Sukanya Samriddhi Yojana: Sukanya Samriddhi Yojana (SSY) of Post Office is such a Small Savings Scheme, in which you will get 3 times the profit on maturity of the total investment you make. The interest you get in this will be double the total investment. That means, if you deposit Rs 5 lakh in the scheme in 15 years, then you will get Rs 15 lakh on maturity of 21 years, out of which Rs 10 lakh will be only interest. Isn’t this a wonderful small savings scheme for your daughter? Through this scheme, a maximum of Rs 70 lakh can be raised on maximum deposit. If your target is to raise Rs 50 lakh then how much will you have to deposit per month.
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Highest interest paying small savings scheme
Currently the interest rate in Sukanya Samriddhi Yojana is 8.2 percent per annum. The special thing is that you have to invest in it for 15 years, while interest will continue to be added on the total closing balance for the next 6 years i.e. till maturity. The full amount will be received on maturity after 21 years. In this scheme, a maximum of Rs 1,50,000 can be deposited annually in a financial year. You can deposit a minimum of Rs 250. Under this scheme, parents can open an account in the name of their daughter below 10 years of age.
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SSY: Tax Free Scheme
Sukanya Samriddhi Yojana is a tax free scheme. Tax exemption is available on this at three different levels i.e. EEE. First, exemption on annual investment up to Rs 1.50 lakh under Section 80C of the Income Tax Act. Secondly, there is no tax on the returns received from this. Third, the amount received on maturity is tax free. Sukanya Samriddhi Yojana was launched on 22 January 2022 in the first term of the Modi government. This scheme was started under the Beti Padhao, Beti Bachao campaign, the objective of which is a better future for daughters.
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Can money be withdrawn before maturity?
When the daughter turns 18 years of age, 50 percent of the amount can be withdrawn before maturity for her marriage. Apart from this, in some circumstances, after 5 years of opening the account, money can be withdrawn before maturity. Such as sudden death of the account holder, death of a parent, serious illness of the account holder or inability to continue the account.
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SSY Calculator: How to make Rs 50 lakh
Year of opening SSY account: 2024
Interest rate in SSY: 8.2 percent per annum
Annual investment: Rs 1,10,000
Total investment in 15 years: Rs 16,50,000
Total amount on maturity of 21 years: Rs 50,80,224
Account maturity year: 2045
Interest benefit: Rs 34,30,224
Note: Here you can see that you deposited a total of Rs 16.50 lakh in 15 years, while you got Rs 50.80 lakh on maturity. That means the profit on total investment was almost 3 times. The amount of interest in this is more than Rs 34 lakh, which is almost double of your investment. To create a fund of Rs 50 lakh, you will have to deposit Rs 1.10 lakh every year.
(Source- SSY Calculator, India Post)