The nicest present you can offer your girl kid on International Girl Kid Day 2023 is the Sukanya Samriddhi Yojana (SSY). International Girl Child Day, held on October 11 each year, aims to raise awareness of the value of girls’ education, their rights, and the promotion of gender equality.
Account for Sukanya Samriddhi Yojana (SSY)
For parents of daughters, the Sukanya Samriddhi account is a well-liked savings option in India since it provides government-guaranteed, tax-free returns. It is a savings plan created especially for young Indian women. You can make deposits either monthly or annually.
Interest rate on Sukanya Samriddhi accounts
Currently, the Sukanya Samriddhi Yojana (SSY) gives an interest rate of 8%. This SSY interest rate, however, is subject to quarterly revision.
SSY can be utilized to pay for your female child’s further education.
If parents begin contributing to the SSY account as soon as their female kid is born, they will be able to do so for a total of 15 years, since one can do so up until the girl child becomes 14 years old.
Since the investment horizon coincides with the kid graduating and pursuing further education, personal finance experts claim that SSY is perfect for parents investing in their daughters’ education.
However, if you purchase it once your daughter is older than 4-5 years old, SSY may not be able to help you finance your daughter’s further education.
Calculator for the Sukanya Samriddhi Yojana
If a person makes a fifteen-year investment of Rs. 1.5 lakh, or Rs. 12,500 per month in 12 installments, in an SSY account. According to the Groww Sukanya Samriddhi Yojana calculator, the SSY maturity amount would be about Rs. 63,79,634 if the investor chooses to opt for complete withdrawal at the time of maturity when the girl is 21 years old, assuming an interest rate of 8%.
SSY tax regulations
According to Section 80C of the Income Tax Act, deposits made into SSY are eligible for an income tax deduction of up to 1.5 lakh. Both the maturity sum and the amount of interest accrued via the account are tax-free.
2023 International Day for Girls
According to the United Nations’ official website, the subject of International Day of the Girl in 2023 is “Invest in Girls’ Rights: Our Leadership, Our Well-being.”
