Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana: Higher education and marriage. So much money is spent on these two things that everyone’s hands and feet get swollen. There remains tension regarding these expenses in middle class or lower middle class families. But if you keep investing a little money right from the birth of your children, you can create a big fund for these expenses. Here Sukanya Samriddhi Yojana will be very useful for you. This is a small savings scheme. This is a government-backed scheme, the interest rate of which is decided by the government every three months. Currently, this scheme is offering 8.2 percent annual interest rate. This is the annual compound interest rate. Let us know in detail.
Special things about SSY
Under Sukanya Samriddhi Yojana (SSY), parents can open an account till their daughter completes 10 years of age. Sukanya Samriddhi account can be opened only for 2 daughters in a family. In cases of twins or triplets, more than 2 accounts can be opened. In this scheme, a minimum of Rs 250 and maximum of Rs 1,50,000 can be deposited in a financial year. You can make this investment in installments or in lump sum. Contribution can be made in SSY till completion of maximum 15 years from the date of account opening. This scheme comes with EEE status. That means, the investment amount, interest income and maturity amount are all tax free. If an investor opens an account in this scheme immediately after the birth of his daughter, he can deposit his contribution for 15 years. After this there is a lock-in period of 6 years. During this period no investment has to be made, but interest continues to be received. In this scheme, 50 percent of the maturity amount can be withdrawn when the daughter turns 18 years old. The remaining amount can be withdrawn when the daughter turns 21 years of age. In this scheme, the benefit of income tax exemption is also available on investment up to Rs 1.50 lakh in a year.
This is how a fund of Rs 70 lakh will be created
Suppose you open an account in Sukanya Samriddhi Yojana when your daughter turns 1 year old. If you invest Rs 1,50,000 every financial year, then when the daughter turns 21 years of age i.e. at the time of maturity, a total fund of Rs 69,27,578 will be accumulated. The amount invested by you in this will be Rs 22,50,000 and the interest income will be Rs 46,77,578.
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