Discover the benefits of Sukanya Samriddhi Yojana Calculator 2023 and how it can help you secure your daughter’s future. Learn everything you need to know about this scheme, including eligibility, interest rates, and more!
If you’re a parent or guardian of a young girl, you’ll want to invest in her future. The Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme designed specifically for the benefit of young girls.
It’s a long-term savings scheme that can help you build a financial cushion for your daughter’s future. The best part is that you can use the Sukanya Samriddhi Yojana Calculator 2023 to calculate your returns and make informed investment decisions.
In this guide, we’ll take you through everything you need to know about Sukanya Samriddhi Yojana Calculator 2023. We’ll cover the eligibility criteria, interest rates, tax benefits, and more. So, let’s get started!
What is Sukanya Samriddhi Yojana?
Sukanya Samriddhi Yojana is a government-backed savings scheme aimed at securing the future of girl children in India. This scheme was launched in 2015 and has gained immense popularity among parents who wish to save for their daughter’s education and marriage expenses.
How does Sukanya Samriddhi Yojana Calculator work?
The Sukanya Samriddhi Yojana Calculator is an online tool that helps you calculate the maturity amount of your investment in the scheme. The calculator takes into account the amount of investment, the rate of interest, and the tenure of the investment to give you an estimate of your returns.
SSY account opening & minimum opening balance
Investors can open SSSY Accounts at Indian post offices and 25 authorized banks. The process for opening an account is straightforward and requires only a few documents. With a minimum deposit of Rs 250, you can open this account.
To complete the process, you will need to follow these steps: fill out the account opening form, have the necessary documents and photographs ready, and pay the deposit amount (which can be any amount between Rs 250 and Rs 1.5 lakh). You can set up automatic credit to the account through net banking or give a standing instruction at the branch.
SSY account opening: Documents needed
To open an account, you will need the following documents: the account opening form, the beneficiary’s birth certificate (which can be obtained from the hospital, a government-notified domicile, or the child’s school principal), valid address proof for the guardian or parents, and identity proof for the guardian or parents. Each family can open up to 1 account for each girl child and a maximum of up to three in case of twin girls being born the second time.
SSY maturity period and partial withdrawal
The maturity period of SSY is 21 years from the date of account opening. Deposits up to a maximum of Rs 1.5 lakh can be made every year for a period of 15 years from the date of opening, as per SSY rules.
Additionally, deposits up to Rs 1.5 lakh are eligible for tax deductions under Section 80C of the Income Tax Act, making this a compelling investment option. Upon submission of Form 3, the investor can withdraw up to 50% of maturity amount provided the girl has attained 15 years of age or passed 10th standard, whichever is earlier.
Calculation of interest on SSY account
The interest shall be calculated for the calendar month on the lowest balance in the account between the close of the fifth day and the end of the month.
The interest shall be credited to the account at the end of each financial year and any amount of interest in fraction of a rupee shall be rounded off to the nearest rupee and for this purpose any amount of fifty paisa or more shall be treated as one rupee and any amount less than fifty paisa shall be ignored.
A parent or a legal guardian may open the SSY account on behalf of the girl child upon her birth. According to the SSY calculator, the maturity amount at the end of 21 years with an annual deposit of 1.5 lakh for 15 years at an assumed average rate of 7.6% will accumulate to Rs 65,93,071. Out of this amount, the deposit will be Rs 43,43,071 and Rs 22,50,000 will be the interest earned on investments.
|Name of the calculator||SSY Calculator 2023|
|Title||How To Calculate SSY?|
|Subject||How to use and calculate SSY maturity value|
|SSY Calculator||Sukanya Samriddhi Yojana Calculator|
How to use the Sukanya Samriddhi Yojana Calculator?
The Sukanya Samriddhi Yojana Calculator 2023 is a simple tool that can help you calculate the returns on your investment. It takes into account the principal amount, the interest rate, and the investment period. Here's how you can use the calculator:
Visit the official website of Sukanya Samriddhi Yojana Calculator
Go to the official website of Sukanya Samriddhi Yojana Calculator to access the online tool.
Enter the investment amount
Enter the amount you wish to invest in the scheme.
Enter the rate of interest
Enter the rate of interest offered on the scheme for the year 2023.
Enter the tenure of the investment
Enter the tenure of your investment in years.
Calculate the returns
Click on the calculate button to get an estimate of your returns.
What are the benefits of using the Sukanya Samriddhi Yojana Calculator?
Using the Sukanya Samriddhi Yojana Calculator has several benefits, such as:
- Helps you plan your investment based on your financial goals.
- Provides an estimate of the maturity amount of your investment.
- Helps you make an informed decision regarding your investment.
What is the rate of interest for Sukanya Samriddhi Yojana in 2023?
The rate of interest offered on the Sukanya Samriddhi Yojana scheme is subject to change every year. As per the current trend, the rate of interest for the year 2023 is expected to be around 7.6%.
What is the eligibility criteria for Sukanya Samriddhi Yojana?
The eligibility criteria for Sukanya Samriddhi Yojana are as follows:
- The scheme can be availed for girl children below the age of 10 years.
- Only one account can be opened per girl child.
- The account can be opened by the parent or legal guardian of the girl child.
What is the maximum amount that can be invested in Sukanya Samriddhi Yojana?
The maximum amount that can be invested in Sukanya Samriddhi Yojana is Rs. 1.5 lakhs per financial year.
What is the tenure of investment in Sukanya Samriddhi Yojana?
The tenure of investment in Sukanya Samriddhi Yojana is 21 years from the date of opening the account. However, partial withdrawals can be made after the girl child attains the age of 18 years.
What is the tax benefit of investing in Sukanya Samriddhi Yojana?
Investing in Sukanya Samriddhi Yojana also provides tax benefits to the investors. The contributions made towards the scheme are eligible for deduction under section 80C of the Income Tax Act, 1961, up to a maximum of Rs. 1.5 lakhs per financial year. The interest earned and the maturity amount are also tax-free, making it an excellent investment option for parents.
How does Sukanya Samriddhi Yojana differ from other investment options?
Sukanya Samriddhi Yojana is a unique investment option as it is exclusively designed for the benefit of girl children. The scheme offers a higher rate of interest as compared to other investment options, making it an attractive option for parents. Additionally, the scheme provides tax benefits, making it a popular choice among investors.
What are the documents required to open a Sukanya Samriddhi Yojana account?
To open a Sukanya Samriddhi Yojana account, you need to submit the following documents:
- Birth certificate of the girl child
- Identity proof of the parent or legal guardian
- Address proof of the parent or legal guardian
Frequently Asked Questions (FAQs)
Is it mandatory to invest the maximum amount in Sukanya Samriddhi Yojana?
No, it is not mandatory to invest the maximum amount in Sukanya Samriddhi Yojana. The investor can choose to invest any amount within the limit of Rs. 1.5 lakhs per financial year.
Can I withdraw the entire amount invested in Sukanya Samriddhi Yojana before the maturity period?
No, you cannot withdraw the entire amount invested in Sukanya Samriddhi Yojana before the maturity period. Partial withdrawals are allowed only after the girl child attains the age of 18 years.
Can I open a Sukanya Samriddhi Yojana account for my son?
No, Sukanya Samriddhi Yojana is exclusively designed for the benefit of girl children. Parents cannot open an account for their son under this scheme.
What happens if I miss investing in Sukanya Samriddhi Yojana for a year?
If you miss investing in Sukanya Samriddhi Yojana for a year, you will not be able to avail the benefits of the scheme for that particular year. However, you can continue to invest in the scheme in the subsequent years.
Is the interest earned on Sukanya Samriddhi Yojana taxable?
No, the interest earned on Sukanya Samriddhi Yojana is tax-free.
Sukanya Samriddhi Yojana is a great investment option for parents who wish to secure their daughter’s future. The scheme offers a higher rate of interest, tax benefits, and a long-term investment tenure, making it an ideal choice for parents. By using the Sukanya Samriddhi Yojana Calculator, parents can calculate their returns and make informed decisions regarding their investments.