Sukanya Samriddhi Yojana can prove to be the best option for daughters. You can look at this option on National Girl Child Day.
National Girl Child Day / SSY
Today National Girl Child Day is being celebrated in the country, which started in 2008. Its main aim is to empower the girls through different mediums, so that their future can be better. The government also periodically brings some schemes for daughters, through which their future can be secured. At present, it is also necessary in today’s times that children should be financially empowered, so that there is no tension of money from their education to marriage. Here we are talking about a similar scheme, in which a guaranteed maximum amount of 74 lakh rupees can be arranged for them by investing the prescribed maximum amount. This scheme is the Sukanya Samriddhi Yojana of the Post Office, which has been notified by the government only last month.
Can open account under the name of daughter below 10 years
This account can be opened in any government bank and post office branch by parents or guardian in the name of daughter below 10 years. This is a small savings scheme and the government started this scheme especially for daughters. Currently, SSY is yielding 8.4 percent annual compounding. There is a provision to open only one account in the name of a daughter. For this, the child’s birth certificate and other important documents have to be submitted.
Investment has to be done for 15 years from the date of opening the account
The special thing about this scheme is that parents have to invest only for 15 years from the date of opening the account. While the maturity period of the account is 21 years. During the remaining 6 years after 15 years, interest continues to accrue at 8.4% per annum on the closing balance of 15 years. A minimum of Rs 250 per year and a maximum of Rs 1.5 lakh can be deposited in the account. If there is a delay in depositing the money in due time, then the penalty has to be deposited along with the penalty.
How to avail the benefits of the scheme?
The interest rates on SSY have been set at 8.4 per cent for the current quarter. Suppose if these interest rates remain and for 15 years you invest a maximum amount of 1.5 lakh rupees every year. You have to do this for 15 years. In 15 years, this amount will be Rs 45.54 lakhs according to 8.4% compounding annually. After this, for 6 years, this amount will yield a return of 8.4 percent compounding annually. This amount will be around 74 lakh rupees on 21 years i.e. maturity.
52 lakhs benefit
How much better this scheme is, it can be gauged from the fact that your total investment in the scheme will be Rs 22.50 lakh, while on maturity, you will get about Rs 74 lakh. That is, if we see the total benefit, it will be about 52 lakh rupees.
Benefit of tax exemption
Tax exemption can be availed under Section 80C of Investment Income Tax Act under Sukanya Samriddhi Yojana. If the daughter becomes 18 years of age and needs money for studies or her marriage, then you can withdraw up to 50 percent of the deposit amount.