Save More Than Rs 60 Lakh For Your Daughter In Sukanya Account; 3 Other Schemes You Must Invest In
Before your child is even born, you start buying and planning the best for them. The moment they start walking, you start searching for the best schools when they are studying, and you try to provide them with the best resources. If they ask you to study abroad or at an Indian college with a hefty fee, you will do anything to make their dream come true.
What if we tell you that it does not have to be a random expense, and you can actually plan it for your daughter the moment she is born? Sukanya Samriddhi Yojana is one such scheme that was introduced under the ‘Beti Bachao Beti Padhao’ (Save Girls, Educate Girl Child) campaign.
Do you know that by the time your daughter turns 21, you can have around ₹63 lakhs saved for her in the Sukanya Samriddhi account?
What Is Sukanya Samriddhi Yojana?
Introduced by the government of India, the ‘Beti Bachao Beti Padhao' campaign has three aims - to ensure the survival and protection of girls, to end gender discrimination in the country, and to promote the participation of girls in education and other sectors.
The Sukanya Samriddhi Yojana aims to address the challenges girls face in the country, especially when it comes to education. It’s no news that parents in India still prefer boys over girls. In many rural families, they would prefer to educate the boy or boys in the family compared to girls or girls. The preconceived notion that girls get married and attend someone’s household, while boys take care of old parents is still prevalent, driving caregivers to prefer one gender over the other.
If parents open a Sukanya Samriddhi account in their daughter’s name, they can stay worry-free about their education and marriage.
More Than ₹60 Lakh In Sukanya Samriddhi Account
Udayan Adhye, finance content creator on Instagram, shared the benefits of investing in this scheme on his handle. The scheme allows you to invest ₹1,50,000 a year for 15 years after your daughter is born. It matures after 21 years, and you can open an account until your girl turns 10. The best part about this scheme is you can earn tax-free (All About Pink Tax) interest on it, and a partial withdrawal option is available if the girl is 18 years old and requires money for education.
The current rate of interest per year is 8%, and until March 2023, it was 7.6%. Another point to note in this is that the interest rate is reviewed every quarter of a financial year.
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Therefore, if you invest ₹1.5 lakhs every year for 15 years, and we consider the annual rate of interest at 7.6%, at the end of 21 years, your daughter’s account will have more than ₹60 lakhs.
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Other Schemes To Invest In For Your Child
National Savings Certificate (NSC)
It is a low-risk scheme that you can avail of as a post officer in India. It is exclusively for girl children. The lock-up tenure under this is five years, and investors can claim tax deductions under Section 80C of the Income Tax Act.
CBSE Udaan Scheme
The Central Board of Secondary Education (CBSE), along with the Human Resource Development (HRD) Ministry, started this scheme to promote girls to study in technical fields. Applicants who have scored more than 70% in the 10th standard and more than 80% in Science and Mathematics can apply.
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Post-Office Term Deposit (POTD)
The Post-Office Term Deposit (POTD) is like making a fixed deposit in your daughter’s name. The minimum limit of investment is ₹1000, and there is no maximum cap. This is a low-risk scheme (Schemes For Women Entrepreneurs) with guaranteed returns and also comes with tax deductions under Section 80C.
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