Sukanya Samriddhi Yojana (SSY) of the Central Government is a fantastic investment choice for you if you wish to financially safeguard the future of your daughters. You will be responsible for maintaining this account until the female child becomes 18 years old, at which point she will be able to use the funds as needed. However, the maturity of this plan only becomes apparent when the girl turns 21.
On this, the government presently charges 7.6 percent interest, which is greater than many FDs. If money is invested in a reputable fund, it may be held there until maturity and used for daughter’s schooling or wedding costs. However, a family’s only two females may establish an account. However, there are several circumstances in which this account can be formed for three daughters.
When will a family’s account for three daughters be established? If a family has one daughter, two twin daughters, and eventually three daughters, the account can be registered under the Sukanya Samriddhi Yojana for all three girls. The third daughter is now included in this programme, which previously only applied to the first two daughters who deposited money into the account.
Greater interest rate compared to many other programmes.
As we previously noted, the government is offering you more returns under this programme than many fixed deposits. In a similar vein, Sukanya Samriddhi offers you more returns than many government programmes. In comparison to PPF, NSC, RD, or Monthly Income Scheme, you are receiving greater interest here. Let us assure you that anything you invest will provide a threefold return when it matures. Currently, the most money you can raise through this plan is Rs 64 lakh.
What is your financial capacity?
This account may be opened with a deposit of Rs. 250. Only 1.5 lakh rupees can be deposited into this plan in a fiscal year. After the account is created, you are required to deposit a minimum of Rs 250 per financial year; otherwise, a Rs 50 fee may be assessed. It is important to note that although you only need to contribute for 15 years, the programme matures when the female kid turns 21.
Accordingly, if you start an account for a 3-year-old girl, you are only required to make investments up to the age of 18. The following three years will see an automatic escalation of interest. Keep in mind that a girl kid must be under 10 years old to establish an account.
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