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.
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.
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.
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 :
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
To open a Sukanya Samriddhi Account in India, you will need:
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:-
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.
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
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.
Yes it is possible. Many people having PPF account find Sukanya Samriddhi Account a great choice due to:
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.
You can open SSY Account from any nearby post office or bank.
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.
No, the loan facilities are not available against 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.
In such a situation the account will be closed immediately and funds would be handed over to the nominee.
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.
Premature closure of SSY account is allowed
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.
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