With the birth of a daughter, parents start worrying about her education and marriage. Although this is a long term plan, but if you invest at the right time, your path becomes easier. Sukanya Samriddhi Yojana (SSY) can be a better option to arrange the expenses of your daughter’s education or marriage. In this scheme, you can invest Rs 1 lakh every year and earn Rs 45 to 47 lakh. Under the scheme, the account can be opened only by the legal guardians of the girl child, who can be either the biological parents of the girl child or a guardian appointed by the court. Account for girl child should be opened before the age of 10 years. The maturity period of the account is 21 years from the date of account opening and premature closure is allowed only if the girl child gets married after 18 years of age. Additionally, partial withdrawal of up to 50% of the balance amount is allowed for the higher education of the daughter. The interest rate under this scheme is 8.2%. It is completely tax free and the government keeps changing from time to time. To open this account, the guardian will have to submit copies of PAN card, proof of address, proof of identity as well as a copy of the registered birth certificate of the girl child.
How much can you invest?
The minimum investment under the scheme is ₹250 and maximum ₹1.50 lakh. To keep the account active, the guardian will have to deposit money at least once every financial year for the first 15 years. After this, interest will continue on the account till the maturity period of 21 years, hence no further deposit is required. If the account once becomes inactive, it can be activated by paying a fine of ₹50.
Manage funds more than Rs 47 lakh like this
Investment per year – Rs 1 lakh
Investment Price:₹15,00,000
Maturity Year:2047
Maturity amount: ₹47,88,079
Interest earned:₹32,88,079