The Prime Minister Narendra Modi had launched the Sukanya Samriddhi Yojana which is a saving scheme for the girl child; way back in 2015. This is part of the “Beti Bachao, Beti Padhao Yojana” for the benefit of your girl child. If you have a girl child below the age of 10, you must invest in the Sukanya Samriddhi Yojana. You can open a maximum of two Sukanya Samriddhi Yojana accounts for two girl children. (Three accounts if girls are twins).
The Sukanya Samriddhi Yojana offers an interest rate of 8.4% for the quarter July to September 2019. Interest rates are fixed by the Government and revised each quarter. This is much higher than fixed deposit rates which are in the range of 6.6 to 7.2% a year. The only comparable scheme is the Senior Citizen Savings Scheme (SCSS) which offers 8.6% for July to September 2019.
Time Period |
Interest Rate (%) |
July to Sep 2019 |
8.4 |
Apr to June 2019 |
8.5 |
Jan to March 2019 |
8.5 |
Oct to Dec 2018 |
8.5 |
July to Sep 2018 |
8.1 |
Apr to June 2018 |
8.1 |
Jan to March 2018 |
8.1 |
Oct to Dec 2017 |
8.3 |
July to Sep 2017 |
8.3 |
Apr to June 2017 |
8.4 |
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See Also: Benefits of Sukanya Samriddhi Yojana for Girl Child by the Govt of India
Invest in SSY account through the nearby post office or the public and private bank. You would have to submit KYC documents like Passport, PAN or Aadhaar Card. You then make the initial deposit towards the SSY account.
You can download the Sukanya Samriddhi Yojana application form from:
See Also: Save Tax Using the Sukanya Samriddhi Yojana
The Sukanya Samriddhi Yojana enjoys the EEE benefit. You enjoy the tax benefit under Section 80C. The interest earned and the maturity amount is tax free.
You can use the SSY Calculator to calculate the maturity amount at the end of the tenure. What does this mean? You get an idea on how much money your daughter gets for higher education and marriage.
You must satisfy the eligibility norms to use SSY Calculator.
See Also: Sukanya Samriddhi Yojana Account - Eligibility, Tax Benefits and Rules
Let’s say your girl child is 5 years and you want Rs 70 Lakhs for her marriage when she is 20 years of age. (You have a time frame of 15 years to collect the money).
If you invest Rs 1.5 Lakh a year for 15 years in SSY account, your daughter will get Rs 70 Lakh when she is 20 years. (Assume an interest rate of 8.3%). This money could be used for her marriage.
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