How much money should you put in Sukanya Samriddhi Yojna to make your daughter a millionaire? Let’s find out

Many parents often find themselves concerned about their daughters’ financial futures. In addition to covering educational expenses, they also think about the costs associated with marriage. This is why parents tend to set aside funds for both education and marriage, often investing in various avenues.

If you have a daughter in your family, consider investing in this scheme for her benefit. This way, you can alleviate worries about her future. Moreover, this initiative could pave the way for your daughter to become a millionaire.

The Sukanya Yojana can help your daughter achieve millionaire status

By contributing Rs 12,500 each month to your daughter’s Sukanya account, you could see a substantial return of Rs 80 lakh by the time she turns 21. That’s a significant amount! Additionally, this investment is exempt from income tax. For instance, if your daughter is currently 10 years old and you deposit Rs 12,500 monthly into her Sukanya Samriddhi Yojana account, you would accumulate Rs 1.5 lakh annually, benefiting from an annual interest rate of 8.2% on your deposits.

You can expect a substantial income

Based on this calculation, you will receive a total of Rs 46,77,578 by the time this scheme matures. When you combine the principal and interest, your total return will be approximately Rs 70 lakh. If your annual salary exceeds Rs 15 lakh, you can benefit from a tax deduction of around Rs 45 thousand. This means your overall tax savings will amount to Rs 9 lakh, bringing the total value of the scheme close to Rs 80 lakh.

Here’s how you can achieve millionaire status

Investing even Rs 80 lakh in a government scheme can lead to the potential of earning crores within just a few years, thanks to the interest accrued. This means that if you marry off your daughter between the ages of 25 and 30, she could become a millionaire. This initiative was launched by the Government of India in 2015 as part of the Beti Padhao, Beti Bachao program. To open an account under this scheme, your daughter must be under 10 years old.