Invest Rs 100 per day in this scheme and get Rs 15 lakh

Interest rates have been falling steadily over the past few years. Among the few guaranteed-return schemes that stand out in these times, Sukanya Samriddhi Yojana (SSY) offers one of the highest returns.

Moreover, it offers income tax benefits. The only drawback of this scheme is you can invest in this scheme only if you have a girl child.

If you invest just Rs 100 a day, one can get Rs 15 lakh at the time of maturity.

Guaranteed by government
SSY is a government-backed small savings scheme for the benefit of the girl child. The account can be opened by the parent of a girl child below 10 years.

It offers an interest rate of 7.6% compounded annually.

SSY calculator
One needs to invest for the first 15 years. The scheme matures after 21 years and for the last six years, the investor does not have to put in any money.

If anybody can save just Rs 100 and invest it SSY the yearly investment will be Rs 36,500.

After 15 years the total investment and total interest would be Rs 5,47,500 and Rs 10,01,354, respectively.

And after 21 years at the time of maturity value will be Rs 15,48,854.

If one can invest Rs 1.5 lakh for the entire period, the maturity value will reach Rs 63,65,155. The assumption is that the rate of interest remains unchanged for the entire period.

Lowest initial deposit
SY account can be opened in either in post office or in any bank for with minimum initial deposit Rs 250 by the guardian in the name of a girl child.

A minimum investment of Rs 250 and maximum of Rs 1.5 lakh in a financial year is allowed in this scheme.

Only one account can be opened in the name of a girl child. SSY can be opened for a maximum of two girls in a family.

However, if there are twins or triplets, more than two accounts can be opened.

The tenure of the account is 21 years, or until the girl gets married after the age of 18.