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Check how much you could save with our Sukanya Samriddhi Yojana Calculator. It allows you to easily estimate maturity amount and year under the Sukanya Samriddhi Yojana for a girl child.
Sukanya Samriddhi Yojana (SSY) is a savings scheme for girl children introduced by the Government of India. The scheme aimed at securing the financial future of a girl child under the ‘Beti Bachao, Beti Padhao’ campaign. It encourages parents or guardians to invest for their daughter’s education and marriage. An SSY account can be opened in the name of the girl child aged 10 years or below. This allows parents to contribute regularly and earn attractive interest rates over time.
Also, the investment made in an SSY account qualifies for deductions under Section 80C of the Income Tax Act. This allows you to reduce your taxable income by up to Rs 1.5 lakh per financial year. The interest earned on the deposits in the SSY account is entirely tax-free.
The Sukanya Samriddhi Yojana Calculator or SSY Calculator is an online tool that helps users to estimate the maturity value of their SSY investments. It calculates the amount a parent can save throughout the scheme’s duration.
This tool is helpful for planning long-term financial goals related to your daughter’s higher education or marriage. By entering basic details such as the annual contribution, the calculator provides an accurate estimation of the final savings at the time of maturity.
To use the SSY calculator, ensure that you must meet the eligibility conditions of the scheme.
Anyone who is planning to invest in the Sukanya Samriddhi Yojana can use this calculator, including
Parents or guardians can open an SSY account for their girl child if the following requirements are met:
To open a Sukanya Samriddhi Account, you must provide the following documents:
The Sukanya Samridhi Yojana Calculator works by using key parameters such as the annual contributions, interest rate, and tenure of the scheme to calculate the total maturity amount. It follows these basic assumptions:
The formula used to calculate interest on an SSY account is:
A = P (1 + r/n) ^ nt
Wherein P is initial deposit, r is the interest rate of interest, n is the number of times interest compounds in a year, t is number of years, and A is compound interest.
This formula helps calculate the total maturity value allowing you to estimate your returns based on the amount contributed and the interest rate.
As you can see, the calculations involve complicated compound interest. You can rely on the Chartered ONE Sukanya Samridhi Yojana Calculator to get quick and accurate results.
When the account matures after 21 years, the accumulated balance including interest is paid to the girl child. The following documents are required for withdrawal:
In case the girl gets married after turning 18, the account can be closed early. Premature withdrawal can also be done after five years if the depositor passes away, as this may create financial hardship for maintaining the account.
The Chartered ONE Sukanya Samridhi Yojana Calculator has several benefits:
We provide expert guide also guaranteed maximum refunds on your income tax returns, with additional expenses from you.
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Here are some common questions we receive from our customers. If you have any additional questions, please don’t hesitate to contact us.
It is a government-backed savings scheme that helps encourage parents to save for their daughter’s education and marriage. It offers attractive interest rates and tax benefits.
Using the SSY online calculator is easy. Just provide basic details like how much you plan to invest each year, current age of your daughter, and the starting year of the investment. The calculator will conduct the calculations and instantly show you the results within seconds.
Parents or legal guardians can open a Sukanya Samriddhi Yojana account for a girl child under the age of 10. Only one account is allowed per girl child and a family can open up to two accounts for two girls.
You can open a Sukanya Samriddhi Yojana account at a post office or an authorized bank. Simply go to the nearest branch or post office with the required documents, fill up the form, and deposit a minimum amount. Some banks also have the facility to open the account online using their sites.
The minimum deposit required to open or maintain an SSY account is Rs 250 per year. While the maximum amount that can be deposited in a year is Rs 1.5 lakh.
The account matures after 21 years from the date of opening. However, deposits are only required for the first 15 years, after which the account continues to earn interest until maturity.
Yes premature withdrawal is allowed but only after the girl reaches 18 years of age and for specified purposes such as higher education or marriage. You need to submit the required documentation. Up to 50% Off the balance can be withdrawn.
The interest rate on SSY is revised quarterly by the government. As of the latest update, the current interest rate for the Sukanya Samriddhi Yojana (SSY) is around 8.2% per annum compounded annually. You should check the current rate at the time of investment.
Yes, deposits made under SSY are eligible for a tax deduction under Section 80C of the Income Tax Act. Contributions up to Rs 1.5 lakh are eligible for tax exemption. The interest earned and the maturity amount are also tax-exempt.
If the minimum deposit of Rs 250 is not made in a financial year, the account is considered “defaulted.” However, the account can be revived by paying a penalty of Rs 50 per year along with the minimum deposit for that year.
