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Saturday, August 21, 2021

What are the most lucrative plans for your daughters?

What are the most lucrative plans for your daughters?

Sukanya Samrudhi Yojana and PPF Yojana are both long term investment schemes.  While Sukanya Samrudhi Yojana is specifically to brighten the future of daughters, PPF also plans to secure the future by raising huge funds in the long run.  But when it comes to choosing between the two, it can be a bit daunting.

Because both plans give you benefits and features.

Sukanya Samrudhi Yojana SSY

 The scheme was launched under 'Betty Bachao, Betty Padhao'.  It can be started by parents of daughters under 10 years of age.  This can be opened for 2 daughters of the family.  The period of this account is till the age of 21 years or 18 years till the marriage of the daughter.

 Interest rates in SSY

 When the scheme was launched in 2014, its interest rate was 9.1%.  Subsequently, the interest rate was raised to 9.2 per cent.  But the latter saw a steady decline in its interest rates.  Currently, it is earning 7.6% interest till the financial year 2020-21.  Which has been extended to the July-September quarter

Term interest rate (percent)
 July-September 2021 7.6
 April 2020 to March 2021 7.6
 July-September 2019 8.4
 April to June 2019 8.5
 January to March 2019 8.5
 October to December 2018 8.5
 July to September 2018 8.1
 April to June 2018 8.1
 January to March 2018 8.1
 October to December 2017 8.3
 July to September 2017 8.3
 April to June 2017 8.4
 Eligibility for SSY account

 If you also want to invest in Sukanya Samrudhi Yojana for your daughters, you need to know these conditions.

 Sukanya Samrudhi account can be opened only by parents or legal guardians in the name of the daughter
 Daughter should be less than 10 years of age at the time of account opening.
 Only one account can be opened for one daughter.
 Only 2 SSY accounts can be opened for one family.

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