Every parent in the world dreams that their children should get a good education and have a bright future, but in this era of inflation, higher education that is expensive is not comfortable for everyone. Parents worry about depositing money for daughters' marriage. Sukanya Samriddhi Yojana can prove to be very helpful for parents. By making small investments in this scheme, parents can make their daughter's future bright. This scheme is only for daughters. This popular scheme consists of long term investments.
By investing in Sukanya Samriddhi Yojana, parents can easily meet their daughter's higher education and wedding expenses. Under this scheme, returns can be found on the completion of 21 years of the daughter. According to the rules of the scheme, if the parents start investing in the scheme at a young age, then they can invest in the scheme for 15 years.
Income tax exemption: Income tax exemption can also be claimed by investing in Sukanya Samriddhi Yojana. An investment of up to 1.5 lakhs per annum in this scheme is eligible for income tax exemption. In this way, parents can avail income tax exemption on investment in this scheme under Section 80C of the Income Tax Act. The special thing is that in this scheme, interest income and maturity amount are also tax free.
Deposit limit: At least Rs 1,000 can be deposited in Sukanya Samriddhi Yojana. A maximum of 1.5 lakh rupees can be deposited. In this scheme, rupees can be deposited any number of times in a month or in a year. The account holders can also make partial withdrawals for higher education when the daughter passes the tenth standard or completes 18 years.
Interest Rate: The rate of interest on this scheme is fixed by the government for every 3 months. Sukanya Samriddhi Yojana is currently receiving interest at the rate of 7.6%. In this scheme, at the time of opening the account, the interest rate remains, at the same rate, the interest is received during the entire investment period. This means that if someone has opened an SSY account between April and June 2020, then they will continue to receive interest at the rate of 7.6% during the entire investment period.
SSY calculator : If a parent invests Rs 12,500 every month in the Sukanya Samriddhi Yojana account when his daughter is one year old, ie Rs 1.5 lakh a year, then according to the SSY calculator, the daughter's total age is 21 The maturity amount will be Rs 63.7 lakh. This includes the total interest income of Rs 41.29 lakhs. If both mother and father invest for the daughter, then at the age of 21, the total maturity amount can reach Rs 1.27 crore. In this calculation, the deposit period is 15 years and the maturity period is 21 years.