Total Investment
Interest Earned
Total Maturity
“Sukanya Samriddhi Yojana (SSY) is a savings scheme launched for girls on 22nd January 2015. The Hon'ble PM of India launched this woman empowerment scheme as a part of the ‘Beti Bachao Beti Padhao campaign’.”
SSY is a scheme for the girl child. It aims to provide wings to girls. Offering an attractive rate of interest of 8%, the SSY scheme empowers and allows the guardians of a girl child to open their savings account with a post office or an authorized commercial bank. It is a great scheme as the invested amount could be used for education, marriage, or securing the future of our daughters.
Let’s explore in detail how an SSY calculator can enable you to find out the returns you will receive depending on the invested amount and time period. A form needs to be filled out and submitted to start the deposit in the scheme.
Please note that the guardian can open the account for their girl child. For that, the eligibility criteria for SSY are,
The girl child should be an Indian resident.
The girl child's age should not exceed 10 years.
A family with two girls can open up to two accounts for their children.
Additionally, the guardian may need to provide the birth certificate of the child.
Depositor’s identification documents and valid address proof.
SSY has undoubtedly emerged as one of the most popular schemes for a girl child that offers both; an attractive interest rate and tax benefits. You can claim tax exemption up to Rs 1,50,000 from the amount contributed to your SSY account under section 80 C of the Income Tax Act, 1961. Moreover, the interest income generated is tax-exempt too. The tax benefits are extended to maturity.
You can quickly and easily access it online for free as manual calculation could be tiresome and prone to human error.
It doesn’t require any technical knowledge and is fairly simple to use.
You just need to fill in a few inputs to get the results in just a few clicks.
You can use the SSY calculator as per your convenience at any time.
Our SSY calculator is updated with the latest interest rates.
You must note that it is a long-term investment scheme with a tenure of 21 years. In case of premature withdrawal, complete documentation and application will be needed and it needs to be submitted along with the application form and passbook.
The SSY calculator uses the following formula to generate results,
A = P (1 + r/n) ^ nt
Where,
What should be the age of the girl child for SSY?
The girl child's age should not exceed 10 years.
What is the minimum amount needed to open an SSY account?
Guardians can open an account with as low as Rs. 250.
What is the maximum amount that I can deposit in a year in an SSY account?
The maximum amount that a guardian can deposit in a year in SSY is Rs. 1,50,000.
What will happen when I do not make the deposit?
The account gets inactive when you don’t make any deposits. You can pay a penalty charge of Rs. 50 to revive the account.
What will happen in the case of two girl children?
A family with two girls can open up to two accounts for their children.
What is the maturity period of an SSY account?
The maturity period is decided at 21 years from the date of opening the account.
Are there any tax benefits of investing in SSY?
You can avail tax exemptions under section 80C. The holder can get tax benefits up to Rs. 1,50,000 on the contributions made towards the SSY scheme.
Can an account holder (the girl) prematurely withdraw from an SSY account?
Yes. She can withdraw from her account once she is 18 years of age. The girl can only withdraw 50% of the total amount once she reaches this age which is only for higher education.
Can we close the SSY before maturity?
Yes. The account can be prematurely closed after 5 years of account opening if, in case of — the death of the account holder, life-threatening disease to the account holder, or the death of the guardian. The Central Government needs to authorize the sanction.
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