Sukanya Samriddhi Yojana: This is the amount you can save for your daughter's education, marriage
The Government of India levies an interest rate of 8.5% for the first financial quarter of FY 2019-20.
There are many government-backed schemes that allow you to invest and build a corpus for girl child. The Sukanya Samriddhi Yojana (SSY) is one such savings scheme that encourages the parents of the girl child to save for her education and marriage. The scheme allows parents to keep aside a minimum amount of Rs 250 or a maximum amount of Rs 1,50,000, that will mature over a span of 21 years and yield a lump sum amount for the expenses of the girl child. Under this scheme, the parents can open an account with either the post office or authorized commercial banks affiliated to the scheme. This account is for the overall benefit of the girl child. The parents can open the account anywhere between the time the child is born and the time she attains the age of 10.
The Government of India levies an interest rate of 8.5% for the first financial quarter of FY 2019-20, unchanged compared to the last financial quarter. In this scheme, one needs to invest for the first 14 years. Post that, the account will earn the applicable rate of interest until it is closed. So if one deposits the principal amount of Rs 1000 per month for 14 years, from the time the girl is born, with the current interest rates, the returns will mature for after 21 years to Rs 5,78,460.1.
Moreover, if one deposits around Rs 1,20,000 yearly, then by the time the deposit matures, it will yield a sum amount up to Rs 54,57,308.00 after 21 years, with investments for the 14 years. the maximum a girl can benefit from this scheme is Rs 68,21,635.00, with yearly deposit of Rs 1,50,000 for the first 14 years.
Under the scheme, the parents can apply for another account if they have more than one girl child. Initially, a deposit of minimum Rs 250 is required to open the account. Tthe scheme offers only the girl to access the account after she attains the age of 10. The child can make 50% of withdrawal by the time she turns 18 for her higher education. If the girl is 18 and married, the account can be closed normally.
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