Sukanya Samriddhi Yojana Calculator
Investment Amount: ₹
Interest Earned: ₹
Total Maturity Amount: ₹
Sukanya Samriddhi Yojana Calculator
Sukanya Samriddhi Yojana (SSY) is a savings scheme initiated in 2015 as part of the Government’s Beti Bachao, Beti Padhao campaign. This scheme empowers guardians to open a savings account for their girl child with an authorized commercial bank or India Post branch.
SSY accounts offer an 8.2% interest rate, and a Sukanya Samriddhi Yojana calculator can assist in determining the returns based on the invested amount and tenure.
Who Can Use This Calculator?
Eligibility criteria for the SSY scheme include:
- Legal guardians of the girl child.
- The girl child must be below the age of 10 at the time of account opening.
Supporting documents needed:
- Birth certificate of the girl child.
- KYC documents of the legal guardian.
How can an SSY calculator help you?
Parents often seek investments for their girl child’s future expenses, such as education and marriage. Sukanya Samriddhi Yojana stands out due to its high-interest rate and tax benefits. An SSY calculator becomes crucial for parents to calculate the maturity amount accurately, considering the tax exemptions under Section 80C of the Income Tax Act, 1961.
Few benefits of SSY calculators include:
- Shows the maturity year for your SSY account.
- Displays the amount upon maturity.
- Helps plan your investment portfolio more effectively.
How to use Financeresources.in SSY Calculator Online?
Simply enter the investment amount per year, the age of your girl child, and the investment starting year. The calculator will automatically display the maturity year and the amount you receive upon maturity.
Advantages of using Financeresources.in Sukanya Samriddhi Scheme Calculator
- Assists in determining the annual investment amount comfortably.
- Securely plan for your child’s future against expenses like higher education.
How Can I Use The Corpus Accumulated From SSY Contributions?
Upon maturity, the girl child can withdraw the entire corpus. It can be utilized for higher education expenses after the girl child clears 10th Standard and reaches 18 years. Premature withdrawal for marriage expenses is allowed after 18, with the submission of necessary documents.
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FAQs
A Sukanya Samriddhi Yojana (SSY) Account can be opened for a girl child by her parents or legal guardians. The girl child must be below the age of 10 years at the time of account opening.
Only one SSY account can be opened for a single girl child. In the case of twins or triplets, a maximum of two or three accounts, respectively, can be opened.
The minimum amount required to open an SSY account is ₹250. However, the initial deposit amount may vary depending on the bank or post office where the account is being opened.
If no deposits are made in an SSY account during a financial year, the account will be considered inactive. However, it can be reactivated by paying a penalty fee of ₹50 per year along with the minimum deposit amount for that year.
The maximum amount that can be deposited in an SSY account in a financial year is subject to the specified limit, which may change over time. As of now, the maximum annual deposit limit is ₹1.5 lakh per account.
The maturity period of an SSY account is 21 years from the date of opening the account, or until the girl child gets married after the age of 18 years, whichever is earlier.
Yes, contributions made to Sukanya Samriddhi Yojana accounts are eligible for income tax benefits under Section 80C of the Income Tax Act. Additionally, the interest earned and the maturity proceeds are tax-free.
Yes, partial withdrawals are allowed from SSY accounts for the girl child’s higher education or marriage after she attains the age of 18 years, subject to specified conditions.
Yes, an SSY account can be closed prematurely in certain exceptional cases such as the death of the girl child or other critical situations, as specified by the government rules and regulations.