If you want to secure the future of your daughters financially, then Sukanya Samriddhi Yojana (SSY) of the Central Government is a great investment option for you. You will take care of this account till the girl child attains the age of 18 years and after that the money in the account can be withdrawn by the girl as per her need. However, the maturity of this scheme comes on the completion of 21 years of age of the daughter.
The government is currently paying an interest of 7.6 percent on this, which is higher than many FDs. A good fund can be deposited till maturity by investing in it for daughter’s education or marriage expenses. However, this account can be opened for only 2 girls of a family. But there is also a situation where this account can be opened for 3 daughters.
In what condition will the account of three daughters be opened, if after 1 daughter in a family then 2 twin daughters or after 2 twin daughters there is 1 daughter, then the account can be opened for all the three girls under Sukanya Samriddhi Yojana. Under this scheme, earlier only 2 daughters used to get tax exemption on depositing the amount in the account but now the third daughter has also been included in it.
Higher interest than many other schemes
As we mentioned that in this scheme the government is giving you more returns than many fixed deposits. Similarly, you are getting more returns than many government schemes under Sukanya Samriddhi. You are being given more interest here than PPF, NSC, RD or Monthly Income Scheme. Let us tell you that whatever you invest in it, you will get three times the return on maturity. At present, you can raise a maximum amount of up to Rs 64 lakh through this scheme.
How much can you invest?
You can start this account with a deposit of Rs.250. You can deposit only 1.5 lakh rupees in this scheme in a financial year. Once the account is opened, you have to deposit a minimum of Rs 250 in every financial year, failing which you can be fined Rs 50. It is worth noting that this scheme matures when the girl child turns 21, but you have to invest in it only for 15 years.
This means that if you open this account for a 3-year-old girl, then you have to invest only till the age of 18 years. The interest will automatically accrue over the next 3 years. Keep in mind that the age of the girl child should be less than 10 years to open the account.
