Sukanya Samriddhi Yojana: Planning for your daughter's financial future is made easier with the Central Government's Sukanya Samriddhi Scheme. This initiative empowers you to build a substantial fund to cater to her upcoming financial needs.
Parents can open up to two accounts per family under the scheme, in the name of two girls aged between one and less than ten years. In case of twins or multiple children, this provision extends for more than three children.
Presently, the Sukanya Samriddhi Yojana offers an 8 percent interest rate, allowing you to invest up to Rs 1.5 lakh annually per account. The interest compounds annually on the deposited amount within the Sukanya Samriddhi Account, which matures 21 years from its opening. Investments are accepted until the completion of 15 years.
Estimating savings from SSY account:
A Sukanya Samriddhi Yojana calculator reveals that by depositing the maximum annual amount of Rs 1.5 lakh, parents can accumulate up to Rs 67.3 lakh. Assuming an 8% interest rate and investing Rs 1.5 lakh annually for 15 years, an SSY opened in 2023 would yield Rs 67.3 lakh upon maturity.
It's worth noting that changes in interest rates can impact the final amount, with higher rates leading to larger sums and lower rates affecting the outcome.
Saving for a target of Rs 50 lakh:
For a maturity sum of Rs 50 lakh, parents can achieve this goal by depositing Rs 1,11,370 each year. This translates to saving approximately Rs 305.1 per day. It's important to ensure that the interest rate remains at 8 percent for this calculation to hold true.
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