SSY: Aiming a fund of Rs 70 lakh by the time your daughter turns 21; you may follow these tips

Sukanya Samriddhi Yojana (SSY): As soon as a girl child is born, parents start thinking about her future. Some parents start planning investments related to her education and marriage. They search for different investment options that can help them plan their daughter's future in a good way. Some of these investment options offer guaranteed returns, while others are market-linked. Some are government-run, others are promoted by private companies. However, a scheme that is quite popular among investors seeking a sizeable fund for their daughter's education and marriage is Sukanya Samriddhi Yojana (SSY). It is a Post Office-run guaranteed return scheme that has been specially designed for improving the future of daughters.

In this scheme, you can deposit from Rs 250 to Rs 1.5 lakh annually.

If your daughter's age is less than 10 years, you can open a Sukanya account in your daughter's name.

The sooner you invest in it, the sooner you can prepare a big fund for your daughter.

One has to invest in the Sukanya Samriddhi Scheme for 15 years and it matures when you daughter reaches 21 years of age.

If you open this account in your daughter's name as soon as she is born, then by the age of 21 you can make her the owner of Rs 70 lakh.

This can be helpful in fulfilling her education and marriage expenses. Know how to generate Rs 70 lakh fund-

SSY: How to create Rs 70 lakh fund for your daughter

If you deposit Rs 1.5 lakh every year in a Sukanya Samriddhi account in the name of your daughter, you will have to save Rs 12,500 every month for the investment.

You will invest a total of Rs 22,50,000 in 15 years.

At present, the interest rate on this scheme is 8.2 per cent.

At the time of maturity in 21 years, a total of Rs 46,77,578 will be received as interest.

In such a situation, on maturity, the daughter will get a total of Rs 22,50,000+46,77,578 = Rs 69,27,578 (about Rs 70 lakh).

If you start investing in this account in your daughter's name as soon as she is born, then at the age of 21, she will become the owner of around Rs 70 lakh.

SSY: If you start investing in 2024, when will you get the money?

If you start investing in Sukanya Samriddhi Yojana in the year 2024, the scheme will mature in 2045, that is, you will get the entire money of this scheme by 2024.

A big benefit of Sukanya Samriddhi Yojana is that investors can save tax under Section 80C of the Income Tax Act, 1961.

A SSY account can be opened in any post office or authorised bank.