If you have a daughter and you want to invest for her future, consider looking into schemes specially designed for girls. One such scheme is the Sukanya Samriddhi Yojana, which is run by the Government of India.
To invest in this scheme, you need to make regular investments for 15 years, and it will mature after 21 years. Parents of daughters who are below 10 years of age can invest in this scheme.
Sukanya Samriddhi Yojana – SSY
The Sukanya Samriddhi Yojana (SSY) allows you to deposit a maximum of Rs. 1.5 lakhs per year with an interest rate of 8.2 percent. If you invest this amount, your daughter will receive Rs. 69,27,578 on maturity.
Alternatively, if you invest Rs. 60,000 per year at a rate of Rs. 5,000 per month, your daughter will receive Rs. 27,71,031 after 21 years.
Mahila Samman Savings Certificate – MSSC
Women of any age can invest in the Mahila Samman Savings Certificate Scheme (MSSC). Parents can also open accounts for their minor children. This deposit scheme offers an interest rate of 7.5 percent and allows a maximum investment of Rs.2 lakh.
The scheme matures after two years, and at that time, the profits can be collected with better interest rates. For example, if you invest Rs.2 lakh in this scheme, you can receive Rs.2,32,044 after two years.
General Provident Fund -GPF
The General Provident Fund is a scheme (GPF) that is available to all Indian citizens for investment. If you have a minor daughter, you can invest in this scheme on her behalf.
The scheme offers an interest rate of 7.1%, and a maximum of Rs. 1.5 lakh can be invested per year. The scheme matures after 15 years, but it can be extended for another 5 years if you wish.
If you invest Rs. 1.5 lakhs in this scheme, after 15 years your daughter will receive Rs. 40,68,209. If you choose to extend the account for 5 more years, after 20 years your daughter will own Rs. 66,58,288.