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If you want your daughter to have a large fund ready at the age of 21 and her future to be financially strong, then the Post Office scheme Sukanya Samriddhi Yojana can prove to be a better option.
Every parent wants their children’s future to be secure and when they grow up, there should be no shortage of money for their education or marriage. If you are also looking for a fixed and reliable investment plan for your daughter, then Post Office Sukanya Samriddhi Yojana can be a great option for you. This scheme not only gives guaranteed returns, but the risk on investment in it is also very low.
What is Sukanya Samriddhi Yojana?
Sukanya Samriddhi Yojana is a special savings scheme run by the Government of India, which has been specially designed keeping in mind the future of daughters. In this, you can open an account in the name of your daughter, but the condition is that the age of the girl should be less than 10 years. A minimum of Rs 250 and a maximum of Rs 1.5 lakh can be deposited in this account every year.
How can one earn Rs 70 lakh?
If you want your daughter to get an amount of about Rs 70 lakh when she turns 21, then it is necessary for you to save Rs 12,500 every month and invest Rs 1.5 lakh in a year. Suppose you opened this account when your daughter was 5 years old and you deposited Rs 1.5 lakh every year for 15 consecutive years. In this way, your total investment in 15 years will be Rs 22.5 lakh. Since this scheme gives compound interest, after 21 years this amount will increase to about Rs 69.27 lakh. In this, about Rs 46.77 lakh will be earned only from interest.
The most special thing about this scheme is that the interest received in it is completely tax free and at present this interest rate is 8.2 percent, which is better than other savings schemes. Under this scheme, when the daughter turns 18 years old, then you can make a partial withdrawal from it, which can be very helpful for her education expenses. At the same time, the full money will be available when the account matures i.e. 21 years are completed.
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