Sukanya Samriddhi Yojana (SSY) is a small savings scheme run by the Indian government, which was launched in 2015 by Prime Minister Narendra Modi with the aim of providing financial security to daughters and meeting their future expenses. This scheme is based on the slogan “Beti Bachao Beti Padhao”…
National Desk : Sukanya Samriddhi Yojana (SSY) is a small savings scheme run by the Indian government, which was launched in 2015 by Prime Minister Narendra Modi with the aim of providing financial security to daughters and meeting their future expenses. This scheme is part of the “Beti Bachao Beti Padhao” campaign and its main objective is to reduce the financial burden associated with the education and marriage of daughters.
Benefits of the scheme
Investing in SSY gives the benefit of tax exemption and also gives a good interest rate. Under the scheme, an account can be opened for a daughter up to the age of 10 years. A minimum of Rs 250 and a maximum of Rs 1.5 lakh can be invested annually in it. This scheme comes under the purview of tax exemption under Section 80C of the Income Tax Act 1961.
Interest Rate
The interest rate in Sukanya Samriddhi Yojana is fixed on a quarterly basis. For the period from July 2024 to September 2024, this rate is 8.2% per annum, which is received in the form of compound interest.
Also Read: DA Hike Arrears Payment: Salary will increase with dearness allowance, know when DA-DRA will be announced
Investment and Returns
If your daughter is 5 years old and you invest Rs 1.2 lakh annually (Rs 10,000 per month), you will get around Rs 55.61 lakh on maturity of the scheme after 21 years. Out of this, Rs 17.93 lakh will be your invested amount and Rs 37.68 lakh will be received as interest.
At the same time, if you invest Rs 1.5 lakh annually, then on maturity you will get Rs 69.8 lakh, in which Rs 22.5 lakh will be the invested amount and Rs 47.3 lakh will be received as interest.
Lock-in Period
The lock-in period of SSY is 21 years. For example, if the account is opened at the age of 5, it will mature at the age of 26. This scheme is a long-term investment option, which not only promotes financial discipline but also provides a large sum to the daughter on maturity.
Related Articles:-
SIP of Rs 5,000 will make Rs 2.63 crore, know how much time it will take
Bank changed rules from savings account to locker, New rules will be applicable on this day
