The Post Office Scheme offers numerous savings schemes tailored specifically for daughters. Among them, the Sukanya Samriddhi Scheme is quite popular. The government initiated this scheme in 2015. This scheme provides financial security to the country’s daughters, enabling them to easily meet their future expenses.
This scheme was initiated by the Beti Bachao Beti Padhao campaign. Its main goal is to reduce the financial burden associated with a daughter’s marriage and education.
Investors get tax benefits in the SSY scheme. In addition, it offers a competitive interest rate. This scheme allows you to open an account in your daughter’s name at the age of 10. The special thing about this scheme is that you can invest a minimum of Rs 250 and a maximum of Rs 1.5 lakh in it. In this scheme, investors get tax benefits under Section 80C of Income Tax.
How much interest is received?
The SSY scheme provides investors with 8.2 percent interest on their invested amount. The interest rate is fixed every quarter by the scheme. We calculate the scheme’s interest as compound interest.
What is the expected return on investment?
If you invest Rs 1.2 lakh annually, or Rs 10,000 monthly, for your daughter at the age of 5, you will receive approximately Rs 55.61 lakh upon the scheme’s maturity after 21 years. This scheme will yield a return on your invested amount of Rs 17.93 lakh. Simultaneously, you will receive Rs 37.68 lakh in interest.
On the other hand, if you invest Rs 1.5 lakh annually, you will receive Rs 69.8 lakh on maturity, with Rs 22.5 lakh being the invested amount and Rs 47.3 lakh being the interest income.
What is the lock-in period?
For your information, the SSY scheme matures in 21 years. However, you can only invest in this scheme for a period of 15 years. If you start investing five years ago, you will reach maturity in 26 years. This is a type of long-term savings scheme. After maturity, the daughter will receive a substantial sum in her name.
