Sukanya Samriddhi Yojana: From time to time, many schemes are run by the Central and State Governments for the women and girls of the country. Through these projects, the government tries to make women self-reliant. Similarly, the Central Government is conducting Sukanya Samriddhi Yojana (SSY) for such girls. This scheme has been launched by the Modi government at the Center to make special girls self-reliant. With this scheme, you can gradually build up a large fund by depositing small amounts of money. At present, interest in Sukanya Samriddhi Yojana is 8 percent per annum.
There is no risk in investing in SSY. By investing in this scheme you can improve the future of your daughters. In this, the amount of maturity is obtained when the daughter is 21 years old. It is the highest interest paying scheme among small savings schemes. The interest rate of small savings scheme is reviewed every quarter.
How much return will you get on a monthly investment of Rs 5000?
If you deposit Rs 5000 per month in Sukanya Samriddhi Yojana, you will have to deposit Rs 60,000 in a year. Thus, you will invest a total of Rs.9,00,000 over 15 years. Do not deposit between 15 and 21 years. But interest will continue to accrue on your balance at the rate of 8 percent. Now on a total investment of Rs 9 lakh, you will get Rs 17,93,814 as interest. This will almost double the total investment. In such a scenario, you will get a total of Rs 26,93,814 on maturity i.e. around Rs 27 Lakhs. You can start this scheme by investing at least Rs.250 per annum. You can invest a maximum of Rs 1,50,000 annually.
Tax benefits are also available
Sukanya Samriddhi Yojana is a tax free scheme. Tax exemption is available at three different levels i.e. EEE. First, exemption under Section 80C of the Income Tax Act on annual investments up to Rs 1.50 lakh. Secondly, there is no tax on the returns received from it. Thirdly, the amount received on maturity is tax free.
Open an account before the age of 10 years
Under the Sukanya Samriddhi Yojana, accounts can be opened before girls turn 10 years of age. Accounts of maximum two daughters of the family can be opened under this scheme. By investing in this scheme, you can prepare funds for your daughter’s marriage and higher education.
Sukanya Samriddhi Yojana