Sukanya Samriddhi Yojana (SSY): Parents looking to build a long-term fund for their daughter can consider Sukanya Samriddhi Yojana, a government-backed savings scheme. The account can be opened for a girl child below 10 years, with deposits allowed for 15 years and maturity after 21 years.
Who Can Open a Sukanya Samriddhi Account?: Sukanya Samriddhi Yojana is designed specifically for the financial future of girl children. Parents or legal guardians can open an account for a daughter who is below 10 years of age at the time of opening. (Image: File Photo/News18)
How Long Do You Need to Invest?: Under SSY, deposits are required for 15 years from the date the account is opened. The account continues to earn interest after deposits stop, with the maturity amount becoming available after 21 years from account opening. (Image: File Photo/News18)
How Much Can You Invest?: The minimum annual contribution under Sukanya Samriddhi Yojana is Rs 250, while the maximum is Rs 1.5 lakh. The yearly amount can be deposited in one payment or through multiple instalments, depending on the investor’s preference. (Image: File Photo/News18)
SSY Interest Rate and Tax Benefit: The interest rate on Sukanya Samriddhi Yojana is revised periodically by the government. As of now, the interest rate is 8.20% for the July-September quarter. Contributions, interest and eligible maturity proceeds receive tax benefits under applicable rules. (Image: File Photo/News18)
How Can ₹1.5 Lakh Annual Investment Grow?: If ₹1.5 lakh is invested every year for 15 years, the total contribution would be ₹22.5 lakh. At the stated SSY rate and subject to applicable rates, the maturity corpus can grow substantially through compounded interest over 21 years. (Image: File Photo/News18)
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