Invest in this scheme for your 6-year-old daughter to get fund of Rs 70 lakh by the time she turns 21 | Know how
Sukanya Samriddhi Yojana: As soon as a daughter is born, parents often start worrying about their future responsibilities. However, with timely financial planning, many of these concerns can be alleviated.
Sukanya Samriddhi Yojana Scheme
By securing her financial future, one can ensure that their daughter will have the resources she needs as she grows up. The Sukanya Samriddhi Yojana (SSY), a government-backed savings scheme designed specifically for girls, aims to do just that.
SSY: Investment, Interest, Maturity
This scheme allows you to deposit anywhere from Rs 250 to Rs 1.5 lakh annually. The amount saved will grow with an attractive interest rate of 8.2 per cent (current rate). This long-term investment requires you to contribute for 15 years, with the policy maturing when your daughter turns 21.
SSY: How It Works
If your daughter is under 10 years old, you can open a Sukanya account in her name, potentially making her the owner of Rs 70 lakh by age 21. Here's how it works:
How your daughter could Accumulate Rs 70 Lakh
If a person deposits Rs 1.5 lakh annually into the Sukanya Samriddhi Account in his/her daughter's name, the individual will need to save Rs 12,500 per month. Let's assume she is 6 years old. Over 15 years, the total investment will amount to Rs 22.5 lakh. Given the current interest rate of 8.2 per cent, at maturity (when your daughter turns 21), the interest earned will total Rs 46,77,578.
SSY Scheme: Total Amount Received
Combined with the original investment, the total amount your daughter will receive is Rs 69,27,578 (approximately Rs 70 lakh). This is more than three times the amount initially invested. In this way, if you start investing from your daughter when she is 6 years, she will have nearly Rs 70 lakh by the time she turns 21.
SSY Scheme: Invest Rs 1 Lakh Annually
Alternatively, if you invest Rs 1 lakh annually (Rs 8,334 per month) over 15 years, your total investment will be Rs 15 lakh. At maturity, your daughter will receive Rs 46,18,385, combining both the interest and the principal.
Start Investing in 2024? Here’s What to Expect
If you start investing in Sukanya Samriddhi Yojana in 2024, the scheme will mature in 2045, meaning you will receive the full amount by that year. An added advantage of SSY is the tax benefits under Section 80C of the Income Tax Act, 1961. One can open an SSY account at any post office or authorized bank.