Sukanya Samriddhi Yojana: Nowadays there is a lot of expenditure in education and marriage of children. Many parents are unable to give good higher education to their children due to lack of money. The best solution is to start saving money for the children as soon as they are born. If we talk about daughters, then the government has a very good plan for this. Its name is Sukanya Samriddhi Yojana. This scheme is very popular. You can open your daughter’s account in this scheme. You can make small investments in this account, which will grow into a big fund in the long run.
How much interest is received
Sukanya Samriddhi Yojana is a small saving scheme. The government fixes the interest rate for these schemes every three months. For the quarter of July to September 2023, the government has not made any change in the interest rate of Sukanya Samriddhi Yojana (SSY Interest Rates). At this time you will get interest at the rate of 8 percent per annum on this scheme.
When to open account
By the way, as soon as the daughter is born, her Sukanya Samriddhi Account should be opened (SSY Account). You can open your daughter’s account in this scheme till the age of 10 years. If an investor opens an account in the scheme immediately after the birth of his daughter, he can deposit his contribution for 15 years. 50% of the maturity amount can be withdrawn when the girl child turns 18. The remaining amount can be withdrawn when the girl child turns 21.
Your daughter will get 64 lakhs
Sukanya Samriddhi Yojana can make your daughter rich. If you deposit Rs 12,500 every month in Sukanya Samriddhi account, then in one year this amount will be Rs 1.5 lakh. There will be no tax on this amount. If we go by the interest rate of 7.6% on maturity, then that investor will create a huge fund for his daughter till maturity. If the investor withdraws the entire amount when his daughter turns 21, then the maturity amount will be Rs 63 lakh 79 thousand 634. The amount invested in this will be Rs 22,50,000. Whereas, the interest income will be Rs 41,29,634. In this way, if you deposit Rs 12,500 every month in Sukanya Samriddhi account, then the daughter will get around Rs 64 lakh when she turns 21.
This scheme will also save tax
The benefit of income tax exemption is also available on investment up to Rs 1.50 lakh in a year in the SSY scheme. A maximum of Rs 1.5 lakh can be deposited in this scheme in a year. Sukanya Samriddhi Yojana comes with EEE status. That is, tax exemption is available in three places. Tax exemption is available on the amount invested in Sukanya Samriddhi Scheme. The interest earned from this scheme is also tax free. Apart from this, the maturity amount is also tax free in this scheme.
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