In a strategic move ahead of the Lok Sabha elections, the government has announced an increase in the interest rates for small savings schemes, significantly impacting those investing in the Sukanya Samriddhi Yojana (SSY). This scheme, specifically designed for the future security of daughters, will now offer an increased interest rate, making it an even more attractive investment option.
What is Sukanya Samriddhi Yojana?
The Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme that guarantees 100% safety for your investments. Under this scheme, you can invest a minimum of INR 250 up to a maximum of INR 1.5 lakh annually. Exclusively crafted for daughters, SSY allows parents to plan and secure the financial future of their girl child, covering essential future expenses such as education and marriage. The scheme permits investment for 15 years, with the maturity period extending to 21 years, ensuring a substantial corpus is accumulated by the time of maturity.
Eligibility and Application Process
The SSY account can be opened for girls aged up to 10 years by their parents. With an initial investment as low as INR 250, the scheme was initially offering an annual interest rate of 8%. However, for the January-March quarter, this rate has been boosted to 8.2%, including the benefits of compound interest. Notably, only one account per girl child is permitted, with a maximum of two accounts for a family. Exceptions are made for twins, allowing parents to open a third account under certain conditions.
Interest and Maturity Benefits
The investments made in SSY are eligible for tax deductions under Section 80C of the Income Tax Act, and the returns upon maturity are completely tax-free. A yearly investment of INR 1.5 lakh can potentially grow to approximately INR 67 lakhs at maturity, thanks to the power of compounding interest. The scheme’s maturity period is set at 21 years, with the investment period lasting 15 years. This means that even after the cessation of investments, the account continues to earn interest until maturity. For instance, an account opened for a newborn girl will mature when she reaches 21, and for a girl who is 4 years old at the time of opening the account, it will mature when she turns 25. Post 18 years of age, the girl can manage the account herself.
Daily Investment Strategy
For those aiming to maximize their investment in SSY, an annual deposit of INR 1.5 lakh is recommended. This breaks down to INR 12,500 monthly or approximately INR 417 daily. For a newborn girl, this investment strategy over 15 years can accumulate to INR 22.50 lakhs, which is expected to grow to around INR 65 lakhs by the time of maturity, considering the interest compounding annually.
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