New Delhi. Sukanya Samriddhi Yojana is very popular among parents for better future of daughters, expenses like education and marriage. In this savings scheme of the government, a big fund can be created in the long run with a small amount. This scheme was started under the Beti Bachao, Beti Padhao campaign.
Account of depositing ₹1500 every month
If parents deposit Rs 1500 every month in this scheme in the name of their daughter, then the annual investment will be Rs 18 thousand. If the amount is deposited continuously for 15 years, the total investment will be Rs 2.70 lakh. Considering the current 8.2 percent interest rate as the basis, according to the given calculation, the amount can reach around Rs 8.31 lakh on completion of the period of 21 years. It is estimated that about Rs 5.61 lakh will be received from interest. However, the interest rate is decided by the government from time to time, so the actual maturity amount may change.
Investment has to be made only for 15 years
In this scheme, after opening the account, the amount has to be deposited for 15 years, while the account matures in 21 years. That is, after investing for 15 years, interest keeps getting added on the deposited amount for the remaining period. If the investor deposits the annual amount at the beginning of the financial year, the final amount received may be different from the monthly deposit due to calculation of interest.
Tax relief is also available
One of the special features of Sukanya Samriddhi Yojana is its tax benefits. Eligible investments can avail the benefit of deduction up to the limit prescribed in Section 80C under the Income Tax Act. As per the rules of the scheme, tax benefits are also available on interest and maturity amount. The interest rate and rules of the scheme may be changed by the government from time to time. Therefore, before opening an account or investing, please check the current rules from an official source.