The Sukanya Samriddhi Yojana, a government initiative, offers one of the most promising avenues for securing your daughter’s future. Under this scheme, parents can invest with confidence, assured that their daughters’ educational and matrimonial expenses will be supported.

Scheme Overview

Established by the Central Government of India, this scheme welcomes participation from all Indian citizens seeking to ensure a bright future for their daughters. Here’s how you can invest in this scheme, including the interest rates offered by the post office, the duration of investment, and the maturity benefits.

Historical Context

Sukanya Samriddhi Yojana, inaugurated in 2015 in Panipat, Haryana, provides daughters with attractive interest rates. In addition to the post office, accounts can be opened at banks in the daughter’s name for investment purposes.

Regulations and Benefits

The government has implemented various regulations governing investment in Sukanya Samriddhi Yojana, ensuring adherence to specific criteria for account establishment. Only two daughters per family are eligible for scheme benefits, although exceptions are made for families with twin daughters born after the first child.

Interest Rates and Returns

Interest rates in the SSY Scheme are currently set at 8.2 percent, subject to change by the government. This rate guarantees substantial returns upon maturity, enhancing the financial prospects for daughters.

Investment Guidelines

To open an SSY account and invest on behalf of your daughter, she must be under 10 years old. Furthermore, an annual investment of Rs 250 is required to maintain the account’s active status. The maximum annual investment permitted is Rs 1,50,000, with the option to reactivate inactive accounts by paying a Rs 50 penalty annually, in addition to the annual investment requirement.

Example and Calculation

With a monthly investment of Rs 2,000, totaling Rs 24,000 annually, over a 15-year period, the daughter’s account will accumulate a total of Rs 3,60,000. The post office offers an 8.2 percent interest rate on this sum, resulting in a maturity benefit of Rs 11,08,411 after 21 years.

Withdrawal Options

Upon reaching 18 years of age, the daughter can withdraw up to 50 percent of the invested amount for higher education expenses. Additionally, the government permits withdrawal of invested funds for matrimonial purposes.