The Sukanya Samriddhi Yojana scheme is a government-backed savings plan specifically designed for the girl child. Introduced by the Government of India under the ‘Beti Bachao, Beti Padhao’ initiative in 2015, it aims to secure the future of girl children and foster their education and marriage expenses. It also encourages saving and investing in an economically stable manner, creating a bright future for young girls in India.
Understanding the Sukanya Samriddhi Yojana Scheme
This unique Sukanya Samriddhi Yojana scheme allows parents or legal guardians to open an account in the name of a girl child until she turns 10 years old. Only one account per child is allowed, with a maximum limit of two accounts for two different girls in a family. In the case of twins or triplets, an exception is made, allowing parents to open more than two accounts.
The minimum deposit under the Sukanya Samriddhi Yojana scheme is INR 250, and the maximum deposit in a financial year is INR 1.5 Lakhs. Furthermore, the deposits made towards this account, the maturity amount, and the interest earned are all exempt from taxation under Section 80C of the Income Tax Act.
At the heart of the scheme lies its impressive interest rates. These rates are revised each fiscal quarter by the Government of India. Currently, it stands at 7.6% per annum (2021-22), which outranks many other small savings schemes.
Turning to the Sukanya Samriddhi Yojana Calculator
Investors find the Sukanya Samriddhi Yojana calculator a beneficial tool. This online calculator allows you to gauge the maturity amount readily at the end of the tenure. Which is normally the time when the account holder reaches 21 years of age.
Let’s take an example. If you invest INR 1.5 Lakhs every year (which is the maximum limit under this scheme) for 15 years at an interest rate of 7.6%. The Sukanya Samriddhi Yojana calculator will show that your maturity amount after 21 years will be close to INR 67,88,878.
While the yearly contribution terminates after the 15th year. The interest continues to accrue till the 21st year, thus contributing significantly to the final corpus. The ability to approximate the investment returns is a crucial aspect that augments the appeal of the Sukanya Samriddhi Yojana scheme.
An Important Disclaimer
It is important to understand that when investing in any type of savings plan. You should do so with complete knowledge and careful consideration. While the Sukanya Samriddhi Yojana Scheme does offer attractive interest rates and tax advantages. It is essential for investors to make sure that the terms and conditions are in line with their financial objectives and abilities. It’s worth noting that the financial market is vast and demands thorough comprehension and evaluation before making any investment decision. If needed, it is advisable to seek guidance from a reputable financial advisor or professional. Who can provide expert advice on trading in the Indian financial market
Summary
Sukanya Samriddhi Yojana scheme, a government-backed savings plan introduced in 2015. It provides a golden opportunity to secure a girl child’s future in India. The scheme, which allows parents or guardians to open an account until the girl child turns 10 years. Accentuates the importance of saving and investing wisely. With exemptions on deposits, maturity amount, and interest earned from taxation under Section 80C. The impressive interest rates, which surpass many small savings schemes, make this Yojana more attractive to investors. The Sukanya Samriddhi Yojana calculator also helps to gauge the maturity amount readily. However, it is essential that every investor understands the market thoroughly or consults a financial advisor before proceeding so as an informed and wise decision can be made.
