SSY scheme: How your daughter can get Rs 71 lakh at 21
The government guarantees the money you invest, so it is completely safe. Also, you can claim up to Rs 1.5 lakh in tax deductions every year under Section 80C.WHO CAN OPEN AN SSY ACCOUNT?Parents or legal guardians can open an SSY account for a girl child up to the age of 10. Only one account can be opened for one daughter.A birth certificate, an ID proof and an address proof are needed to open the account. The account can be opened easily at the nearest post office or any bank branch.WHEN AND HOW TO USE THE MONEYThe SSY account matures 15 years after opening. Money can be partially withdrawn for higher education once the girl turns 18.The account reaches full maturity when she turns 21, but if she gets married before that, the account must be closed at the time of marriage.HOW TO GET Rs 71 LAKHIf you deposit Rs 1.5 lakh every year for 15 years, then on maturity, the amount grows to nearly Rs 71,82,119.Out of this, Rs 22.5 lakh is your saving, while the remaining Rs 49.32 lakh is the interest earned. The best part is, the entire amount is tax-free when you withdraw it.Here, it must be mentioned that from October 1, 2024, only parents or legal guardians can manage an SSY account. If someone else opened the account, it must be transferred to the legal guardian or parents, or it will be closed.(Disclaimer: This article is for general informational purposes only and does not constitute financial advice. Readers are encouraged to consult a certified financial advisor before making any investment or financial decisions. The views expressed are independent and do not reflect the official position of the India Today Group.)- Ends
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