Sukanya Samriddhi Yojana is a scheme designed for fathers who want to save money for their daughters for their future needs, such as education or marriage. This scheme offers an interest rate of 8.2 percent on investments, making it a profitable option for saving money.
One of the main advantages of the SSY scheme is that it provides income tax benefits to the investor. Under Section 80C of the Income Tax Act, an individual can claim benefits of up to Rs 1.5 lakh on investments made in this scheme. Additionally, the returns and principal amount received upon maturity are tax-free, providing further savings to the investor.
Investing in the SSY scheme involves opening an account for the daughter and making regular contributions for 15 years. The scheme matures after 21 years, allowing for the account to be closed and funds withdrawn when the daughter reaches 18 years of age. This flexibility enables the investor to use the funds for various milestones in the daughter’s life.
By depositing Rs 12,500 per month or Rs 1.5 lakh per year for 15 years in the SSY scheme, an investor can potentially accumulate Rs 70 lakh at the time of maturity. This calculation is based on the current interest rate of 8.2 percent offered by the scheme, providing a substantial amount for the daughter’s future needs.
The SSY scheme offers a secure investment option as the interest rate is reviewed quarterly and the funds are not subject to market risks. This ensures that the money invested remains safe and continues to grow over the years, providing a reliable source of funds for the daughter’s future expenses. Overall, the Sukanya Samriddhi Yojana is a beneficial scheme for fathers looking to financially secure their daughter’s future.. Read More Here
