Sukanya Yojana: Turn your Rs 6,000 investment into Rs 32.79 lakh; check calculator

Sukanya Yojana: For those having a girl child, who also have a lower risk appetite, Sukanya Samriddhi Yojana is of the most attractive investment tools available. According to the tax and investment experts, the Sukanya scheme can be continued by investing a minimum of Rs 250 per annum. The Sukanya Samriddhi Scheme can be availed by the parents of a girl child at the birth of the child but one should start investing in the Sukanya Dhan Yojana account by the time she turns one because the investor is allowed to invest in Sukanya Yojana account till the girl child turns 14 years of age. So, the early investment will help the investor to invest more and as a result earn more.

Speaking on Sukanya Scheme Kartik Jhaveri, Director — Wealth Management at Transcend Consultants said, "Sukanya Samriddhi Yojana can be availed by opening Sukanya Yojana account in any of the banks operating in India. Currently, the Sukanya Scheme is fetching 8.5 per cent interest per annum, which is still much higher than other small savings schemes like PPF, NPS, tax-saving bank fixed deposits, etc." 

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He said that Sukanya Scheme demands disciplined investment as one can't withdraw money till the girl child turns 18 years of age (subject to some exemptions). Even after 18 years of the girl child, only 50 per cent of the account balance can be withdrawn for the higher studies of the girl child.

However, for 100 per cent withdrawal, one will have to wait till the girl child turns 21. But, investment in the Sukanya Samriddhi account is allowed until the girl child turns 14. After 14 years of the girl child, one will have to wait till the girl turns 18 or 21 for withdrawal of the maturity amount.

Click here to see the Sukanya Calculator used below

Jhaveri said that for higher studies or maybe the marriage of the girl, Sukanya Samriddhi Yojana is a very good scheme for investing for those investors who have a low-risk appetite. He said that if you use Sukanya Calculator, which is easily available in Google search, you would find that at the current 8.5 per cent annual returns on the Sukanya Scheme, your Rs 6,000 per month investment for your girl child aged one year can grow up to Rs 32,79,000. During this period, you invested Rs 9,36,000 as your child is already one year old and you can invest for 13 years only. So, your net gain in the Sukanya Yojana is Rs 23,43,000.