The Sukanya Samriddhi Yojana is a popular government scheme designed to secure the future of daughters. It offers up to 8.2% interest and can create a substantial corpus within 21 years.

While the stock market, as well as gold and silver, are experiencing volatility, investing their money in the right place poses a significant challenge for investors, especially if you're considering long-term investments. If you're a parent planning to invest for your daughter's future, this news is for you. We're going to tell you about a government scheme that will ensure you don't have to worry about market fluctuations and will also receive a substantial corpus upon maturity at 21 years.

Every parent dreams of ensuring their daughter's education and marriage without financial constraints. If you too want to build a substantial fund for the future with small savings, the Sukanya Samriddhi Yojana (SSY) could be an excellent option for you. This is a safe savings scheme from the Central Government, specifically designed for daughters.

The biggest highlight of this scheme is its attractive interest rate. Currently, SSY offers an annual interest rate of 8.2%, which is higher than typical bank FDs and many other savings schemes. Since it's a long-term scheme, it offers the full benefits of compounding. If you continue to invest regularly, you can build a substantial corpus after 21 years.

Who can open an account?

Under this scheme, an account can be opened in the name of a daughter under the age of 10. Parents or legal guardians can open this account for the daughter. A family can open two separate accounts in the names of up to two daughters. This way, the future of both children can be secured.

Where and how is the account opened?

An SSY account can be easily opened at a post office or authorized bank. The daughter's birth certificate, proof of identity and address of the parents, and a photograph are required to open the account. The process is simple, and once the account is opened, you can deposit funds at any time of the year.

Start with a low investment

This scheme requires a minimum annual deposit of ₹250, while a maximum of ₹1.5 lakh can be invested. You can deposit in installments or in one go. Once the account is opened, investments must be made for 15 years, and the scheme matures at 21. A small amount can also be withdrawn for higher education when the daughter turns 18.

Tax relief too

SSY is classified as EEE. This means that the deposit amount, the interest earned, and the maturity amount are all tax-free. Furthermore, it also offers tax exemption under Section 80C of the old income tax system. Overall, if you want to secure your daughter's financial future, SSY is a reliable and beneficial government scheme. It's an easy way to achieve big goals with small savings.