Secure Future: Ensure 70 Lakhs for Your Daughter’s Future with This Smart Investment Scheme
Secure Future: When a baby girl is born, her father often feels overwhelmed by the responsibilities ahead. However, by planning financially for her future early on, many of these concerns can be addressed. The Sukanya Samriddhi Yojana (SSY) is a government-backed scheme designed specifically to secure a financially stable future for daughters. This plan ensures that by the time your daughter grows up, she will have enough funds to avoid financial hurdles.
About the Scheme
The Sukanya Samriddhi Yojana is a government-backed savings scheme that allows you to invest between Rs. 250 and Rs. 1.5 lakh annually. The scheme currently offers an interest rate of 8.2%. It requires investments over a period of 15 years, and the account matures when the girl turns 21.
Investment Details
If you open a Sukanya Samriddhi account for your daughter and deposit Rs. 1.5 lakh every year, you would need to save Rs.12,500 each month. Over 15 years, your total investment would amount to Rs.22,50,000. At the end of the 21-year term, with an interest rate of 8.2%, you would receive Rs. 46,77,578 as interest. Combining this with your initial investment, the total amount would be Rs. 69,27,578, which is approximately Rs.70 lakh. This is more than three times the amount you invested.
Alternative Investment Plan
If you choose to invest Rs. 1 lakh annually instead, you would need to save Rs. 8,334 each month. Over 15 years, your total investment would be Rs. 15,00,000. After 21 years, you would receiveRs. 31,18,385 as interest, leading to a total amount of Rs. 46,18,385, combining both the principal and interest.
Starting Your Investment
If you start investing in the Sukanya Samriddhi Yojana in 2024, the account will mature in 2045. This means that by 2045, you will receive the full amount from the scheme. An additional benefit of this scheme is that investments are eligible for tax benefits under Section 80C of the Income Tax Act, 1961. You can open a Sukanya Samriddhi account at any post office or authorized bank.
Also read: Boost Mutual Fund Returns: The 8:4:3 Rule and Rule of 72
By starting the Sukanya Samriddhi Yojana early, you can ensure a secure financial future for your daughter, providing her with significant financial resources by the time she turns 21. This scheme not only supports long-term savings but also offers tax benefits, making it a valuable investment for securing your daughter’s future.
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