Government Scheme: Rising inflation has significantly raised the challenge of realizing aspirations such as higher education, marriage, and homeownership for children, often pushing individuals into debt. To circumvent this financial strain, it’s crucial to make timely investments. Why not consider saving money for your children from a young age to secure their future needs like higher education and marriage? The government offers a widely acclaimed scheme for daughters that, when invested in, can alleviate concerns about covering the costs of their education and marriage.
What is the government scheme?
The scheme is “Sukanya Samriddhi Yojana,” and it offers a beneficial opportunity to open an account for your daughter. It is advisable to start the process of opening a Sukanya Samriddhi Account (SSY Account) as soon as your daughter is born. This account can be created for your daughter before she reaches the age of 10.
By opening an account in the scheme right after your daughter’s birth, you have the advantage of contributing to the account for a duration of 15 years. The government determines the interest rate for the Sukanya Samriddhi Yojana (SSY) every three months. For the quarter spanning July to September 2023, there have been no change in the interest rate, which currently stands at 8 percent per annum.
Under this scheme, when your daughter reaches the age of 18, you have the option to withdraw 50 percent of the maturity amount, while the remaining portion can be withdrawn when she turns 21 years old.
How can you create 64 lakh fund?
By depositing Rs 12,500 every month into the Sukanya Samriddhi Yojana, you will accumulate Rs 1.5 lakh annually, and this amount is tax-free. With a maturity interest rate of 7.6 percent, you can build a substantial fund for your daughter.
If you choose to withdraw the entire amount when your daughter turns 21, the maturity sum will amount to Rs 63,79,634. Your total investment in this account will be Rs 22,50,000, while the interest income will be Rs 41,29,634. In this manner, consistent monthly deposits of Rs 12,500 into a Sukanya Samriddhi account can result in a fund of Rs 64 lakh.
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