Financially empowered women are one of the necessary, though not the only, criteria for a just, equitable family. The Sukanya Samriddhi Yojana or SSY and Mahila Samman Savings Certificate are two schemes specifically designed for women.
Sukanya Samriddhi Yojana
The Sukanya Samriddhi Yojana, popularly referred to as SSY, actually enables the parents of a girl child to plan financial independence for her from birth. The government has bestowed it with all that it could – a high interest rate, a sovereign guarantee and income tax deductibility for the investor.
The rules of SSY
Only the parents of a girl child can open this account. It can be opened any time after birth and before she reaches the age of 10 years. The maturity period is 21 years. But one needs to make deposits only for the first 15 years and the account will continue to earn interest for the remaining years. The account will be automatically terminated once she turns 21 or if she gets married after the age of 18, whichever is earlier.
The calculation
Consider a family where the parents are prudent enough to open an SSY account for their girl child in the very first year. If they invest the full amount of Rs 1.5 lakh a year for 15 years, they would end up investing Rs 22,5000 in that time.
The interest that they would earn is far more than the principal – Rs 46,77,578 (Rs 46.77 lakh). This would total amount to Rs 69,27,578 (Rs 69.27 lakh) at maturity.
Since the amount would be payable when the girl turns 21, it can be used for her higher studies, starting a small business or even can be invested profitably for the future.
Mahila Samman Savings Certificate
The minimum investment in this debt instrument with government backing is Rs 1,000 while the ceiling is Rs 2 lakh. It provides financial security to every girl and woman in India. It can be opened in post offices and designated banks. It will be available till March 31, 2025.
An interest of 7.5% compounded quarterly is paid and the instrument matures in 2 years. One can also make partial withdrawals from this scheme. There is not upper age limit to invest in this scheme.
Sukanya Samriddhi Yojana and Mahila Samman Savings Certificate schemes: If an educated mother is essential for creating an educated family, financially independent women are required for any modern society. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
