The education of children costs a lot of money today. Due to a lack of funds, many parents are unable to provide their children with further education. In such a case, it is prudent to start saving money for the child’s future as soon as they are born. Daughters, on the other hand, are the subject of numerous government initiatives right now. The Sukanya Samriddhi Yojana is one of them. In this scheme, you can create an account for your daughter.
A modest savings programme is the Sukanya Samriddhi Yojana
Every three months, the central government sets the interest rate for these programmes. The interest rate for this programme has not changed by the government for the quarter from July to September 2023. At the moment, interest is paid out at a rate of 8% annually.
Now is the time to open the account
It is only appropriate to register a Sukanya Samriddhi account once the daughter is born. Up until the daughter is 10, the account can be opened. If the account is started as soon as the daughter is born, the investor can make contributions for 15 years, and when the daughter reaches adulthood, they can withdraw 50% of the maturity amount. When the daughter reaches the age of 21, the balance can be withdrawn.
Sukanya Samriddhi Yojana – Daughter will receive 64 lakhs
If you put Rs 12,500 per month into your Sukanya Samriddhi account, you will have put in Rs 1.5 lakh over the course of a year. If the interest rate at maturity is also taken into account, it will be 7.6 percent, thus the daughter will have a sizeable sum available till maturity.
The maturity amount will be Rs 63, 79, 634
if the entire sum is withdrawn when the daughter reaches 21; the amount invested would be Rs 22,50,000. In this method, your daughter will receive approximately Rs 64 lakh when she reaches 21 if you make a monthly payment of Rs 12,500 into her Sukanya Samriddhi account.
This plan will reduce taxes as well
With this programme, investors can receive income tax exemptions on investments up to Rs 1.50 lakh each year. Deposits are limited to Rs 1.5 lakh per calendar year. In accordance with this plan, interest is also tax-free. The maturity amount is also tax-free at the same time.
Read more: ITR filing: Govt gave this benefit & received this exemption on income tax
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