Sukanya Samriddhi Yojana is a scheme run by the government. If you are the father of a daughter and your daughter is up to 10 years of age, then you can invest in this scheme to secure her future.
A minimum of Rs 250 and a maximum of Rs 1.5 lakh can be deposited in this scheme. In Sukanya Samriddhi Yojana, you have to invest continuously for 15 years and the scheme matures at 21 years. If you invest even Rs 5000 every month in this scheme, you can collect a good amount for your daughter till maturity and can easily fulfill all the responsibilities related to it. At present, interest on Sukanya Samriddhi Yojana is 8 percent per annum.
What is the return on a monthly investment of Rs 5000?
If you invest Rs 5000 every month in Sukanya Samriddhi Yojana, then you will have to invest Rs 60,000 annually. In this way, you will invest a total of Rs 9,00,000 in 15 years. You will not make any investment between 15 to 21 years, but interest will continue to be added on your amount at the rate of 8 percent.
Now if you calculate it according to the SSY calculator, then you will get Rs 17,93,814 as interest on your total investment of Rs 9 lakh, which will be almost double your total investment. In such a situation, you will get a total of Rs 26,93,814 on maturity i.e. approximately Rs 27 lakh. If you start this investment in the year 2023, you will get the maturity amount in 2044. You can spend this amount as per your daughter’s needs in her studies or marriage etc.
Benefit of tax exemption
Interest in Sukanya Samriddhi Yojana is reviewed on quarterly basis. In this, tax exemption is also available under Section 80C of the Income Tax Act. You can claim tax exemption on maximum Rs 1.50 lakh. Under this scheme, you can open accounts only for two daughters. If you have more than two daughters, then you will not get the benefit of this scheme for the third or fourth daughter. However, if your second girl, twins or triplets are born, then Sukanya Samriddhi Account can be opened for her.
