The Central and State governments have introduced several schemes for the benefit of the girl child. One of these schemes is Sukanya Samriddhi Yojana that offers an interest rate of 8.2 percent.
Investments are important for securing your future. Many people invest a portion of their savings for retirement and their children’s education and marriage expenses. Today, we are introducing you to a government scheme that will help you secure your daughter’s future. The government launched the Sukanya Samriddhi Yojana for the benefit of young girls, offering a significant interest rate in the scheme.
Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana was started by the government of India in the year 2015 as part of the Beti Bachao Beti Padhao initiative. The scheme focuses on securing the future of your daughters financially. Under this scheme, parents can open an account in their daughter’s name at a bank.
The accounts can be opened for daughters aged between 0 to 10 years. A family can opt to open accounts for a maximum of two girls. You can deposit a minimum of Rs 250 in a month. The maximum amount one can deposit in the scheme is Rs 1,50,000 per month.
Investment period
You can decide on the depositing amounts as per your budget. The investment period spans 15 year, during which deposits can be made monthly or as a lump sum over 12 months. Following this, there is a lock-in period of 6 years. When your daughter turns 18, she can withdraw half of the maturity amount. The remaining funds can be withdrawn after she reaches 21 years of age.
Interest rate
The scheme offers an annual interest rate of 8.2 percent. If you deposit the maximum amount of Rs 1.5 lakh per year, the total deposit over 15 years would amount to Rs 22.5 lakh. With the 8.2 percent compound interest, the total amount after 21 years would be Rs 69.77 lakh. Notably, the investments in this scheme are tax-free.
Read Exclusive COVID-19 Coronavirus News updates, at MyNation.