Every parent has concerns about their daughter’s future. With inflation on the rise, it can be tough to afford expenses related to education or marriage. That’s why many parents start saving for their daughter’s future from a young age. If you’re also putting money aside, consider investing in a solid scheme to build a good fund by the time she grows up. Today, we’ll introduce you to a government scheme that can help you save effectively for your daughter. Let’s dive in.
To ensure a bright future for your daughter, you might want to look into the Sukanya Samriddhi Yojana (SSY). This government initiative is quite popular and allows you to grow a substantial fund by investing small amounts.
Sukanya Samriddhi Yojana
The Sukanya Samriddhi Yojana, managed by the central government, is a unique program designed specifically for girls. Parents can open an account in their daughter’s name, and it’s available for girls aged 10 years or younger.
You can start investing with as little as Rs 250. The funds you invest will be available when your daughter turns 21, and you need to contribute for 15 years. This scheme offers an attractive interest rate of 8.2 percent.
Building a fund of Rs 70 lakh
If you invest Rs 1.50 lakh annually in the Sukanya Samriddhi Yojana for 15 years, your total investment will amount to Rs 22,50,000. By the time your daughter reaches 21, you could receive around Rs 69,27,578, which includes interest. Out of that, Rs 46,77,578 will be pure interest earnings.
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