Post office schemes offer better returns along with safe investment. So know how you can create a fund of up to Rs 70 lakh by saving just ₹ 400 per month in a famous post office scheme. Understand the complete calculation and method of investment here.
Post office schemes are a great option for those who want better returns with safe investment. Here one can earn good profit without risk on maturity, but for this it is necessary to make the initial investment with the right amount. So now for safe investment, investors can invest in Sukanya Samriddhi Yojana. To invest in this scheme which secures the future of daughters, you will have to save only 70 rupees daily.
How much return will you get
At present, you can get around 8.2% annual interest by investing in the post office’s Sukanya Samriddhi Yojana and the entire scheme is tax free. Although one can start with a small amount in this scheme, but by making regular investments for a long term, a large fund can be created on maturity, which proves helpful for the daughter’s education, marriage or other big expenses, and also gives safe and guaranteed returns.
How much money can be invested in this scheme
In Sukanya Samriddhi Yojana, you can invest from Rs 250 to Rs 1.50 lakh annually. This account can be opened in the name of a girl child below 10 years of age. Let us tell you that an account can be opened for a maximum of two daughters in a family, but in case of twin daughters, three accounts are allowed. This scheme creates an excellent fund for the daughter’s education and marriage expenses.
How to become a millionaire by saving Rs 400
By the way, if you open an account in Sukanya Samriddhi Yojana in the name of your daughter and want to get around ₹ 70 lakh on maturity, then for this you will have to save about ₹ 400 daily. According to this, it will become ₹ 12,500 per month and ₹ 1.5 lakh per year. So if you start investing ₹ 1.5 lakh annually from the age of 5 years of your daughter, then after 21 years, you will have a total of around ₹ 69,27,578 in her name. In this, you have to invest only for 15 years, while the rest of the time the amount will grow from interest and the total investment will be ₹ 22,50,000 and ₹ 46,77,578 will be earned from interest alone.
Investment will be in the hands of parents
Let us tell you that money can be deposited in Sukanya Samriddhi Scheme for a maximum of 15 years from the date of opening the account. However, if at least Rs 250 is not deposited in any financial year, the account may become default, which can be activated again within 15 years. If the parents run the account before the daughter turns 18 years old, but withdrawal is possible only after completing 18 years or passing 10th. Money can be withdrawn in lump sum or in installments once a year. Although the maturity of this account will be completed after 21 years from the date of opening the account, but deposits have to be made only for 15 years. (Note: This article is for information only and should not be considered as investment advice in any way, suggest consulting financial advisors for investment)
