Give this ‘priceless gift’ to your daughter on New Year! Prepare a fund of ₹ 11.54 lakh by saving ₹ 70 daily, know the complete scheme

Post Office SSY Scheme: Every parent has only one dream – our daughter should study well, stand on her own feet and there should be no shortcomings in her marriage. But in today’s inflation, fulfilling this dream is not an easy task.

But what if we say that the government has taken complete care of your daughter’s future? Yes, there is such a ‘magical’ scheme of the Post Office, whose name is Sukanya Samriddhi Yojana (SSY). This scheme is specially designed for daughters, and it is so amazing that even by saving just Rs 70 daily (i.e. Rs 25,000 annually), you can create a huge fund of up to Rs 11.54 lakh for your daughter!

Let us understand in simple language how this miracle happens.

What is this Sukanya Samriddhi Yojana?

This is the most reliable savings scheme of the government for daughters. In this, you open an account in the post office or bank in the name of your daughter below 10 years of age. In this account, you deposit a small amount of money every year, on which the government gives an excellent interest rate of 8.20%, even more than bank FD. Because this is a government scheme, every single penny of yours remains 100% safe.

How to create a fund of ₹11.54 lakh from ₹25,000 annually? (complete accounting)

The mathematics of this scheme is very simple and beneficial:

• Deposit to be made: Only for 15 years.
• Account will mature: in 21 years.
• Benefit: This means that you will not have to deposit a single rupee for the last 6 years, but the government will continue to pay interest on the money deposited in your account. This “free” interest makes your money grow at rocket speed.

Let’s do the math:

• Suppose, you opened this account for your daughter and deposited ₹25,000 every year.
• You deposit this money for 15 years. So your total deposit amount is: ₹3,75,000.
• Now you will not deposit any money for the next 6 years, but you will continue to get compound interest (interest on interest) of 8.20% on your account.
• When this account matures after 21 years, this amount will have increased to approximately ₹ 11.54 lakh!

You also get ‘triple’ tax benefit!
This is another big advantage of this scheme:

1. There is no tax on the money you deposit. (Section 80C)
2. There is no tax on the interest received.
3. And there is no tax on the entire amount received after 21 years.

Who can open this account and how?

• You can open this account in the name of your daughter below 10 years of age.
• You can open an account in your nearest post office or any big government bank.
• Documents required: Birth certificate of the daughter and identity card of the parents.

In between, if needed for your daughter’s education, you can also withdraw some money from it after the age of 18 years.

Opening this account in your daughter’s name this New Year can be your best and safest decision for her future.