Investing Rs. 1,000 monthly in the Sukanya Samriddhi Yojana (SSY) can grow to a substantial sum of Rs. 5,40,000 or more over time, showcasing the power of disciplined savings and compounding interest. This government-backed scheme is designed to secure the financial future of a girl child, offering attractive returns and tax benefits.
The SSY scheme combines safety with high returns due to its tax-free nature and competitive interest rates. Contributions are eligible for deductions under Section 80C, while the maturity amount and interest earned are entirely tax-exempt, making it an efficient savings tool.
With consistent monthly contributions, the scheme leverages the benefit of compounding. Over its 21-year tenure, the small monthly investments can grow significantly, ensuring a sizable corpus for higher education, marriage, or other expenses for the girl child.
The scheme allows flexibility in deposits, requiring a minimum annual contribution of Rs. 250. Parents or guardians can open the account for girls below 10 years of age and manage it until maturity, ensuring long-term financial security.
In conclusion, investing in Sukanya Samriddhi Yojana with a modest monthly amount can lead to significant savings over time. For more details on how this works, check out the video: Watch Now.