There is a government scheme, which has been started to make daughters self-reliant. Earning up to Rs 70 lakh can be done in this. You will also get the benefit of tax exemption.
The central government brings many schemes to provide benefits to the common people, so that the common people can get profits. Similarly, there is a government scheme, which has been started to make daughters self-reliant. Earning up to Rs 70 lakh can be done in this. You will also get the benefit of tax exemption.
We are talking about Sukanya Samriddhi Yojana (SSY), which is a tax free small-saving scheme for girls. Under this scheme, interest is being given at the rate of 8.2% for the quarter from January to March 2024. In this, you can invest from Rs 250 to Rs 1.5 lakh every year and can also claim tax exemption up to Rs 1.5 lakh under Section 80C of Income Tax. Not only this, no tax has to be paid on its interest, which means that this scheme is completely tax free.
Who can open this account
To invest in Sukanya Samriddhi Scheme, it is necessary to be an Indian resident and the parent or legal guardian of the girl child. You can invest in Sukanya Samriddhi Yojana for your 10 year old daughter. You can open SSY account from the birth of your daughter till the age of 10 years. Under this scheme, accounts can be opened for maximum 2 girls. Whereas if there are twin daughters then SSY account can be opened for all three.
When does maturity take place?
The central government has fixed the interest rate of Sukanya Samriddhi Yojana at 8.2 percent for the January-March 2024 quarter. The government updates the interest rate under this scheme every quarter. Talking about maturity, money has to be deposited for 15 years. This account matures in 21 years. However, after the daughter turns 18 years of age, half the amount can be withdrawn from this account.
How to get Rs 70 lakh?
The interest rate on Sukanya Samriddhi Scheme is revised every quarter. Since the inception of this scheme till now, the maximum interest rate has been 9.2% and the minimum interest rate has been 7.6%. According to a calculation, if the average interest rate remains 8% during the entire period of 21 years and you invest Rs 1.5 lakh every year in this scheme for 15 years, then you will get around Rs 70 lakh under this account.
