Sukanya Samriddhi Yojana: A Path to Financial Security for Your Daughter

In India, the Sukanya Samriddhi Yojana has emerged as a significant savings scheme aimed at securing the future of girls. Launched by the Government of India, this initiative encourages the saving and investment culture among parents for their daughters' education and marriage. News by PWCNews.com highlights how this scheme can potentially lead to a maturity amount of 70 lakh INR.

Understanding Sukanya Samriddhi Yojana

The Sukanya Samriddhi Yojana was introduced under the 'Beti Bachao, Beti Padhao' campaign. This scheme offers a savings account for the parents of a girl child, allowing them to invest a minimum of INR 250 and a maximum of INR 1.5 lakh annually. The interest rate is set by the government, which is currently attractive, making it a wise choice for families looking to invest.

How to Calculate the Maturity Amount

One of the primary attractions of the Sukanya Samriddhi Yojana is the potential high returns at maturity. Let's break down how investments can lead to a substantial amount by the time your daughter reaches 21 years:

• If you invest the maximum amount of INR 1.5 lakh annually for 15 years, at a compounded interest rate of approximately 7.6%, your total maturity amount could exceed 70 lakh INR.
• Interest accrues on a yearly basis, which means that the early years of investment yield a notably high return due to compounding.

Benefits of Sukanya Samriddhi Yojana

The scheme not only provides financial security but also comes with numerous benefits:

• Tax benefits under Section 80C of the Income Tax Act
• Government-backed security measures
• Higher interest rates compared to traditional savings accounts

Who Can Open an Account?

Parents or legal guardians of a girl child aged below 10 years can open an account in her name. It's crucial to note that a guardian can open only one account for each daughter, and up to two accounts for two daughters.

Conclusion

The Sukanya Samriddhi Yojana serves as a foundation for financial planning for your daughter’s future needs. By making regular investments, parents can look forward to a promising sum at maturity that can be utilized for higher education or other essential milestones in a girl's life. For further updates and detailed information about financial schemes like these, visit AVPGANGA.com.

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