Sukanya Samriddhi Yojana: Higher education and marriage. So much money is spent on these two things that everyone is left helpless. Middle class or lower middle class families are always worried about these expenses. But if you keep investing small amounts of money right from the birth of your child, you can create a large fund for these expenses. Here Sukanya Samriddhi Yojana will be very useful for you. This is a small savings scheme. This is a government-backed scheme, whose interest rate is decided by the government every three months. This scheme is currently offering an interest rate of 8.2 percent per annum. This is the annual compound interest rate. Let us know in detail.

Special features of SSY

1. Parents can open an account under Sukanya Samriddhi Yojana (SSY) before their daughter turns 10 years old.
2. Sukanya Samriddhi Account can be opened for only 2 daughters in a family. In case of twins or triplets, more than 2 accounts can be opened.
3. In this scheme, you can deposit a minimum of Rs 250 and a maximum of Rs 1,50,000 in a financial year. You can make this investment in installments or in lump sum.
4. Contribution can be made in SSY for a maximum period of 15 years after opening the account.
5. This scheme comes with EEE status. This means that the investment amount, interest income and maturity amount are all tax free.
6. If an investor opens an account in this scheme immediately after the birth of his daughter, he can deposit his contribution for 15 years. After this, there is a lock-in period of 6 years. During this period, one does not have to invest, but interest keeps coming.
7. In this scheme, 50% of the maturity amount can be withdrawn when the daughter turns 18 years old. The remaining amount can be withdrawn when the daughter turns 21 years old.
8. In this scheme, the benefit of income tax exemption is also available on investment of up to Rs 1.50 lakh made in a year.

This is how a fund of Rs 70 lakh will be created

Suppose you open an account in Sukanya Samriddhi Yojana when your daughter is 1 year old. If you invest Rs 1,50,000 every financial year, then when the daughter turns 21 years old i.e. at the time of maturity, a total fund of Rs 69,27,578 will be accumulated. In this, the amount invested by you will be Rs 22,50,000 and the interest income will be Rs 46,77,578.