Sukanya Samriddhi Yojana Every parent dreams of a secure and prosperous future for their daughter However, with rising inflation and increasing education expenses, fulfilling this dream can be challenging In such a scenario, the Indian government’s Sukanya Samriddhi Yojana (SSY) emerges as an effective solution to ensure financial security for your daughter’s future.
Sukanya Samriddhi Yojana In this article, we will provide you with detailed information about Sukanya Samriddhi Yojana You will learn how much wealth can be accumulated for your daughter’s future through this scheme We will explain how much you will receive at maturity if you invest between ₹500 and ₹5000 per month Additionally, we will cover interest rates, account opening procedures, and other key details.
What is Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana is a savings scheme introduced by the Government of India to secure the future of daughters Under this scheme, parents or guardians can open an account in the name of their daughter who is below 10 years of age The minimum deposit amount in this account is ₹250 per year, while the maximum limit is ₹1.5 lakh per year Currently, the scheme offers an annual interest rate of 8.2%.
How to Open an Account
If you wish to open a Sukanya Samriddhi Account for your daughter, you need to visit the nearest post office or an authorized bank branch The following documents are required to open the account:
- Birth certificate of the daughter
- Aadhaar card of the parent/guardian
- Address proof
- Passport-size photograph
Investment and Returns Calculation
Now, let’s understand how much you can accumulate at maturity if you invest between ₹500 and ₹5000 per month in this scheme.
1. Investment of ₹500 per month:
- Total Investment: ₹90,000 in 15 years
- Interest Earned: Approximately ₹1,87,103
- Total Maturity Amount: Around ₹2,77,103
2. Investment of ₹1000 per month:
- Total Investment: ₹1,80,000 in 15 years
- Interest Earned: Around ₹3,74,206
- Total Maturity Amount: Approximately ₹5,54,206
3. Investment of ₹2000 per month:
- Total Investment: ₹3,60,000 in 15 years
- Interest Earned: Around ₹7,48,412
- Total Maturity Amount: Approximately ₹11,08,412
4. Investment of ₹3000 per month:
- Total Investment: ₹5,40,000 in 15 years
- Interest Earned: Around ₹11,22,619
- Total Maturity Amount: Approximately ₹16,62,619
5. Investment of ₹5000 per month:
- Total Investment: ₹9,00,000 in 15 years
- Interest Earned: Around ₹18,71,031
- Total Maturity Amount: Approximately ₹27,71,031
Note: These calculations are based on an 8.2% annual interest rate, which is subject to change over time.
Key Features of the Scheme
- Minimum Investment: ₹250 per year
- Maximum Investment: ₹1.5 lakh per year
- Age Limit for Account Opening: The daughter must be below 10 years old
- Deposit Tenure: 15 years
- Maturity Period: 21 years
- Tax Benefits: Exemption under Section 80C of the Income Tax Act
Premature Withdrawal
Sukanya Samriddhi Yojana Under this scheme, when your daughter turns 18, you can withdraw up to 50% of the balance in the account This amount can be used for her higher education or marriage.
Conclusion
Sukanya Samriddhi Yojana is an excellent way to secure your daughter’s future financially Through regular investment, you can accumulate a significant amount that can support her education, marriage, or other essential needs So, start investing today and contribute to fulfilling your daughter’s dreams.