Parents can create up to two accounts per household in the names of two daughters aged one year to less than 10 years.
Sukanya Samriddhi Yojana (SSY) is a tax-free government savings plan with competitive interest rates. With the help of this scheme, you may save a significant amount of money for your girl child’s future financial requirements.
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SSY: How many accounts can be opened per family?
Parents can create up to two accounts per household in the names of two daughters aged one year to less than 10 years. However, in the case of twins and triplets, more than two SSY accounts can be registered per family.
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SSY: Interest rate
The SSY account currently pays 8 per cent interest, and the maximum amount that may be deposited in one account in a calendar year is Rs 1.5 lakh. Deposits in SSY receive interest that is compounded yearly and matures for 21 years from the date of the account opening. Deposits in the SSY account, on the other hand, can be made only for 15 years from the date of opening.
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How to make a Rs 50 lakh fund for your girl child?
To create a fund of around Rs 50 lakh, you will have to invest Rs 1,11,370 annually for 15 years. For example, if your daughter is one year old now, you will have to invest till 2038.
This means that in 15 years, you will deposit a total of Rs 16,70,550 in your SSY account.
Because of the fixed annual interest of 8 per cent, you will get a total interest of Rs 33,29,617 on your SSY investment.
On maturity, you will get the invested amount (Rs 16,70,550) and the interest amount (Rs 33,29,617) together.
According to this calculation, the total amount you will get will be Rs 50,00,167 (Rs 50 lakh).
