Sukanya Samriddhi Yojana gives everything from tax exemption to strong returns. Under this scheme, an account can be opened for a girl up to 10 years of age. For daughters, the minimum investment in this scheme is Rs 250, while the maximum investment can be up to Rs 1.5 lakh.
Sukanya Samriddhi Yojana (SSY) is run by the government, which comes under the small savings scheme. This scheme was started in 2015 by Prime Minister Narendra Modi to provide financial security to daughters. This scheme is a part of the Beti Bachao Beti Padhao campaign, which aims to help parents or guardians meet the expenses of their girl children. The primary goal of this scheme is to complete the education of daughters and reduce the financial burden associated with their marriage.
Sukanya Samriddhi Yojana gives strong returns along with tax exemption. Under this scheme, an account of a girl up to 10 years can be opened. For daughters, a minimum investment of Rs 250 can be made in this scheme, while a maximum of Rs 1.5 lakh can be invested. Sukanya Samriddhi Yojana comes under the purview of tax exemption under Section 80C of the Income Tax Act 1961.
How much interest is received?
Under Sukanya Samriddhi Yojana accounts, interest is decided by the government on a quarterly basis. In SSY, compound interest has been fixed at the rate of 8.2% per annum for this quarter i.e. from 1 July 2024 to 30 September 2024.
How much money will you earn by investing 10 thousand rupees?
If you have a 5 year old daughter and you invest 1.2 lakh rupees annually, which amounts to 10,000 rupees per month. At the same time, you get an interest rate of 8.2% per annum, then the estimated maturity amount in Sukanya Samriddhi Yojana after 21 years will be around 55.61 lakh rupees, in which the invested amount will be 17.93 lakh rupees and the interest earned after 21 years will be 37.68 lakh rupees.
If you invest Rs 150,000 annually, the maturity amount will be Rs 69.8 lakh, the interest earned on an investment of Rs 22.5 lakh will be Rs 47.3 lakh.
Know these rules of SSY too
A key feature of Sukanya Samriddhi Yojana is its lock-in period, which is 21 years. For example, if an account is opened for a girl at the age of 5 years, it will mature when she is 26 years old. This long term investment option not only promotes financial discipline but also offers them a substantial amount on maturity.
