On her 21st birthday, your daughter will receive more than Rs 50 lakh through the Sukanya Samriddhi Yojana (SSY). This government-backed investment scheme is designed to ensure financial security for girls in India. With an interest rate of over 8% on the invested amount, the scheme offers a great opportunity for long-term financial growth and support for your daughter’s future.
Key Features of Sukanya Samriddhi Yojana
- Eligibility: This scheme is for girls below the age of 10.
- Investment Amount: Parents can invest a minimum of Rs 250 and a maximum of Rs 1.5 lakh per year.
- Investment Period: The investment should be made for 15 years. The account matures after 21 years, meaning the girl will receive the amount when she turns 21.
- Account Closure Option: If the girl turns 18 and gets married, the parents can close the account early.
Benefits of Sukanya Samriddhi Yojana
High Interest Rate: This scheme offers an interest rate of 8.2%, higher than many other savings schemes.
Multiple Accounts: You can open two accounts per family for girls. If you have twin girls, you can open additional accounts.
Available in Banks and Post Offices: You can open an SSY account in any bank or post office.
How Can a Girl Receive Over Rs 50 Lakh at Age 21?
If you invest Rs 1.5 lakh every year for 15 years under this scheme, your investment will grow to Rs 69,27,578 by the time your daughter turns 21. This amount includes both your original investment of Rs 22.5 lakh and the interest earned over the years.
How to Apply?
To avail of this scheme, parents need to apply before their daughter turns 10. The account can be opened at any bank or post office. Make sure to invest regularly to benefit from the compound interest accumulated over the years. This is a great option for parents who want to save for their daughter’s future. So, if you’re a mother or father, consider applying for this scheme in February and start investing today.