If you have a daughter and are stressing a lot about her future, then here’s a government backed investment scheme that might help you create a handsome corpus. It is a savings scheme that will help you generate a corpus of over Rs 60 lakh for your girl child.
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So, the savings scheme under discussion is Sukanya Samridhi Yojana (SSY). It is very easy to invest in SSY. With a minimum deposit of Rs 250 and a maximum deposit of Rs 1,50,000/- (in multiples of Rs 50) in a year, you can open SSY account either in lump-sum or in installments.
However, it must be noted that a deposit may be made for a maximum of fifteen years following the date of opening.
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SSY tax benefits
The SSY account comes with tax benefits, as it offers tax-free maturity and deduction under Section 80C of the Income-tax Act, 1961. You can open SSY account at any authorised bank or post office branch.
Sukanya Samriddhi Yojana interest rate
Sukanya Samriddhi Yojana offers 8.2 per cent interest rate as of now.
Sukanya Samriddhi Yojana maturity period
The maturity period of Sukanya Samriddhi Yojana is 21 years from the date of opening the account, or on marriage after the girl turns 18.
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Furthermore, the maximum period up to which deposits can be made is 15 years from the date of opening of the SSY account. Now, let’s talk about how to create that golden corpus for your daughter.
Let’s suppose, the rate of interest remains constant throughout the 21-year SSY account duration. Hence, if you are having a 5-year-old girl child, deposit Rs 1.5 lakh annually, which translates to Rs 12,500 per month, for 15 years, you would invest a total of Rs 22.50 lakh and interested earned on the amount stands at Rs 46.77 lakh, according to open-source calculator. Thus after 21 years of account opening (2045), the total maturity value will stand at around Rs 69,27,578 or Rs 69.27 lakh.
