What is Sukanya Samriddhi Yojana and what
is a better tax saving option? You must have seen about Sukanya Samriddhi
Yojana in your TV or newspapers. Our Prime Minister also mentions about the scheme often on many platforms., so let us tell you today about this scheme. Before we discuss further, a quick reminder. If you want to watch more such videos, click on the subscribe button and don’t forget to hit the bell icon Let’s find out about Sukanya Samriddhi Yojana. Sukanya Samriddhi Yojana was launched by Prime
Minister Narendra Modi in the year 2015, this scheme is intended to encourage the parents to Invest for their girl child and safeguard their future. So that during their future expenses such
as higher education a financial problem does not arise. Let us know how you can secure your daughter’s
future through this scheme, how is this scheme, what are its rules? This is a simple savings scheme in which you
invest for your daughter every year for 15 years. Parents or legal guardian can open an account
in the name of their daughter from New born to the age of 10 years. Let’s talk about the features of this scheme. Investment limit – In this scheme, every year
you have to invest a minimum of ₹ 250 and maximum you can invest is 1.5 lakh rupees
every year. One thing you have to keep in mind is that
after starting the investment, up to 15 years, you have to invest the minimum amount of ₹ 250
every year. But to stay invested after the 15 years till
the maturity duration i.e 21 years, is optional. Returns: This scheme has a return guaranteed
and the government decides its interest rate in every quarter like the interest rate in
this quarter is 8.5% If you invest a maximum limit of Rs 1.5 lakh
every year, after 21 years, your investment value will be Rs 73.90 lakhs. This amount can be a major expense in your
daughter’s life, such as for education or marriage. Taxation- This is a great tax saving scheme
as it comes with EEE -Exempt-Exempt-Exempt- tag which means that you can save tax by investing up to 1. 5 lakhs every year by availing deduction under
section 80c. There will be no tax on the interest amount
which you will earn, and you will not have to pay any tax even on the final corpus. Lock-in Period- The lock in period of Sukanya
Samriddhi Yojana account is 21 years. For example, if you open an account in the
name of your daughter at the age of 4 years, then you can withdraw this amount when she
is 25 years old. However, in some special circumstances you
can withdraw up to 50 percent of the amount. Let’s know what are those circumstances? 1-Higher education- You can withdraw the amount
for the higher education of the daughter after the age of 18 years, at that time you can
get 50% of the amount of money in your account till the last financial year. 2-For marriage purpose- If you are planning
for your daughter’s wedding, you can still do a partial withdrawal in this scheme. Now that you know about Sukanya Samriddhi
Yojana, let’s talk about whether this is the best investment option for you. As you save tax by investing in this scheme,
its comparison would be other tax saving options like PPF, 5-year FD and ELSS Mutual Funds. Most of us invest in fixed deposits or PPF. In fixed deposits you get returns of 5.5%
to 7.5% but you have to pay tax on the returns. PPF is still getting 7.9% returns. Although, in PPF returns, there is no tax
like this scheme. Also, ELSS Mutual Fund which means Equity
Link Saving Scheme Mutual Fund is also an option. In this, you invest in the stock market and
due to this you can get higher returns, although the risk of ELSS Mutual Fund is slightly higher
compared to Sukanya Samriddhi Scheme. So, like you saw, this scheme is a good plan
for your daughter’s future. However, the returns we get from this scheme
may be less. For example, the fees of course like MBA and
MBBS today is around 20-30 lakhs. And this in the next 15-20 years can increase
and reach between 80 lakh to 1.5 crore. Other than this, if your daughter wants to
do a course abroad, the fees would be even higher. Even if you invest maximum 1.5 lakhs in the scheme every year, you will have around 73 lakhs rupees. If you want to avoid this situation, then you invest 50-50% in both ELSS Mutual Fund and Sukanya Samriddhi Yojana. ELSS Funds will give your money the growth
potential of the stock market. The same investment in Sukanya Samriddhi Yojana
will reduce your overall risk and bring stability in returns. Let’s see how much difference will occur in
your final corpus by investing 50-50%. If you invest Rs. 1.5 Lakh in Sukanya Smriddhi
Scheme every year for next 15 years, then after 21 years you will get Rs. 73 lakhs. But if you invest 1.5 Lakh in 50-50 proportion
in Sukanya Smriddhi Scheme and ELSS Mutual fund then your final investment value will
be around Rs. 92 Lakhs. That is Rs. 20 Lakhs extra. Not only this, the lock-in period of ELSS
is only 3 years, so you get a little more flexibility in withdrawing your money. And with this we come to the end of our video,
if you want to invest in ELSS Mutual funds, then click on the link below and download
the ETMoney App, here you can invest in 0% commission direct plans of top mutual funds
in a few minutes. Also, without any paper work
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