New Delhi: If you wish to build a substantial fund for your daughter, this is an excellent opportunity. The Government of India runs schemes designed to secure a bright future for daughters. The birth of a daughter is a cause for celebration, and the Central Government supports this through the Sukanya Samriddhi Yojana, aimed at the upliftment of daughters.
Under this scheme, you can accumulate a significant corpus for your daughter, ensuring financial peace of mind. You can build a fund of up to approximately ₹70 lakh in your daughter’s name. You simply need to invest up to ₹1.50 lakh annually. While you can invest a smaller amount, the returns will be proportionately lower; ultimately, the maturity corpus depends on the investment made.
How to build a fund of ₹70 lakh
By opening a Sukanya Samriddhi Yojana account in your daughter’s name and investing ₹1.5 lakh annually, you can secure a substantial fund upon maturity. Based on this, your total investment over 15 years would amount to ₹22.5 lakh. Investments are required for a period of 15 years, and by the time the account matures at 21 years, the amount grows to between ₹70 lakh and ₹72 lakh. This clearly demonstrates that you can build a large fund with a relatively modest investment, a key strength of this scheme.
Why the Sukanya Samriddhi Yojana is special
The Sukanya Samriddhi Yojana is specifically designed with the daughter’s future—such as education and marriage—in mind. You can invest anywhere from ₹250 to ₹1.5 lakh per year in this scheme. While the investment period is 15 years, the scheme matures in 21 years. Partial withdrawals are permitted after the daughter turns 18. Investing in this scheme offers peace of mind, as the government guarantees the safety of the investment.
Significant tax benefits
Investments made under the Sukanya Samriddhi Yojana qualify for tax exemptions under Section 80C. Furthermore, the deposited amount, the interest earned, and the maturity proceeds are all completely tax-free. Parents can open an account for their daughter.
Documents required for the daughter’s account
To open a daughter’s account under the Sukanya Samriddhi Yojana, certain documents are essential. These include the daughter’s birth certificate, proof of identity for the parents or legal guardian (such as Aadhaar card, PAN card, or Voter ID), proof of address for the parents or guardian, and a passport-sized photograph of the guardian. Only then can the daughter’s account be opened under the scheme.
