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Sukanya Samriddhi Yojana: Know investment, returns, interest rate, income tax benefit and plan your daughters future

Sukanya Samriddhi Yojana (SSY) is a savings scheme, which can be opened by the parents or a legal guardian of a girl child.

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Sukanya Samriddhi Scheme, a special investment scheme of the Government of India targeted at the parents of girl children. By investing in this scheme, you can secure the future of your daughter. The girl child savings scheme Sukanya Samriddhi Yojana offers 7.6 per cent of interest rate and tax benefits under 80C.

If your daughter's age is less than 10 years, then you can invest in this Sukanya Samriddhi Yojana. You can invest with a minimum initial amount of Rs 250 upto Rs 1.5 lakh in a year under this scheme.

This scheme will mature when the daughter will turn 21. However, your investment in this scheme will be locked at least till the daughter turns 18. Even after 18 years, she can withdraw 50% of the total amount from this scheme. Which she can use for studies. The total amount can be withdrawn only when she is of 21 years of age.

One of the major benefits that you get by investing in this scheme is that you do not have to pay any tax on the amount invested.

It is important to know about Sukanya Samriddhi Account that you can open this account in only one bank. Apart from the bank, you can also open Sukanya Samriddhi Account in the post office.  

In this scheme you do not have to deposit money for the entire 21 years, money can be deposited up to 15 years from the time of opening the account, while interest will continue to accrue on the deposited amount till the account will be mature. At present, the government is giving interest on this at the rate of 7.6% per annum. The parents or legal guardians of a girl child are allowed to open the account for two girl children only.

The account can be opened by the parents or legal guardian for a girl child of age below 10 years. A depositor can open and operate only one account in the name of a girl child under the scheme rules.

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