Sukanya Samriddhi Yojana (SSY) is an investment scheme that not only allows individuals to save taxes but also secures the financial future of their girl child. The SSY scheme is fully risk-free as the government is backing it, and it offers better returns than the majority of other small savings schemes.
The government has increased interest rate of Sukanya Samriddhi Yojana (SSY) from 7.60 per cent to 8 per cent, a return that debt mutual fund investors expect on their investment for long term.
The guardian may open an SSY account in the name of a girl under the age of 10 years. The account belongs to the daughter until she becomes 18 years old. In a household, a maximum of two girls may open an account; if there are twins or triplets, more than two accounts may be opened. The fact that an account can be opened at any bank or post office and transferred to another bank branch or post office with ease is a significant benefit of the SSY plan. This project has a 15-year investment period, and the maturity period is of 21 years.
If a person invests Rs 12,500 each month over the course of 12 installments and assumes a 7.6% return on their investment at maturity, they will be able to use up their entire Rs 1.5 lakh income tax benefit under Section 80C in a single fiscal year.
When the girl turns 21, the investor can fully withdraw all of their investment, and the SSY will mature with a value of about 63,79,634. A girl will become a millionaire at the age of 21 if an investor begins contributing Rs 12,500 per month to a Sukanya Samriddhi Yojana account as soon as a girl is born.
