sukanya Samriddhi Yojana during a financial year. Investors can deposit the amount as per their financial capacity and avail attractive returns. Experts believe that due to long-term investment and government guarantee, Sukanya Samriddhi Yojana is an effective option for financial planning for the future of daughters. Through regular investments, parents can create a strong fund for big expenses like education and marriage.
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