Sukanya Samriddhi Yojana: Currently, 8 percent yearly interest is given on the Sukanya Samriddhi Yojana. Monthly contributions of Rs 5,000 to the Sukanya Samriddhi Yojana add up to a yearly investment of Rs 60,000. In this manner, over the course of 15 years, you would have invested a total of Rs 9,00,000.
Sukanya Samriddhi Yojana: The Sukanya Samriddhi Yojana is an initiative established by the government for girls. If you’re a dad and your little girl is under the age of 10, you may put money into this plan to ensure her future. Annual contributions to this plan might range from Rs 250 up to Rs 1.5 lakh. The minimum investment period for the Sukanya Samriddhi Yojana is 15 years, and the plan will fully mature after 21 years.
You may easily meet all the obligations associated with raising a daughter with a monthly investment of Rs 5,000 in this program.
Is it worth it to invest Rs. 5,000?
Currently, the Sukanya Samriddhi Yojana offers a yearly interest rate of 8%. Monthly contributions of Rs 5,000 to the Sukanya Samriddhi Yojana add up to a yearly investment of Rs 60,000. In this manner, over the course of 15 years, you would have invested a total of Rs 9,00,000.
Between the ages of 15 and 21, you can sit back and relax, knowing that your money will continue to earn interest at the rate of 8% without any further commitment on your part.
According to the SSY calculator, you would earn Rs 17,93,814 in interest on a total investment of Rs 9 lakh, or over twice as much as you initially invested.
You would get around 27 thousand rupees (Rs. 26.93,814) at maturity.
If you buy this in 2023, you will get the maturity amount five years later, in 2044. This money may be used for anything you see fit, such as your daughter’s wedding, college expenses, etc.
Sukanya Samriddhi Yojana Tax Benefits
Sukanya Samriddhi Yojana interest rates are revised quarterly. Section 80C of the Income Tax Act also provides tax relief for this.
Up to Rs. 1.50 million may be deducted tax-free. Only two daughters may have their own savings accounts under this plan.
Unfortunately, if you have more than two daughters, none of them will qualify for this program. If you’re lucky enough to produce twin girls, however, you may register a Sukanya Samriddhi account for both of them.