Sukanya Samriddhi Yojana: A Boon for Daughters' Financial Security

The central and state governments have initiated various programs to empower daughters and promote their self-reliance, aligning with the mission of Beti Bachao, Beti Padhao. One such program is the , which aims to provide financial security for daughters. Whether it’s the birth of a single daughter or twin daughters in your family, this scheme offers significant benefits that can help secure their future, including a lump sum fund that can assist in covering major expenses such as marriage.

Sukanya Samriddhi Yojana Overview

Sukanya Samriddhi Yojana is a savings scheme introduced by the central government to promote savings for the education and marriage of a girl child. It offers attractive interest rates and tax benefits, making it a popular choice for parents looking to invest for their daughters’ future.

Interest Rate Update for Sukanya Samriddhi Yojana

For the third quarter of the financial year 2024-25, the interest rate on Sukanya Samriddhi Yojana remains unchanged at 8.2%. This is the third consecutive quarter where the interest rate has not been altered. The government made changes to the interest rates of some other schemes during the last quarter of 2023-24, but the SSY rates have remained stable.

Key Features of Sukanya Samriddhi Yojana

Eligibility:

• The girl child must be below the age of 10 years to open an SSY account.

Investment Limits:

• A minimum of Rs 250 and a maximum of Rs 1.50 lakh can be invested annually.

Duration of Investment:

• Investments can be made up to 15 years from the date of account opening. However, the account matures when the girl turns 21 years old.

Tax Benefits:

• Contributions, interest earned, and the maturity amount are all exempt from tax under Section 80C of the Income Tax Act.

Example: How Much You Can Earn with Sukanya Samriddhi Yojana

If you start investing in Sukanya Samriddhi Yojana when your daughter is 5 years old and you contribute Rs 10,000 per month (which totals Rs 1.20 lakh annually), your total investment over 15 years will amount to Rs 17.93 lakh. At the current interest rate of 8.2% per annum, the total fund after 21 years will grow to Rs 55.61 lakh. Out of this, Rs 37.68 lakh will be the interest earned, offering a substantial return on investment.

Why Sukanya Samriddhi Yojana is Beneficial

• High Returns: With an 8.2% interest rate, SSY offers higher returns than many other small savings schemes.
• Long-Term Savings: The 21-year maturity period ensures a strong corpus for important milestones in your daughter’s life, such as higher education or marriage.
• Tax-Free Returns: Both the principal and the interest earned are exempt from taxes, making it an even more attractive investment option.

In conclusion, Sukanya Samriddhi Yojana is an excellent scheme for parents looking to secure their daughter’s future through long-term savings. With stable interest rates and substantial tax benefits, it is one of the most reliable financial options available for securing your daughter’s financial well-being.

For more detailed information and updates, it is advisable to refer to the official government notifications.

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