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Sukanya Samriddhi Yojana Calculator

Helps individuals estimate the future value of investments made in the Sukanya Samriddhi Yojana scheme.

Sukanya Samriddhi Yojna is a post office savings scheme of the government to encourage Indians to save money for the future of their girl children. This scheme is backed by the sovereign guarantee.

  • Investment : Minimum Rs.250 to maximum Rs,150,000 should be deposited every year for 14 years from the date of opening.
  • Interest Rate : Declared by the government every quarter. Current interest rate is 8.40% per annum compounded annually.
  • Tax Benefit : Investment provides tax deduction u/s 80 C upto Rs.1,50,0000. Interest and Maturity amount is also tax exempt.Thus, enjoys exempt-exempt-exempt (EEE) tax status.
A minimum of Rs.250 and a maximum of Rs.1,50,000 should be deposited every year
  • Current Interest
    Rate     8.20%
  • Total Investment of
    Principal Amount     14000
  • Total Interest
    Amount     32144.6
  • Maturity
    Amount     46144.6
  • Maturity
    Date     30 April 2033
Account Age Her Age Date of Deposit Yearly Deposit Amount Yearly Interest Amount Total Maturity Amount

What is Sukanya Samriddhi Yojana(SSY)?

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.

What is Sukanya Samriddhi Yojana(SSY) Calculator?

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.

Who can use Sukanya Samriddhi Yojana Calculator?

The Sukanya Samriddhi Yojana Calculator can be used by parents, individuals planning to open an account, financial planners, advisors, and financial institutions to estimate the maturity amount for investments in the scheme. It helps in planning for the financial future of a girl child.

How does the Sukanya Samridhi Yojna Calculator work?

The calculator arrives at the maturity value and the total interest during the invested period, as per the SSY rules. However, while calculating the maturity value, it works on the following assumptions :

  • Individuals contribute the same amount every year till the completion of a period of fifteen years from the date of opening of the account years.
  • There is no contribution made from year 16 to 21(as not mandated, though individuals are free to invest as per their wish). Interest is calculated on the basis of the previous contributions
  • Interest amount is calculated on the basis of the current interest rate for the invested period.

Benefits of Tax2win's Sukanya Samridhi Yojna Calculator

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.

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

Documents required to open a Sukanya Samriddhi Account

To open a Sukanya Samriddhi Account in India, you will need:

  • Birth certificate of the girl child.
  • Address and identity proof of the parent or guardian.
  • Passport-sized photographs of both the girl child and the parent or guardian.
  • Initial deposit amount (varies, check with the bank or post office).
  • Relationship proof (if required).
  • Other details as requested by the bank or post office.

Sukanya Samriddhi Yojana Closure on Maturity

The interest accrued along with the balance is paid to the child when the account matures, i.e., on the completion of 21 years. The following documents need to be provided at the time of withdrawal:-

  1. SSY withdrawal application
  2. Proof of age
  3. Proof of identity
  4. Proof of citizenship and residence

Sukanya Samriddhi Account can be discontinued before maturity in cases where the girl gets married after attaining the age of 18 years.

Premature closure of the SSY account is allowed only when the marriage of the girl is planned and notified a month before the marriage or up to 3 months after the wedding.

Premature withdrawal can also be made after five years in cases where because of any reason parents or guardian (the depositor) of the girl dies. This mishappening can cause a financial burden on the girl to maintain the account.

FAQs on Sukanya Samriddhi Yojana Calculator

Q How many accounts can be opened under Sukanya Samriddhi Account Yojana (SSY)?

Under the SSY (Sukanya Samriddhi Yojana) you can open a maximum of two accounts at a time. But, in some special cases this number can exceed. These circumstances include

  • Birth of twin sisters, when the first birth already gave life to a girl child.
  • Birth of triplets i.e. three children at one time all being girl children.

Even, in the above cases the opening of Sukanya Samriddhi Account is permitted only upon furnishing a valid medical certificate supporting the facts.The account can be applied by their parents or legal guardians.

Q Can a holder of PPF account also open Sukanya Samriddhi (SSY) Account?

Yes it is possible. Many people having PPF account find Sukanya Samriddhi Account a great choice due to:

  • Higher Interest Rates and Returns.
  • Overall increased investment limits.
  • Lower mandatory deposit requirements. In SSY you need to deposit a minimum of Rs 250 unlike the limit of Rs 500 for PPF.

Q How many SSY Accounts can be opened in one name?

Only one SSY account can be opened in one name. With, the maximum of two accounts for two girl children by parents or legal guardians.

Q From where can I open an SSY Account?

You can open SSY Account from any nearby post office or bank.

Q Is it possible to close SSY Account?

No, the SSY account cannot be permanently closed. You can stop making the contributions and take the deposited amount after completion of 21 years or when the girl child turns 18 for her marriage or higher education.

Q Is a loan facility available against SSY Account?

No, the loan facilities are not available against SSY Account.

Q How can tax savings maximised from SSY Account?

For Sukanya Samriddhi Yojana Account tax benefits are given on the basis of nomination. In the case of two girl children both mother and father can seek separate nominations and take benefit of Rs 1.5 lakh under section 80C each.

Q What will happen to SSY funds in case of the untimely demise of the account holder?

In such a situation the account will be closed immediately and funds would be handed over to the nominee.

Q Can I reactivate the Sukanya Samriddhi Yojana Account?

In case you skip to make the minimum contribution of Rs 250 in any of the year then your account is deactivated. To reactivate the account a fee of Rs 50 would be charged for each year of default.

Q Can SSY Account premature?

Premature closure of SSY account is allowed

  • It can be closed prematurely. This can only happen when your daughter completes 18 years of age and provided she gets married
  • In case of account holder’s death.
  • In case funds are required for treating the life-threatening disease of the account holder.

Q How can I manage my taxes and which scheme is best for tax saving?

You can manage your taxes with Tax2win’s Tax Advisory Service, and its team of tax experts will help you choose the best tax-saving scheme.