Sukanya Samriddhi Yojana or SSY is a small saving scheme for the girl child announced as a part of the ‘Beti Bachao Beti Padhao’ campaign. It strives for the welfare of women and the girl child in India and comes under Exempt-exempt-exempt status.
Under section 80C of the Income-tax Act, you can get a maximum tax benefit of ₹ 1.50 Lakh under SSY.
In addition to this, the interest accrued and maturity amount under the scheme are exempt from tax. You can use an online sukanya samriddhi calculator to calculate the interest earned on the deposited amount at the time of maturity.
Sukanya Samriddhi Yojana or SSY account is a Government of India-backed small deposit scheme for a girl child. The SSY account is opened anytime after the birth of the girl child until she turns 10 years old.
You may open the SSY account at the post office or any branch of a commercial bank. You may open the Sukanya Samriddhi Yojana account with a minimum initial deposit of just Rs 250.
Sukanya Samriddhi Yojana Calculator is quite simple to use. By entering the correct details in the fields, one can calculate the maturity amount of their investment in Sukanya Yojana.
All one has to do is enter the following details:
Investment per year: This field is the value of the investment the depositor wants to invest for his/her girl child.
Girl’s age: This field is for the age of the girl for whom the SSY account is to be opened.
Start year: This field is the starting year of the investment.
The Sukanya Samriddhi Yojana calculator returns the following values:
Maturity year: This field shows the year in which the scheme matures. It matures in 21 years.
Maturity amount: This field gives the final value of the investment in Sukanya Samriddhi Yojana.
Rules related to SSY maturity are;
The total maturity amount and the interest earned can be withdrawn on maturity. The account matures on the completion of 21 years from the date of creation of the account.
The girl for whom the account is opened is the only person who can withdraw the maturity amount. She is required to furnish the passbook and the Sukanya Samriddhi Yojana withdrawal slip to ask for the withdrawal.
The girl can partially withdraw the balance amount if she gets married before the maturity period, provided she is 18 years old at the time of the withdrawal. The girl is required to provide relevant documents to prove that she is 18 years of age at the time of withdrawal.
If the girl gets married after 18 years and withdraws half of the amount for the marriage, she has the option to not to close the account. Though cannot make further deposits, the balance amount will earn interest until the completion of the 21 years tenure.
Investing for your daughter is the best gift that you can give her. Sukanya Samriddhi Yojana is one such gift. The Sukanya Samriddhi Yojana calculator helps in determining the amount that you can comfortably invest every year towards your child’s education or marriage.
Hence, investing in SSY is one strategy that you can adopt to secure your girl child’s future. The calculator helps in your investment planning by computing accrued savings from SSY investments.
Following are the advantages of SSY Calculator:
Free calculator online that helps in the easy computation of the maturity value Calculations are made based on the current SSY interest rate.
Investors can quickly generate the maturity value for multiple investment amounts, compare the returns, and finalize their investment value.
The calculator gives accurate values, and the investor doesn’t need to calculate the returns manually.
The SSY calculator is simple and doesn’t require any special skills to use. The investor just needs to enter the variables in the fields, and the calculator helps calculate the maturity amount.
The Sukanya Samriddhi Yojana (SSY) Calculator uses the compound interest formula to calculate the interest.
A = P(1+r/n)^nt
P – Principal Amount
r – Rate of Interest
n – Number of times interest compounds in a year
t – Number of years
Below are the two scenarios that’ll help in understanding the SSY account better. Mr. and Mrs. Kumar decide to invest INR 25,000 per annum in the account scheme for their newborn girl child Pallavi. The current rate of interest offered by the scheme is 7.60%.
A Sukanya Samriddhi Account can be opened in a post office or designated private and public sector banks. The interest rate for this scheme is decided by the Government and declared every quarter. For the current quarter (April 2020 to June 2020), the interest rate is 7.6%, compounded annually.
Based on the Government Security (G-sec) yields, the Indian Government decides the rate of interest for Sukanya Samriddhi scheme on a quarterly basis. The interest rate is compounded on a yearly basis and is credited to the account. Subscribers can also opt for monthly interest.
Sukanya Samriddhi Account provides a higher rate of interest than other Savings Plans that offer financial security for the girl child. Each financial year, the government declares the applicable interest rate for that year, while the interest on your investments is compounded yearly.
When can the account be opened? A Sukanya Samriddhi Account can be opened any time after the birth of a girl child till she turns 10, where you will have to deposit a minimum of Rs 250. In subsequent years, a minimum of Rs 250 and a maximum of Rs 1.5 lakh can be deposited during the ongoing financial year.