Understand this calculation of Sukanya Samriddhi Yojana, this is how 70 lakh rupees will be added for the daughter
The Central Government's Sukanya Samriddhi Yojana is an excellent way to secure the future of daughters. By depositing ₹1.5 lakh annually, you can create a corpus of ₹70 lakh. This investment is completely tax-free.
RJ Kesari News Desk: Every parent dreams of ensuring their daughter's education and marriage are financially secure. A strong provident fund is essential to achieving this dream.
If you're looking for a scheme that ensures complete financial security for your daughter, the Sukanya Samriddhi Yojana (SSY) is an excellent option.
Launched under the Government of India's "Save the Daughter, Educate the Daughter" initiative, this scheme offers excellent returns and substantial tax benefits.
Most importantly, it's risk-free. Let us explain how you can build a substantial corpus for your daughter.
Account opening rules
This scheme is specifically designed to strengthen the financial future of girls. Parents or legal guardians can open an account for a daughter from birth until she turns 10.
This facility is available for a maximum of two daughters in a family. However, in special circumstances, if twins or triplets are born, the government allows for the opening of more than two accounts.
Flexible investment terms
The deposit requirements under this scheme are very simple. You can start with a minimum of ₹250 per financial year. The maximum investment limit is ₹1.5 lakh. You are not required to deposit this amount all at once.
You can also deposit it in different installments as per your convenience. Deposits under this scheme are only required for 15 years from the date of account opening.
The account has a maturity period of 21 years. This means that even after you stop investing after 15 years, compound interest continues to accrue on your deposit for the remaining 6 years.
Strong interest, bumper tax exemption
The government periodically reviews the interest rates on the Sukanya Samriddhi Yojana. Currently, the scheme offers an interest rate of 8.20% per annum.
This rate is significantly higher than bank FDs and other government savings schemes.
Furthermore, the scheme has 'EEE' status. This means that investments up to ₹1.5 lakh per annum are eligible for tax deductions under Section 80C of the Income Tax Act. The annual interest earned on the account is completely tax-free. The entire maturity amount received after 21 years is also tax-free.
This is how a fund of Rs 70 lakh will be created
If you want to take full advantage of this scheme, it's important to understand its calculations. Suppose you invest a maximum of ₹1.5 lakh annually in your daughter's name.
In 15 years, your total deposit will reach ₹22.50 lakh. At the current 8.20% annual compound interest rate, when this account matures after 21 years,
you will receive a corpus of over ₹70 lakh. It's worth noting that the maturity amount depends on the interest rates set by the government.