Free Sukanya Samriddhi Yojana / SSY Calculator by Nivesguru

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Rate of interest : 8%

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Introduction : Sukanya Samriddhi Yojana

Welcome to our comprehensive guide on Sukanya Samriddhi Yojana (SSY), a government-backed savings scheme designed to secure the financial future of your daughter. In this detailed article, we will explore the various aspects of SSY, including its objectives, benefits, investment details, eligibility criteria, required documents, tax advantages, institutions supporting the scheme, payment methods, withdrawal rules, and much more. The scheme was launched by the Government of India in 2015 as part of the Beti Bachao, Beti Padhao campaign. This calculator is a tool that can help parents estimate the amount of money they can save for their daughters' future education and marriage expenses through this scheme.

1. Explaining Sukanya Samriddhi Yojana

What is Sukanya Samriddhi Yojana (SSY)?

Sukanya Samriddhi Yojana is a government initiative aimed at promoting the financial security and welfare of girl children in India. Launched under the "Beti Bachao Beti Padhao" campaign, SSY encourages parents and guardians to invest in their daughters' future.Sukanya Samriddhi Yojana is a government-backed savings scheme designed exclusively for the welfare and empowerment of the girl child. Launched under the "Beti Bachao Beti Padhao" campaign, SSY aims to provide a long-term financial savings option for the girl child's education, marriage, and other significant life events.

Free (SSY) Sukanya Samriddhi Yojana Calculator

Investment Duration: The scheme matures after 21 years from the date of opening the account for the Sukanya Samriddhi Yojana.

Sukanya Samriddhi Yojana Age Limit: The account can be opened for a girl child aged 10 or below and able to contribute.

Minimum Contribution: The minimum annual contribution is Rs. 250, with a maximum of Rs. 1.5 lakh in a financial year.

2. Objectives of Beti Bachao Beti Padhao (SSY)

The primary objectives of the "Beti Bachao Beti Padhao" campaign, under which SSY was introduced, include:

Preventing Female Infanticide : To combat the practice of female infanticide.

Promoting Girl Child Education : To encourage the education and empowerment of girl children.

Ensuring Gender Equality : To work towards achieving gender equality and women's empowerment.

3. Understanding SSY Benefits and Investment Details

Benefits of Sukanya Samriddhi Yojana

Financial Security : SSY provides financial security for your daughter's future needs, including education and marriage.

Attractive Interest Rates : The scheme offers competitive interest rates, typically higher than other savings options.

Tax Benefits : Contributions to SSY are eligible for tax deductions under Section 80C of the Income Tax Act.

Flexible Contributions : You can choose the amount you wish to invest each year, with a minimum of Rs. 250 and a maximum of Rs. 1.5 lakh.

Partial Withdrawals : Partial withdrawals are allowed after the girl reaches 18 years for her education or marriage expenses.

Maturity Period : The account matures after 21 years from the date of opening or when the girl gets married, whichever is earlier.

Investment Scenario

Let's consider an example:

- Initial deposit: Rs. 50,000

- Annual contribution: Rs. 24,000 for 15 years

Current Yearly Interest Rate

As of 2023, the SSY interest rate is 7.6%.

Corpus and Maturity Value

At maturity, the corpus would be approximately Rs. 9,61,513.

Free Sukanya Samriddhi Yojana / SSY Calculator

4. Eligibility, Required Documents, and How to Open SSY Account

Eligibility for SSY

To open an SSY account, the following criteria must be met:

- The account can be opened for a girl child aged 10 or below.

- Only two SSY accounts are allowed per family (for two girl children).

Required Documents

You will need the following documents to open an SSY account:

- Birth certificate of the girl child

- Identity and address proof of the depositor/parent/legal guardian

How to Open an SSY Account

1. Locate a bank or post office that offers SSY accounts.

2. Complete the SSY account opening form, providing all necessary details.

3. Submit the required documents and make the initial deposit.

5. Tax Benefits of SSY

Contributions made towards SSY accounts are eligible for tax deductions under Section 80C of the Income Tax Act. Additionally, the interest earned and the maturity amount are tax-free.

6. Institutions / Banks for SSY

SSY accounts can be opened at authorized banks and post offices across India. Some of the prominent institutions include SBI, ICICI Bank, HDFC Bank, and India Post.

7. Payment Methods, Withdrawal Rules, and Closure Rules

- Deposits can be made through cash, cheque, or online transfers.

- Partial withdrawals are allowed for higher education or marriage purposes.

- The account matures after 21 years from the date of opening, and closure rules apply.

How Does a SSY Calculator Work?

A SSY calculator is a simple tool that takes into account two main inputs: the amount of money invested and the interest rate offered by the scheme. Based on these inputs, the calculator estimates the total amount of money that can be saved by the end of the maturity period. To calculate the total amount of money earned on a Sukanya Samriddhi Yojana account, the calculator uses a formula that takes into account the annual investment amount, the interest rate, and the compounding frequency. Compounding is the process by which interest is earned on both the principal amount and the interest earned in previous periods.

Why Use a SSY Calculator India?

Estimating the Total Amount of Money Saved: By using this calculator, parents can estimate the total amount of money they can save for their daughters' future education and marriage expenses.

Understanding the Impact of Interest Rates: Interest rates can have a significant impact on the amount of money earned on a SSY account. By using this calculator, parents can determine the impact of different interest rates on their savings.

Planning for Future Expenses: By using this calculator, parents can plan for their daughters' future education and marriage expenses and ensure that they have sufficient funds available when needed.

Comparing Different Investment Options: A Sukanya Samriddhi Yojana investment calculator can help parents compare the returns offered by different investment options and choose the one that best fits their financial goals.

Taking Advantage of Tax Benefits: Sukanya Samriddhi Yojana offers tax benefits under Section 80C of the Income Tax Act, which allows parents to claim deductions on the amount invested in the scheme. By using this calculator, parents can ensure that they take full advantage of these tax benefits.

The formula used by the calculator is:

M = P x (1 + r/4)^4n
Where:
A = maturity amount
P = principal amount (investment amount)
r = interest rate (in decimal)
n = compounding frequency (annually, semi-annually, quarterly, or monthly)
t = tenure of the investment (in years)

SSY Calulator
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Free SSY Calculator Conclusion:

Sukanya Samriddhi Yojana is a powerful tool for securing your daughter's future. By understanding its details, benefits, eligibility criteria, tax advantages, and application process, you can provide a strong financial foundation for her dreams. Start your SSY journey today, and ensure a bright and empowered future for your daughter.

This calculator is a useful tool for parents looking to save for their daughters' future education and marriage expenses. By using a Sukanya Samriddhi Yojana investment calculator, parents can estimate the amount of money they can save, make informed decisions about their investments, and plan for future expenses. Whether you're a parent looking to save for your daughter's future or someone interested in investing in this calculator can help you achieve your financial goals. So if you're ready to start investing in your daughter's future, start using a Sukanya Samriddhi Yojana investment calculator today!

Frequently Asked Questions (FAQs)

Here are answers to some common questions regarding SSY:

What is Sukanya Samriddhi Yojana?

Sukanya Samriddhi Yojana is a government-backed savings scheme for the financial security and welfare of girl children.

How to fill Sukanya Samriddhi Yojana form at the post office?

Visit your nearest post office, collect the SSY form, fill it with the required details, and submit it with the necessary documents.

How to open Sukanya Samriddhi Yojana?

To open an SSY account, visit a bank or post office, complete the account opening process, and make an initial deposit.

How to apply for Sukanya Samriddhi Yojana?

Follow the step-by-step guide mentioned in this article to apply for SSY.

How many years do I need to pay for Sukanya Samriddhi Yojana?

You can contribute to the SSY account for 15 years from the date of opening, and the account matures after 21 years.

How to fill Sukanya Samriddhi Yojana form at SBI?

Visit your nearest SBI branch, collect the SSY form, fill it with the required details, and submit it along with the necessary documents.

When did Sukanya Samriddhi Yojana start?

The scheme was launched on December 2, 2014.

How to download Sukanya Samriddhi Yojana statement online?

You can download the SSY account statement online through the official website of the bank or post office where you hold the account.

What are the new rules of SSY?

The SSY account shall be mandatorily operated by the girl child after she attains the age of 18 years. The minimum deposit amount for an SSY account is Rs.250 (this amount was previously Rs.1,000), thereafter in multiples of Rs.50, and the maximum is Rs.1,50,000 in every financial year, up to 15 years.

What is the drawback of Sukanya Samriddhi Account?

The lock-in period of Sukanya Samriddhi Account is very high. The amount deposited under this account matures only after 21st years of deposit. So, the account is not ideal for short term deposits.

Can we deposit lump sum in Sukanya samriddhi?

The maximum amount you can deposit in the SSY account is Rs 1.5 lakh per financial year. The SSY account is opened in the name of a girl child to give her a bright future. The money can be used for higher education or the marriage expenses of a girl child.