Sukanya Samriddhi Yojana and PPF scheme can prove to be beneficial if you want to invest in a good scheme for the safe future of your daughter. It can also be invested with less money.
Better schemes for daughters
Often, parents start adding money to the daughter’s marriage from her childhood. Nowadays, education has also become very expensive in the rising inflation. In such a situation, if you want to invest in a plan in the name of your daughter, which also provides good returns with security, then the post office Sukanya Samriddhi Yojana (SSY) and Public Provident Fund (PPF) can be a better option. In this, you can get more returns from FD. You can invest in these schemes with just 1000 rupees.
People generally prefer to make a fixed deposit (FD) of money. Because it is a popular scheme for saving, but interest is being deducted on it continuously, due to which better returns will not be obtained. At present, most banks are paying 5.4% interest on FD. At the same time, Sukanya Samriddhi Yojana is getting 7.6% and PPF is getting 7.1% per annum. In such a situation, investing in either of these two government schemes can also prove to be beneficial.
Benefits of Sukanya Samriddhi Yojana
An account can be opened in any government bank or post office for investment under Sukanya Samriddhi Yojana. In this, you can open an account for just 250 rupees. To invest in it, the girl’s age should not be more than 10 years. This scheme is completed after the girl turns 21 or the girl is married. Under the scheme, up to 50% of the amount can be withdrawn for the higher education of the girl when she is 18 years old.
In this, tax exemption can be availed under section 80C of Income Act. If you deposit 1000 rupees a month under Sukanya Samriddhi Yojana, then you can get up to 5.97 lakh rupees. On the investment of Rs 5000 per month, you will get Rs 29.86 lakh.
Account can be closed even before maturity
Under Sukanya Samriddhi Yojana, if you want to close your account before the daughter turns 21, then you can avail this facility. However, the account can be closed only after 5 years of opening the account. If the girl’s age is less than 18 years, then the account holder will have to give an affidavit.
Benefits of PPF Scheme
The PPF scheme is currently getting 7.1% interest. Under this scheme the account can be opened anywhere in the bank or post office. This account can be opened with only 500 rupees. Up to 1.5 lakh rupees can be deposited in the account every year. The maturity period of this scheme is 15 years. There is a lock in period, that is, money cannot be withdrawn in the middle.
If you want, you can extend this account for 5-5 years. You can take a loan after 3 years on investing in PPF. There is a benefit of tax exemption of up to 1.5 lakh rupees under 80C. If someone deposits 1000 rupees every month, then you can get up to 5.62 lakh rupees in it. At the same time, if someone invests 5 thousand rupees every month, then he can get up to 29.86 lakh rupees in the returns.
Also read: Women can earn 4 thousand rupees every month from this government scheme, know how to avail
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