The government has recently increased the interest rates for the Sukanya Samriddhi Yojana (SSY), making it an attractive option for securing your daughter’s future. With an increased interest rate of 8.2%, depositing ₹5,000 per month can accumulate to ₹28,72,848 over 15 years. This long-term scheme allows deposits ranging from ₹250 to ₹1.5 lakh annually and requires continuous investment for 15 years, with the accumulated amount available at maturity after 21 years.
To open an account, download the form from a bank or post office, fill it out, attach the necessary documents, and visit the nearest branch for verification. Remember, you can only open accounts for a maximum of two daughters, and there are tax benefits available under Section 80C of the Income Tax Act.
Higher Interest Rates for Sukanya Samriddhi Yojana After Increase, Depositing ₹5,000 per Month Will Accumulate to ₹28,72,848
The government has presented a significant gift to daughters on the occasion of the new year. The government has once again increased the interest rates under the Sukanya Samriddhi Yojana (SSY) which is run for the future of daughters. Now, the scheme will offer an interest rate of 8.2% instead of the previous 8%, making it quite attractive compared to several other schemes. If your daughter is up to 10 years old, you can deposit funds in her name under this scheme and build a substantial fund for her until she comes of age.
Investment Required for 15 Years
Sukanya Samriddhi Yojana is a long-term scheme. Under this, you can deposit annually from ₹250 up to ₹1.5 lakh. It is necessary to invest continuously for 15 years, and the accumulated amount is available with maturity after 21 years. If you start investing in SSY in the new year 2024 for your 2-year-old daughter, by 2045 when your daughter will be around 22-23 years old, you can accumulate a significant fund for her.
Millions Can Accumulate by Depositing ₹5,000 Monthly
If you deposit ₹5,000 every month in SSY, you will accumulate a total of ₹60,000 annually. In this way, over 15 years, you will invest a total of ₹9,00,000. According to the SSY Calculator, with an 8.2% interest rate, after 21 years the maturity amount will be ₹28,72,848. This amount can be accumulated for your daughter’s higher studies or marriage, among other things.
Opening an Account in This Manner
Visit the website of a bank or post office and download the form for the Sukanya Samriddhi Yojana. Fill it out and attach the requested information, photograph, and other documents such as the child’s birth certificate, photo, parent’s identification, etc. Then, take the filled form and documents to the nearest branch of the bank or post office. Also carry the original copies of all documents. After that, the employees at the bank or post office where you are opening the account will verify the form and match the attached documents with the originals. After this, the account will be opened in your daughter’s name. After opening the account, you can carry out several tasks online.
Accounts Can Be Opened for Only Two Daughters
The interest on Sukanya Samriddhi Yojana is reviewed quarterly. Under this, you also receive tax benefits under Section 80C of the Income Tax Act. You can claim tax exemption on a maximum of ₹1.50 lakh. Under this scheme, you can only open an account for two daughters. If you have more than two daughters, you will not be able to avail of this scheme for the third or fourth daughter. However, if you have a second daughter who is a twin or triplet, a Sukanya Samriddhi account can be opened for her.