Schemes brought into the country by the central government are for people’s classes. For the brighter future of the girls of this country, Narendra Modi has opened the Sukanya Samriddhi Yojana. This scheme has been started especially in regard to the higher studies of daughters and their marriage costs. Any parent can invest in this scheme for their below-10-year-old daughter.
Sukanya Samriddhi Yojana
Sukanya Samriddhi Account can be opened via an authorized bank or a post office. Sukanya Samriddhi Yojana is a good scheme for financially weak families but offers a safe and better investment option for all. The interest rate of deposits done in the SSY scheme is higher than any bank scheme. Let’s know how to invest in it, as well as how to obtain returns.
What is Sukanya Samriddhi Yojana?
After the birth of a daughter, parents begin thinking about what would happen in the future; they begin to accept it as a burden. To eliminate these burdensome ideas from the minds of parents, the government has begun Sukanya Samriddhi Yojana that is for daughters. In it, parents can invest by opening an account for the daughter and can get a big amount when the daughter matures at the age of 21. Even other partial withdrawals can be availed when the daughter reaches 18 years.
The Government Is Giving 8.2% Interest
An interested 8.2% rate on savings in Sukanya Samriddhi Scheme in the name of the daughter is given by the government. This is in the nature of compound interest, which adds the amount considerably. An SSY account opened caters to a minimum investment of Rs. 250 to Rs. 1.5 lakh in a financial year. Even a little amount starts you off on that journey with a good amount at the end.
Here’s How You Can Earn a Return Worth Lakhs
After opening an SSY account, the applicants have to regularly invest for 15 years. This amount becomes mature after 21 years, and at this time the parents can withdraw their deposit and the interest on it. If a parent deposits ₹ 50,000 every year in their Sukanya Samriddhi Account, this means they will have deposited ₹ 7,50,000 in 15 years. This deposit will attract an interest of 8.2%, which sums up to approximately ₹ 23 lakh at maturity.
Income Tax Exemption
This Sukanya Samriddhi Yojana is run by the Government of India, which offers a lot of benefits to the parents of the daughter. The very first being one can open the account for two daughters in a family. If twin daughters are born after the first girl, then this account can also be opened for the third daughter.
Invest up to Rs 1,50,000 under Section 80C of the Income Tax Act, 1961 on your investment. In this way, you can save tax using the money invested in the SSY scheme. This not only makes your investment secure but also bestows tax benefits.
