Know how your daughter can become a millionaire at the age of 21
If you start investing in your daughter’s Sukanya Samriddhi Yojana (Sukanya Samriddhi Yojana) at a young age, then by the age of 21, her daughter can become a millionaire. Parents, if their daughter is one year old, invest Rs 12,500 or Rs 1.5 lakh annually in Sukanya Samriddhi Yojana (SSY) account, then according to Sukanya Samriddhi Yojana (SSY) calculator, the daughter should be 21 years old. But the total maturity amount will be Rs 63.7 lakh.
It has a total deposit of Rs 22.5 lakh and a total interest income of Rs 41.29 lakh. If both parents invest for their daughter, then the total maturity amount will be Rs 1.27 crore when the daughter turns 21. In this calculation, the deposit period is 15 years and the maturity period is 21 years.
Sukanya Samriddhi Yojana: know what the interest rate is
This Sukanya Samriddhi Scheme is currently receiving interest at the rate of 7.6 per cent. The interest rate on this scheme is fixed by the government every three months. The government has not made any change in the interest rate on the scheme for the July to September quarter. The interest rate that remains at the time of opening an account in SSY. At the same rate, interest continues to accrue throughout the investment period. Under this scheme, returns can be found when the daughter is 21 years of age. As per the rules of the scheme, if the parents started investing at a young age, they can invest in the scheme for 15 years.
At least how much can be deposited in this scheme-
Minimum Rs 1,000 and maximum Rs 1.5 lakh can be deposited in this Sukanya Samriddhi Yojana. In Sukanya Samriddhi Yojana, rupees can be deposited any number of times in a month or in a year. Under this scheme, the account holders can make a partial withdrawal for higher education when the daughter passes the tenth standard or completes her 18 years.
How much will be the income tax benefit
An investment of up to 1.5 lakhs per annum in Sukanya Samriddhi Yojana (SSY) is eligible for income tax exemption. Parents can avail income tax exemption under Section 80C of the Income Tax Act by investing in Sukanya Samriddhi Yojana. At the same time, income tax exemption is also available on interest income and maturity amount in this scheme.