Sukanya Samriddhi Yojana: Sukanya Samriddhi Yojana (SSY) of the post office is a better option. This is the highest interest paying scheme in Small Savings Scheme.
Sukanya Samriddhi Yojana: Usually we do everything like retirement planning, future planning. But, there are mistakes in the financial planning of children. Therefore, planning for the future of children should also be included in your planning. This becomes more important especially in the case of daughters. Be it higher education or marriage expenses. If planning is done in time then there will never be a need to worry. A better option for this is Sukanya Samriddhi Yojana.
This scheme encourages long term investment. In this scheme running in the name of daughters, your money is guaranteed to increase 3 times. SSY offers better interest than PPF, FD, NSC, RD, Monthly Income Scheme or Time Deposit. This is the highest interest paying scheme in Small Savings Scheme.
The interest rate in Sukanya Samriddhi Yojana is 7.6% per annum. The special thing is that the maturity of the scheme is 21 years, but parents have to invest only 14 years in it. Interest continues to accrue for the rest of the year. How much will you invest in this plan? The return on maturity will be 3 times. A maximum amount of up to Rs 64 lakh can be raised through this scheme at the prevailing interest rates. The interest is reviewed on a quarterly basis. Meaning it is reviewed every three months whether to keep the interest fixed or change. Tax exemption is also available under section 80C of the Income Tax Act. Deposit, interest and maturity amount are all tax free.
Can transfer account
After opening the account of Sukanya Samriddhi Yojana, you can transfer anywhere in India. If the guardians provide proof of change of residence, their account will be transferred free of cost. If no such proof is shown, then for the transfer of the account, a fee of Rs 100 will have to be paid to the post office or the bank where the account has been opened.
When can you withdraw money
This scheme will mature when the daughter turns 21. The money deposited in it cannot be withdrawn till the girl child turns 18. Even after 18 years, only 50% of the total amount can be withdrawn from this scheme. Full money will be given when the daughter turns 21. Money can be received in a lump sum or in installments. You will get money only once in a year. You can take money in installments for a maximum period of five years.
