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Sukanya Samriddhi Yojana, or SSY, which translates to the Girl Child Prosperity Scheme’ complies with the government’s “Beti Bachao, Beti Padhao” campaign. Dhanlakshmi Scheme’, ‘Ladli Scheme’ was some other schemes launched under Beti Bachao Beti Padhao Yojana.
Launched by Prime Minister Narendra Modi, the idea of Sukanya Samriddhi Yojana comes after observing the declining girl-child ratio in the country. This Yojana is created to ensure the betterment of girl children in our country.
Sukanya Samriddhi Yojana, a dream project of our honorable prime minister, serves two purposes-Welfare of the girl child and a tax saving investment.
Sukanya Samriddhi Yojana is a saving scheme by the Government of India that aims to tackle two serious issues related to the girl child in India- one is Education and the other is Marriage. Under this scheme, the parent or guardian can open an account (Sukanya Samriddhi Account) for their girl child of ten years or younger.
Sukanya Samriddhi Yojana helps parents to save for their little girl from the time they are born. In Sukanya Samriddhi Yojana, the minimum deposit amount is 250/- (which was Rs.1000 before 5 July 2018), and the maximum deposit ₹ 1.5 Lakh in a financial year.
These small deposits help create an adequate amount for the little girl's bright future. The account can be opened at any post office or authorized commercial bank. The investment tenure under Sukanya Samriddhi Yojana is 21 years, starting from the opening date.
Interest:
Transfer of account
Interest Compounding
Returns:
Sukanya Samriddhi Yojana scheme is eligible for tax deductions under section 80C. Similar to other tax saving options like, EPF, PPF, and ELSS, this scheme offers high-tax returns and comes under Exemption-Exemption-Exemption status.
For instance, if you are saving Rs 1 lakh into your daughter’s Sukanya Samriddhi Account during a given financial year. This amount will get deducted from your taxable income while filing tax returns at the end of the year.
Once you plan to invest in Sukanya Samriddhi Yojana, the Sukanya Samriddhi Yojana calculator can calculate the final amount upon maturity. This calculator helps estimate the amount you can save for your daughter’s higher education or marriage through the SSY scheme. Tax2win introduces Sukanya Samriddhi Yojana Calculator wherein you can verify the total amount invested to date and the corresponding returns.
The formula for calculating the interest earned on an SSY account is as follows:
A = P (1+r/n)^nt
Where, P = Initial Deposit
r = Rate of interest
n = count of years the interest compounds
t = Number of years
A = Amount at maturity
Sukanya Samriddhi Calculator first asks you to provide your daughter's age and the investment amount to deposit in the scheme. Then, the calculator will give the estimated value to be received at maturity based on the amount you entered. In addition, the Sukanya Samriddhi Yojana calculator allows you to check the record of the monthly amount invested in the scheme.
Once all formalities are done, you can check the record of all your transactions in the Sukanya Samriddhi Account Passbook.
Please feel free to call us at +91 9660996655 or write at [email protected] for queries related to Income Tax, and our experts will be in touch with you.
The limit is Rs.1,50,000, up to which the tax is exempted under Section 80C.
The parents or guardians of the girl child can start a Sukanya Samriddhi Account on behalf of their girl.
The entire amount is given to the family or the girl child. Also, the other way round is to continue the scheme with the same deposit amount until the maturity period. Once the girl attains the age of 21 years, the deposit amount and interest can be handed over.
Yes, the scheme can be transferred from the post office to the bank or from one bank to another.
In such cases, the SSY account gets deactivated, and a penalty fee of Rs.50 is fined for retrieving the account along with the original minimum amount of Rs.250.
The minimum amount is Rs.250 per annum, and the maximum is Rs.1.5 lakh per annum.
No, this scheme and its account are created especially for a girl child to uplift her financial status in the country.
The girl should be a citizen of India.
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