Sukanya Samriddhi Yojana: A Promise of Love for Your Daughter’s Future

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Sukanya Samriddhi Yojana (SSY) is a savings scheme by the government to help parents save money for their daughter’s future. It offers good interest rates, tax benefits, and ensures financial security for education and marriage.

Main Features of SSY

  1. Who Can Open an Account?
    • Parents or guardians can open an account for a girl child under 10 years old.
    • Each girl can have only one account, and a family can open accounts for up to two daughters.
  2. How Much Can You Save?
    • Minimum deposit: ₹250 per year
    • Maximum deposit: ₹1.5 lakh per year
    • You can deposit money for 15 years.
  3. Interest and Growth
    • The government updates the interest rate every three months.
    • Interest is added to the account every year, helping the money grow faster.
  4. Maturity and Withdrawals
    • The account matures in 21 years.
    • After the girl turns 18, up to 50% of the balance can be used for education.
    • The full amount can be withdrawn when she turns 21 or gets married after 18.
  5. Tax Benefits
    • Deposits are eligible for tax deductions under Section 80C.
    • Interest earned and the final amount are completely tax-free.

How to Open an SSY Account?

  • Visit a post office or a bank.
  • Submit the girl’s birth certificate, parent’s ID, and address proof.
  • Deposit money through cash, cheque, or online transfer (if the bank allows).

Why Choose Sukanya Samriddhi Yojana?

  • Higher Interest: Better returns than regular savings.
  • Safe and Secure: Government-backed scheme.
  • Helps in Future Planning: Ensures funds for education and marriage.
  • Tax-Free Growth: No tax on deposits, interest, or withdrawals.

Example: How Much Will You Get on Maturity?

Let’s say you deposit ₹1.5 lakh per year for 15 years, and the interest rate remains around 7.6% per annum (subject to change).

  • Total Deposited Amount: ₹22.5 lakh
  • Estimated Interest Earned: ₹25-27 lakh (compounded annually)
  • Total Maturity Amount (after 21 years): ₹50-55 lakh

This is an approximate calculation and may vary based on the actual interest rate at the time.

Conclusion

Sukanya Samriddhi Yojana is a great way to save for your daughter’s future. It encourages financial discipline, offers high interest, and is a safe investment. If you have a daughter, this scheme is an excellent way to secure her future.

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