As soon as a daughter is born, parents begin to consider how to secure her future. There are concerns that in the future, whether it be higher education or marriage, financial difficulties may arise. The government scheme Sukanya Samriddhi Yojana was launched precisely to meet this need.
This scheme allows for the accumulation of a substantial fund in the daughter's name through regular small contributions. The program is designed so that the account can be opened from the moment of the daughter's birth until she reaches the age of ten. The account matures when the daughter is ready to pursue higher education or get married. The minimum contribution is ₹250, and the maximum is ₹1,500 annually, making this program accessible to people from various social strata—poor, middle, and wealthy.
If one contributes ₹1,500 monthly to the Sukanya Samriddhi Yojana, the annual contribution will amount to ₹18,000. If these contributions are maintained for 15 years, the total amount contributed by the investor will reach ₹2.70 lakh. At the current annual interest rate of 8.2% on these investments, approximately ₹5,61,917 can be earned in interest. Thus, the total fund amount at the time of maturity could be around ₹8,31,917, meaning that an investment of ₹2.70 lakh forms a fund of approximately ₹8.32 lakh. It should be noted that this calculation is based on the prevailing interest rate and may change with fluctuations.
A feature of the Sukanya Samriddhi Yojana is its long-term investment structure. Funds must be deposited for 15 years from the date the account is opened, but the account itself matures after 21 years. This means that after the 15-year accumulation period is complete, no further contributions are required, but interest continues to accrue on the invested amount. The advantage of long-term investing is that it helps grow the fund through compound interest.
The method of making monthly contributions of ₹1,500 can also affect the final amount. If the monthly payment is made before the 5th of each month, the above calculation applies. However, if the entire annual amount of ₹18,000 is deposited in a lump sum in April, the amount at maturity could reach approximately ₹8.61 lakh. Therefore, changing the timing of the deposit while keeping the same investment amount can lead to differences in the final payout.
The Sukanya Samriddhi Yojana is specifically designed to meet the future needs of daughters. The funds accumulated under this program can be used to finance major expenses such as the daughter's studies, higher education, or wedding. This scheme was introduced as part of the 'Beti Bachao, Beti Padhao' (Save the Girl Child, Educate the Girl Child) campaign, providing parents with the opportunity to gradually build a fund for their child from the moment of her birth.