Sukanya Samriddhi Yojana: With the goal of improving the future of girls, the government launched the Sukanya Samriddhi Yojana, which offers substantial returns after 15 years of investment.
Sukanya Samriddhi Yojana Scheme: Parents wish to provide their kids everything they are entitled to, within the limits of their means. However, in this inflationary age, their wish is frequently unfulfilled. Nowadays, the cost of education is rising, from tuition to college. Given the promising future of children, it is necessary to make careful investments beforehand.
For 15 years, funds are deposited in Sukanya Samriddhi
In 2015, the government started the Sukanya Samriddhi Yojana (SSY) to promote daughters’ education. This is a unique deposit program designed to help parents pay for their daughter’s education and marriage. When it matures, the principal amount and interest earned are both exempt from taxes.
One can apply for the program at the post office or at public institutions including HDFC Bank, Axis Bank, and ICICI Bank. For girls ten years of age or younger, parents can invest in this program.
The annual maximum investment amount in this scheme is Rs 1.5 lakh, with a minimum of Rs 250. It accepts deposits for a period of 15 years. The lock-in term is 21 years, though. In other words, the money put will mature in 21 years. The account will be terminated in the event that the account holder (a female) marries before the maturity period.
How to activate the default account
A single girl kid may have one account registered in her name, and two accounts may be opened for two distinct girl children from the same family, per the scheme’s rules. Multiple accounts can be opened for twins or triplets, though.
At least Rs 250 must be deposited into the account each year; otherwise, the account will be deemed defaulted. Within 15 years after starting the account, you must spend Rs 250 to revive it. You will also need to pay Rs 50 for each month that you were unable to make the yearly payment.
You will receive substantial returns on your investment
Out of all the fixed deposits, this one has the greatest interest rate. This year’s October-December quarter saw a return of up to 8.2 percent from the scheme. You will receive Rs 1,43,642 at maturity if you deposit Rs 3,000 per month for 15 years in this scheme. This indicates that an investment of up to Rs 45,000 will yield a return of Rs 98,642 after 15 years.
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