Post office schemes are considered to be the best option for those who want better returns with safe investment. Here one can earn good profits on maturity without any risk, provided the right amount is started.
If you want safe and guaranteed returns, then Sukanya Samriddhi Yojana (SSY) is a great option. This scheme has been specially designed to secure the future of daughters. To start investing in it, you have to save only 70 rupees daily.
How much return will I get?
At present, the post office’s Sukanya Samriddhi Yojana is giving around 8.2% annual interest, and the entire scheme is tax free. One can start investing in it with a small amount, but a large fund can be created on maturity if one invests regularly for a long time. This amount proves to be very helpful for the daughter’s education, marriage or other big expenses.
Investment Limit
In this scheme, you can invest from Rs 250 to Rs 1.5 lakh annually. The account can be opened in the name of a girl child below 10 years of age. In a family, an account can be opened in the name of a maximum of two daughters, while in case of twin daughters, three accounts are allowed.
How to become a millionaire by saving Rs 400 per day?
If you open this account in your daughter’s name and want to get a fund of about Rs 70 lakh on maturity, then you will have to save about Rs 400 daily. That means an investment of Rs 12,500 per month and Rs 1.5 lakh per year. If you start investing Rs 1.5 lakh annually when your daughter is 5 years old, then after 21 years, about Rs 69,27,578 will be ready in her name. In this, your total investment for 15 years will be Rs 22,50,000 and the remaining about Rs 46,77,578 will come only from interest.
Control of investment with parents
Money can be deposited for a maximum of 15 years after the account is opened. If at least Rs 250 is not deposited in any financial year, the account may default, which can be reactivated within 15 years. Partial withdrawal is possible only after the daughter turns 18 years old or passes 10th. Money can be withdrawn in lump sum or in annual installments. Maturity will be completed 21 years after opening the account, but deposits have to be made only for the first 15 years.
