New Delhi: As the celebration of Diwali is around the corner, everyone is ready to worship Goddess Lakshmi who is also known as the goddess of wealth and prosperity according to Hindu beliefs. While many people spend around the festival of lights, it is also the time to manage and budget all of our year’s expenses and look at savings options.
Investing parents can now save for their daughters. Sukanya Samriddhi Yojana (SSY) is a central government scheme where you can save a large amount by investing a small amount. Investing in this scheme not only protects your daughter’s future but also helps you save income tax. You can get the benefit of this scheme by investing at least Re 1 per day.
Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana (SSY) is a small savings scheme of the Central Government for daughters which was launched under the ‘Beti Bachao Beti Padhao’ campaign. SSY offers higher returns than most of the small savings schemes in the market.
Invest with less than Re 1 per day
Sukanya Samriddhi Yojana account can be opened in just Rs.250. This means that even if you save less than Re 1 per day, you can still open an SSY account and get the benefits of the scheme. Only Rs 250 should be deposited in this account in a financial year. You cannot deposit more than Rs 1.5 lakh in SSY account in a financial year.
Rate of interest
At present, the amount deposited in the Sukanya Samriddhi Yojana account will get interest at the rate of 7.6 percent per annum, which is eligible for tax exemption. Earlier, interest was available up to 9.2 percent in the account. After the age of 18, up to 50 percent of the amount can be withdrawn for the education expenses of the daughter.
saving in lakhs
Suppose you invest Rs 3000 per month i.e. Rs 36,000 per year in this scheme, then you will get Rs 9,11,574 after 14 years at 7.6 per cent compounded annually. This amount will be around Rs 15,22,221 in 21 years i.e. maturity. At the same time, interest at the rate of 7.6 per cent in SSY will be eligible for tax exemption.
How to open SSY Account
Sukanya Samriddhi Yojana account can be opened in any authorized branch of any post office or commercial branch. Under this scheme, any citizen, whose age is less than 10 years, on the day of account opening, can open an account by depositing Rs 250. A maximum of Rs 1.5 lakh can be deposited in a financial year under Sukanya Samriddhi Yojana account. After opening the Sukanya Samriddhi Yojana account, it is valid till the girl child attains the age of 21 years or she gets married after the age of 18 years.
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