How Can I Use Sukanya Samriddhi Yojana Calculator?
Published On Dec 02, 2021
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The Sukanya Samriddhi Yojana is a small savings programme launched by the Indian government as part of the 'Beti Bachao Beti Padhao Campaign.' It is only for girls and is intended to cover the costs of her education and marriage. Guaranteed returns, EEE tax exemption, interest, and maturity amount are all added benefits. To calculate the maturity amount and know exactly how much you will be able to save for your girl's education and marriage, use the Sukanya Samriddhi Yojana calculator.
To assist you in your investment planning, here are the main features and eligibility criteria for the Sukanya Samriddhi account. Only the parent or legal guardian can open an SSY account in the name of the girl child. The girl must be an Indian citizen.
Things To Know About Sukanya Samriddhi Yojana
Here are a few things you need to keep in mind about the plan:
- The Sukanya Samriddhi account can be taken over by a girl child when she reaches the age of eighteen.
- Only one account is permitted per girl child under the age of ten. Accounts can be moved from one bank to another. Only two accounts are allowed per family, with a third account available in the case of twins or triplets.
- The minimum and maximum investment amounts per year are INR 250 and INR 1.5 lakhs, respectively. To keep the account active, the investor must make a minimum contribution of INR 250 every 15 years. In the event of a default, a penalty of INR 50 must be paid, along with the minimum amount (INR 250), to reactivate the account.
- The earnings are deposited into the account once a year and can be withdrawn when the girl reaches the age of 21 or marries, whichever comes first.
- Up to 50% of the money can be retrieved for the girl child's higher education once she reaches the age of eighteen. Only interest is paid on the balance for the next three years.
- Premature withdrawal is only possible if the child dies or requires medical treatment for life-threatening illnesses.
- After the scheme's maturity, the SSY account does not earn interest. In other words, the maturity amount will no longer generate interest if it is not withdrawn after 21 years. The entire sum would be held in reserve by the federal government.
How To Use Sukanya Samriddhi Yojana Calculator?
One can calculate the maturity amount of their Sukanya Yojana investment by entering the correct details in the fields.
All that is required is to enter the following information:
- Investment per year: This field represents the amount of money the depositor wants to put into his or her daughter's education.
- Age of the girl for whom the SSY account is to be opened: This field is for the age of the girl for whom the SSY account is to be opened.
- The start year of the investment is specified in this field.The following are the results of the Sukanya Samriddhi Yojana calculator:
Maturity year: This field displays the scheme's maturity year. It takes 21 years to reach maturity.
Maturity amount: This field displays the final value of the Sukanya Samriddhi Yojana investment.
The calculator will assist you in calculating the Maturity Amount and determining the Maturity Year. The calculator does the calculations for you using the most recent SSY Interest Rate announced by the RBI.
As a result, investing in SSY is one strategy you can use to ensure the future of your girl child. By computing accrued savings from SSY investments, the calculator assists you in your investment planning.
Also read - Types Of Investments In India
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.