Sukanya Samriddhi Yojana: If you are a parent and you have daughter, then here’s a wonderful saving scheme which you can plan for your daughter. This Diwali, you can start saving just Re 1 per day and give her a bright future after certain years. In this way, you can secure your money with high interest without any risk factor. The name of this government scheme is Sukanya Samriddhi Yojana or SSY. With this scheme, you are not only securing the future of your daughter, but you are also saving income tax.
Sukanya Samriddhi Yojana: What is it?
Sukanya Samriddhi Yojana (SSY) is a small savings scheme of the Central Government for daughters. This scheme was launched under the ‘Beti Bachao Beti Padhao’ campaign of the Centre. This scheme offers a return higher than most of the small saving schemes in the market.
Sukanya Samriddhi Yojana: Know details
Sukanya Samriddhi Yojana account can be opened for just Rs 250. If you are saving less than Re 1 per day, you can still open an SSY account and get the benefit of the scheme. In any one financial year, not more than Rs 1.5 lakh can be deposited in the SSY account at one time or several times.
Sukanya Samriddhi Yojana: Interest Rate
At present, the scheme offers interest rate of 7.6 percent per annum, which is eligible for tax exemption. The account used to receive interest of up to 9.2 percent earlier. Up to 50 percent of the amount can be withdrawn for the expenses of the daughter’s education after the age of 18 years.
Sukanya Samriddhi Yojana: Benefits
If you are investing Rs 3000 per month in this scheme, then you are saving Rs 36,000 per annum. In this case, you will receive Rs 9,11,574 at 7.6 percent annual compounding after 14 years. The amount will be around Rs 15,22,221 after 21 years of maturity. At the same time, interest received at the rate of 7.6 percent in the SSY will qualify for tax exemption.
Sukanya Samriddhi Yojana: Who can open account
Sukanya Samriddhi Yojana account can be opened in any authorized branch of any post office or commercial branch. In this scheme, the account can be opened after the birth of the girl child before the age of 10 years with a minimum deposit of Rs 250. In the current financial year, a maximum amount of Rs 1.5 lakh can be deposited under Sukanya Samriddhi Yojana.
