Sukanya Samriddhi Yojana is an investment scheme that not only allows investors to save tax but also secures the financial future of their girl child. SSY scheme is completely risk free as it is backed by the government, and it offers better returns than other small savings schemes.
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The government has increased the interest rate on Sukanya Samriddhi Yojana (SSY) from 7.60 per cent to 8 per cent, which is the return that debt mutual fund investors expect on their investments for the long term.
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Guardian can open SSY account in the name of girl child below 10 years of age. This account can be opened till the girl child turns 18. Maximum of two girl children in a family can open the account; If there are twins or triplets, more than two accounts can be opened. The fact that an account can be opened in any bank or post office and can be easily transferred to any other bank branch or post office is a significant advantage of the SSY scheme. The investment period of this project is 15 years and maturity period is 21 years.
If a person invests Rs 12,500 per month over 12 installments and gets 7.6% return on investment on maturity, they will be able to utilize their entire income tax benefit of Rs 1.5 lakh under Section 80C in a financial year Will be
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When the girl child turns 21, the investor can withdraw all his investment completely and the SSY will mature with a value of approximately 63,79,634. Means the girl will become a millionaire at the age of 21.
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