This scheme is going to give high returns
SSY has an interest rate of 7.6 per cent per annum. SSY offers higher interest than PPF, NSC, FD, RD, Monthly Earning Scheme or Time Deposit. The maturity of this scheme is 21 years but parents have to invest only 14 years in it. Interest keeps on adding up for the rest of the year. The amount of investment will be from your side in this scheme. You will get 3 times on maturity.
Invest 5 thousand rupees a month
The interest rate in Sukanya Samriddhi Yojana has been fixed at 7.6 percent. You can deposit maximum 1.5 lakh rupees annually in this scheme and it is necessary to deposit at least 250 rupees per month. You can deposit 5 thousand rupees or 60 thousand rupees every year for 14 years. At an annual rate of 60 thousand rupees, it is 9 lakh rupees for 15 years. After this, for the next 6 years, the return on this amount will be 7.6 percent compounding. On maturity, this amount will be around Rs 25,46,062.
how to open account
To open an account in this scheme, you have to go to the post office and submit the paper. The daughter should be less than 10 years old, for this it is necessary to have her birth certificate. It is also necessary to have the ID proof of the parents. You can also apply electricity bill or ration card for address proof. Your account will be opened after the verification of your documents from the bank or post office.
What are the benefits of this scheme
You can avail tax exemption under section 80C of Income Tax. Under this scheme, if the daughter turns 18 and she needs money for studies or marriage, then you can withdraw 50 percent of the deposit amount.