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Sukanya Samriddhi Yojana (SSY) is run by the government, which comes under the small savings scheme. This scheme was launched by Prime Minister Narendra Modi in 2015 to provide financial security to daughters. This scheme is a part of the Beti Bachao Beti Padhao campaign, which aims to help parents or guardians meet the expenses of their daughters. The primary goal of this scheme is to complete the education of daughters and reduce the financial burden associated with their marriage.
Sukanya Samriddhi Yojana gives good returns along with tax exemption. Under this scheme, an account can be opened for a girl child up to 10 years of age. For daughters, a minimum investment of Rs 250 can be made in this scheme, while a maximum investment of Rs 1.5 lakh can be made. Sukanya Samriddhi Yojana comes under the purview of tax exemption under Section 80C of the Income Tax Act 1961.
How much interest do you get?
Under Sukanya Samriddhi Yojana accounts, interest is decided by the government on a quarterly basis. In SSY, compound interest has been fixed at the rate of 8.2% per annum for this quarter i.e. from 1 July 2024 to 30 September 2024.
How much money will you earn by investing 10 thousand rupees?
If you have a 5-year-old daughter and you invest Rs 1.2 lakh annually, which is Rs 10,000 per month. At the same time, you get interest at the rate of 8.2% per annum, then after 21 years, the estimated maturity amount in Sukanya Samriddhi Yojana will be around Rs 55.61 lakh, in which the amount invested will be Rs 17.93 lakh and the interest received after 21 years will be Rs 37.68 lakh.
If you invest Rs 150,000 annually then the maturity amount would be Rs 69.8 lakh, the interest earned on an investment of Rs 22.5 lakh would be Rs 47.3 lakh.
Also know these rules of SSY
A key feature of the Sukanya Samriddhi Yojana is its lock-in period, which is 21 years. For example, if an account is opened for a girl at the age of 5, it will mature when she turns 26. This long-term investment option not only inculcates financial discipline but also provides them with a substantial amount on maturity.