The financial year 2023-24 is coming to an end in March, making it a good time for investment or to improve your financial situation. If you’re planning an investment for your daughter’s future, we’ll provide you with complete information about the Sukanya Samriddhi Yojana.
How to Open an Account
You can open an account under this scheme for up to 10 years of your daughter’s age, with a maximum of two accounts per family. The account matures when the daughter turns 21, at which point the entire amount along with interest is provided. Additionally, after the daughter turns 18, up to 50% of the funds can be withdrawn for her higher education or marriage expenses. The account can also be closed after 5 years, but returns with interest can be obtained later in case of changes.
Benefits of Tax Exemption
Under Section 80C of the Income Tax Act, you can avail tax exemption benefits on annual investments of up to ₹1.5 lakh in this scheme. It’s a secure and profitable investment option that can assist in preparing for your children’s future.
Interest Rate Information
Currently, the Sukanya Samriddhi Yojana offers an interest rate of up to 8.20%, providing investors with good returns. According to information, investing for 15 years can yield significant returns. For example, if you invest ₹1,000 for 15 years, you can expect returns of approximately ₹3.52 lakh. You can find more information on its official website.