SSY: Parents want their children to be given everything they deserve according to their ability. But in this era of inflation, their desire is not fulfilled many times. In today’s time, education from school fees to college is becoming expensive. In such a situation, there is a need to invest thoughtfully in advance, taking care of the golden future of children.
Money is deposited in Sukanya Samriddhi for 15 years
The government launched the Sukanya Samriddhi Yojana (SSY) in 2015 to encourage the education of girls. At the time of maturity, both the principal amount and the interest received on it are tax free.
One can apply at the post office or public sector banks including HDFC Bank, Axis Bank, and ICICI Bank to avail the scheme. Parents can invest in this scheme for girls aged 10 years or less.
The minimum amount to invest in it is Rs 250 and the maximum is Rs 1.5 lakh annually. Money can be deposited in it for 15 years. However, the lock-in period is 21 years. That is, the deposit amount will mature after 21 years. If the account holder (child) gets married before the maturity period, then in this case the account will be closed.
Here’s how to activate a default account
According to the guidelines of the scheme, one account can be opened in the name of the same girl child and two accounts for two different girls of the same family. However, in the case of twins or triplet girls, more than two accounts can be opened.
If someone is unable to deposit a minimum of Rs 250 in the account in a year, then the account will be considered a default. To reactivate it, you will have to pay Rs 250 within 15 years of opening the account and an additional Rs 50-50 for whatever time you have not been able to pay the money annually.
Get Huge returns
The interest rate on this is the highest compared to any fixed deposit. In the October-December quarter this year, returns up to 8.2 per cent have been given under the scheme. If you deposit Rs 3,000 every month for 15 years in this scheme, then you will get Rs 1,43,642 on maturity. This means that a total investment of up to Rs 45,000 in 15 years will give a return of 98,642.