- Sukanya Samriddhi Yojana can help you accumulate around ₹70 lakh for your daughter’s future.
- The scheme offers an impressive interest rate of 8.2% per annum.
- Invest as little as ₹250 and maximize benefits with tax exemptions!
The Post Office’s Sukanya Samriddhi Yojana (SSY) is a remarkable savings initiative aimed at ensuring a secure future for daughters. This scheme proves to be highly effective, allowing investments to grow over threefold by the time they mature. By contributing ₹1.5 lakh annually, individuals can potentially build a fund upwards of ₹70 lakh in just 15 years. This article delves into how you can achieve this financial goal through the Sukanya Samriddhi Yojana.
What Makes Sukanya Samriddhi Yojana Special?
Sukanya Samriddhi Yojana is a tax-free scheme initiated by the Government of India, designed specifically for daughters under the age of 10. Currently offering the highest interest rate of 8.2% per annum among small savings schemes, it features the following investment structure:
- Minimum deposit of ₹250 and a maximum of ₹1.5 lakh annually.
- Investment period lasts for 15 years, with interest accrued until maturity at 21 years.
Tax Benefits with Sukanya Samriddhi Yojana
This scheme offers three significant tax advantages:
- Exemption on annual investments up to ₹1.5 lakh under Section 80C of the Income Tax Act.
- Tax-free returns on the investment.
- Tax exemption on maturity amount after 21 years.
Steps to Earn ₹70 Lakh
If one starts investing in the Sukanya Samriddhi Yojana in 2024, a substantial amount of ₹70 lakh can be achieved by depositing ₹1.5 lakh each year over a span of 15 years. Investors have the choice of contributing ₹12,500 monthly or making a one-time annual payment.
Investment Breakdown:
- Account Opening Year: 2024
- Maturity Year: 2045
- Interest Rate: 8.2% per annum
- Monthly Investment: ₹12,500 (Total Yearly Contribution: ₹1.5 lakh)
- Total Investment Over 15 Years: ₹22.5 lakh
- Total Interest Earned: ₹46,82,648
- Total Maturity Amount: ₹69,32,648
Upon completing the investment term, those who consistently deposit monthly will witness a maturity amount of approximately ₹69.32 lakh, resulting in interest earnings exceeding double the initial investment. Opting for the annual contribution will result in maturity benefits of around ₹71.82 lakh with interest earnings of ₹49.32 lakh.
Sukanya Samriddhi Yojana: Celebrating a decade of trust, savings, and boundless opportunities—empowering India’s daughters for a brighter tomorrow!
Early Withdrawal Options
Withdrawals of up to 50% are permitted after the daughter turns 18, particularly for marriage purposes. Additionally, in emergencies such as the sudden demise of the account holder or severe illness, withdrawals are accessible after five years of account opening.
Why Choose Sukanya Samriddhi Yojana?
- Higher Interest Rate: With a competitive 8.2% interest rate, it surpasses many small savings alternatives.
- Excellent Tax Exemptions: Enjoy comprehensive tax benefits on investments, returns, and maturity amounts.
- Future Security for Your Daughter: This scheme is a safe and rewarding option for constructing a significant fund for a daughter’s future education and marriage.
This information serves as a guide for general understanding. It is advised to consult a financial expert before making any investments for sound financial planning.