Sukanya Samriddhi Yojana: The interest rate on the Sukanya Samriddhi Yojana has not changed. Sukanya Samriddhi Yojana is a central government-run scheme that has been designed specifically for daughters in order to safeguard their future.
Sukanya Samriddhi Yojana: If you’re a parent who also has a daughter, do something special for her on this Women’s Day. Make a plan for your daughter on this day so that your sweetheart will never have a financial problem. Sukanya Samriddhi Yojana allows you to build a large wealth for your daughter by saving just Rs 416 every day. This daily savings of Rs 416 would grow into a sizable sum of Rs 65 lakh for your daughter.
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What is the Sukanya Samriddhi Yojana, and how does it work?
Sukanya Samriddhi Yojana is a long-term scheme in which you can invest with confidence in your daughter’s education and future. You don’t even need to spend a lot of money to accomplish this. First, figure out how much money you’ll need for your daughter’s 21st birthday. Let us walk you through the entire calculation.
The government’s fantastic plan for daughters
This is a popular government plan to boost the future prospects of daughters. Sukanya Samriddhi Yojana allows a daughter up to the age of ten to register an account. You can deposit a minimum of Rs 250 and a maximum of Rs 1.5 lakh in this account each year. When the girl reaches the age of 21, the scheme will be complete. Your investment in this scheme, however, will be locked in at least until the daughter reaches the age of 18. She can withdraw 50% of the total cash from this arrangement even after 18 years. Which she can use towards her graduation or subsequent education. After that, she will be able to withdraw all of the funds after she has reached the age of 21.
Money is only deposited for a period of 15 years.
The benefit of this program is that you do not have to deposit money for the entire 21 years; instead, money can be deposited for only 15 years from the time the account is opened, with interest accruing on that money until the daughter reaches the age of 21. The government is currently paying interest on this at a rate of 7.6% per year. This plan can be opened for two of the house’s daughters. If there is a twin, the scheme can be used by all three daughters.
How to Get Ready for Investing
First and foremost, you must determine how much money you will require for your daughter when she turns 21. The sooner you begin the scheme, the more money you will receive when your daughter reaches the age of 21. The golden rule of investing is to pick the proper time to invest.
When should you start investing?
If your daughter is ten years old today and you begin investing today, you will be able to invest for only eleven years; similarly, if your daughter is five years old and you begin investing today, you will be able to invest for sixteen years, increasing the maturity amount. If you start investing when your daughter is one year old in 2021, it will mature in 2042. And you can get the most out of this plan.
From Rs 416, 65 lakh rupees will be made in this manner.
- We’ll assume that your daughter is one year old when you start investing in 2021.
- You’ve now saved Rs 416 every day, for a total of Rs 12,500 in a month. If you make a monthly contribution of Rs 12,500, you would have a total of Rs 15,00,00 at the end of the year. If you invest for only 15 years, your total investment will be Rs 2,250,000.
- You earned a total interest of Rs 4,250,000 at a rate of 7.6% per year. The scheme would mature in 2042, when the daughter turns 21, with a total maturity sum of Rs 6,500,000.
This is the calculation that you should remember. You may secure your daughter’s future by saving just Rs 416 per day. The golden rule of investing is to get started as soon as possible. The sooner you begin this program, the more benefits you will receive.
