Sukanya Samriddhi Yojana: Children’s education and marriage expenses have significantly increased. The common man gets tired of meeting these expenses. But if you start investing in advance for these big expenses, this problem will end. In such a situation, the government’s Sukanya Samriddhi Yojana is very effective for daughters.
The government fixes the interest rate of this scheme every three months. Since it is government-backed, there is no risk involved. Currently, the Sukanya Samriddhi Yojana offers an 8.2 percent annual interest rate.
This is the annual compound interest rate. This scheme is only for daughters. By opening an account in this scheme, you can deposit a good amount for your daughter’s higher education and marriage. Let us know the main points related to this scheme.
Sukanya Samriddhi Yojana Details
Parents can open an account in the Sukanya Samriddhi Yojana, i.e. SSY, before their daughter turns 10.
Sukanya Samriddhi account can be opened for only 2 daughters in a family. If twins or triplets exist, more than 2 accounts can be opened.
After opening the account in this scheme, contributions can be made for 15 years.
If an investor opens an account in this scheme immediately after the birth of his daughter, he can deposit his contribution for 15 years.
After this, there is a lock-in period of 6 years. No investment has to be made during this time, but interest keeps coming.
In this scheme, 50 percent of the maturity amount can be withdrawn when the daughter turns 18, and the remaining amount can be withdrawn when the daughter turns 21.
In this scheme, income tax exemption is also available on investments of up to Rs 1.50 lakh annually.
This scheme has EEE status, meaning the investment amount, interest income, and maturity amount are tax-free.
In this scheme, you can deposit a minimum of Rs 250 and a maximum of Rs 1,50,000 in a financial year. You can make this investment in instalments or as a lump sum.
Rs 70 lakh will be deposited.
Suppose you open an account in the Sukanya Samriddhi Yojana in 2024 when your daughter turns 1. If you invest Rs 1,50,000 every financial year, you can get Rs 69,27,578 at maturity in 2045. In this, the amount you invest will be Rs 22,50,000 and the interest income will be Rs 46,77,578.
