Sukanya Samriddhi Yojana Update: The Sukanya Samriddhi Yojana (SSY) is an initiative by the Central Government to empower young girls. This remarkable scheme holds the potential to transform your daughter’s life, making her a millionaire.
Under this scheme, parents of girls under the age of 10 can open special accounts in their daughter’s name. These accounts serve as a financial nest egg, safeguarding your daughter’s future.
Here’s how it works: when your daughter reaches the age of 18, you can withdraw half of the accumulated amount. The remaining sum can be withdrawn when she turns 21. This way, the scheme not only ensures a secure future for your daughter but also takes care of her educational expenses and wedding costs.
Interest Rates in Sukanya Samriddhi Yojana
The interest rates in Sukanya Samriddhi Yojana are revised every three months. Recently, the government has increased the interest rate for the April-June quarter, which now stands at 8 percent annually. Previously, the scheme offered an annual interest rate of 7.60 percent. This means that for the first quarter of FY 2024, the interest rate has been raised by 40 basis points. To open an account under this scheme, you can visit your nearest post office.
Making Your Daughter a Millionaire by the Age of 21
Let’s crunch the numbers! If you invest in a Sukanya Samriddhi Scheme account right after your child is born, you’ll have 15 years to contribute. Here’s an interesting fact: if you choose not to withdraw 50 percent of the maturity amount when your daughter turns 18, she will receive a maturity amount of 51 lakhs.
Out of this amount, 18 lakhs will be your investment, and the remaining 33 lakhs will be the interest accumulated over the 21-year maturity period. This means that if you deposit Rs 10,000 per month in your daughter’s Sukanya Samriddhi Scheme account from her birth, she will become a millionaire by the time she reaches 21.
By taking advantage of this scheme and making regular contributions, you are laying a strong financial foundation for your daughter’s future.