Sukanya Samriddhi Yojana: Parents worry about their child’s future from the moment of the child’s birth. In addition, if you are a daughter’s parents, your worries for her schooling and future marriage will grow. If you are a father of a daughter as well and you are stressed out about all the duties associated with raising her, a government programme can ease your worries.
Sukanya Samriddhi Yojana (SSY)
We are discussing the Sukanya Samriddhi Yojana (SSY), a government-guaranteed programme that was created specifically to improve daughters’ futures. You can deposit between Rs 250 and Rs 1.5 lakh a year under this arrangement. You can register a Sukanya account in your daughter’s name if she is younger than ten years old.
You can set up a sizable fund for your daughter as soon as you invest in it. Sukanya Samriddhi Scheme investments must be made for 15 years, and they mature in 21 years. If you open this account in your daughter’s name as soon as she is born, you can give her ownership of Rs. 70 lakh by the time she becomes 21 and use that money to pay for all of her obligations.
Annual Contribution Calculation
Should you contribute Rs 1.5 lakh annually to your daughter’s Sukanya Samriddhi Account, you will need to set aside Rs 12,500 each month for investments. In fifteen years, you will invest a total of Rs 22,50,000. Currently, this scheme has an 8.2 percent interest rate.
Interest will be paid totaling Rs 46,77,578 at the 21-year maturity date. In this case, the daughter will receive a total of Rs 22,50,000 + 46,77,578 = Rs 69,27,578 (about Rs 70 lakh) upon adulthood. Your daughter would own almost Rs 70 lakh when she becomes 21 if you begin making investments in this account in her name as soon as she is born.
Tax Benefits Under Section 80C
Sukanya Samriddhi Yojana will mature in 2045, meaning that you will receive the full amount of money invested by 2024 if you begin investing in it in your daughter’s name in 2024. Section 80C of the Income Tax Act, 1961 allows investors to avoid taxes, which is one of the main advantages of the Sukanya Samriddhi Yojana.Any post office or approved bank will allow you to open an SSY account.