Daughter’s future is bright: Sukanya Samriddhi Yojana (SSY) is a very popular and great savings scheme of the Government of India. This is a great option to make large funds in the long term. This small savings scheme of the post office is getting interest at the rate of 8.2% per year for the current quarter.
You can deposit about ₹ 28 lakh in 21 years by investing ₹ 5,000 (about ₹ 167 per day) every month in this scheme. This account can be opened for a daughter under 10 years of age. Under this scheme an account can be opened at any nearest post office branch. This is a surefire way to make your daughter’s future financially strong.
What are the amazing benefits of this scheme?
The maturity period in Sukanya Samriddhi Yojana is 21 years, but you have to invest only for 15 years. After 15 to 21 years i.e. 6 years more, the account matures. But during these 6 years, the interest fixed for this scheme on your deposit is connected to your account. You also get the benefit of compounding in this scheme. This is the compound interest that increases your investment faster.
Invest ₹ 5,000 every month, get millions of returns
If you invest ₹ 5,000 every month in Sukanya Samriddhi Yojana (SSY), then the total investment in 1 year will be ₹ 60,000. Similarly, the total investment in 15 years will be ₹ 9,00,000. You will get an interest of ₹ 18,73,059 at the rate of 8.2 percent annually. Accordingly, you will get a total amount of ₹ 27,73,059 (about ₹ 28 lakh) on maturity.
This calculation clearly shows how even a small monthly savings can become a major financial security for your daughter.
Get profit of ‘crores’ on maximum investment
If you invest a maximum of ₹ 12,500 every month in Sukanya Samriddhi Yojana (SSY), then the total investment in 1 year will be ₹ 1,50,000. Similarly, the total investment in 15 years will be ₹ 22,50,000. You will get an interest of ₹ 46,77,578 at the rate of 8.2 percent annually. Accordingly, you will get a total amount of ₹ 69,27,578 on maturity.
This shows how maximum investment can make a fund of about ₹ 70 lakh for your daughter, so that she does not have to worry about any financial need in future.
Sukanya Samriddhi Yojana is ‘fully’ tax-free
This scheme is completely tax-free like PPF (Public Provident Fund). In this scheme, there is a tax exemption on three different levels i.e. EEE.
Rebate on investment: Under Section 80C of the Income Tax Act, there is a discount on investment up to Rs 1.50 lakh per year.
Rebate on interest: There is no tax on the returns obtained from it.
Rebate on maturity: The amount received on maturity is completely tax-free.
