A Wallet for Daughters: Invest just ₹250 and get ₹40 lakh through a government scheme..
After the birth of a child, a parent's biggest concern is often accumulating funds for their education and marriage. If you start saving small amounts now, you can build a substantial corpus for the future. The government's Sukanya Samriddhi Yojana (SSY) was launched with precisely this objective. Designed specifically for the future of daughters, this scheme offers government-backed interest on the deposited amount.
A key feature of this scheme is that an account can be opened in the daughter's name at an early age, allowing for annual deposits of up to ₹1.5 lakh. Currently, the scheme offers an annual interest rate of 8.2%. However, the government reviews the interest rate periodically, so it is subject to change. For parents seeking a secure investment for their daughter's future, this scheme is a viable option.
**Understanding the Calculation**
| Detail | Calculation |
| :--- | :--- |
| Daily investment | ₹250 |
| Average monthly investment | Approx. ₹7,604 |
| Annual investment | ₹91,250 |
| Investment tenure | 15 years |
| Total deposited amount | ₹13,68,750 |
| Estimated interest | Approx. ₹26.69 lakh |
| Estimated amount after 21 years | Approx. ₹40.38 lakh |
**Account Opening: Under 10 Years of Age**
A Sukanya Samriddhi Yojana account can be opened before the daughter turns 10. The account is opened by the parents or the daughter's legal guardian. Typically, a family can open Sukanya Samriddhi accounts for a maximum of two daughters.
However, special rules may apply if the family has twin daughters or triplets. Therefore, in such cases, it is advisable to check the specific regulations with the bank or post office before opening an account.
**Start Investing with as Little as ₹250 a Year**
Investments in this scheme can begin with a very small amount. A minimum deposit of ₹250 is required in a financial year, while the maximum deposit limit is ₹1.5 lakh per year. This allows parents to deposit funds annually based on their income and budget.
It currently earns an annual interest rate of 8.2%. Since the government determines the interest rate quarterly, it is subject to change in the future. The interest accumulates in the account, helping to grow the corpus over the long term.
**Tax Benefits**
The Sukanya Samriddhi Yojana is also considered tax-efficient. Under the old tax regime, investments made in the scheme qualify for a deduction of up to ₹1.5 lakh annually under Section 80C of the Income Tax Act. Furthermore, the interest earned and the maturity proceeds (subject to rules) are exempt from tax.
**Account Matures in 21 Years**
The Sukanya Samriddhi account matures 21 years from the date of opening. However, once the daughter attains the age of 18, up to 50% of the accumulated amount can be withdrawn for her higher education, subject to specific rules.
Premature closure of the account may also be permitted under certain specific conditions. For instance, different rules apply in the event of the account holder's death. Therefore, it is essential to understand all the rules regarding withdrawals and maturity before opening the account.
Disclaimer: This content has been sourced and edited from News18 Hindi. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.
