The Sukanya Samriddhi Yojana (SSY) is an investment program that not only lets people save money on taxes but also ensures the financial future of their girls. The SSY scheme is completely without risk as the government is supporting it, and it offers preferred returns over most of other little investment funds plans.
The government has raised the interest rate on the Sukanya Samriddhi Yojana (SSY) from 7.60 percent to 8%, which is the long-term return that investors in debt mutual funds anticipate receiving on their investments.
A girl under the age of 10 can have a guardian open an SSY account for her. The daughter will keep control of the account until she turns 18 years old. A maximum of two girls can open an account in a household; Multiple accounts may be opened if there are twins or triplets.
A significant advantage of the SSY plan is the ease with which an account can be transferred to another bank branch or post office or opened at any bank or post office. This venture has a 15-year speculation period, and the development time frame is of 21 years.
A person will be eligible to use their entire Section 80C income tax benefit of Rs 1.5 lakh in a single fiscal year if they invest Rs 12,500 each month for 12 installments and expect a return of 7.6% at maturity.
At the point when the young lady turns 21, the investor can completely pull out the entirety of their venture, and the SSY will develop with a worth of around 63,79,634. If an investor begins making monthly contributions of Rs 12,500 to a Sukanya Samriddhi Yojana account as soon as a girl is born, she will become a millionaire at the age of 21.
