Sukanya Samriddhi Yojana Calculator

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What is Sukanya Samriddhi Yojana?

Sukanya Samriddhi Yojana, launched under the Beti Bachao, Beti Padhao campaign, is a small savings scheme designed exclusively for the welfare of the girl child. It was introduced to promote the education and well-being of girls in the country. Under this scheme, parents or legal guardians can open an account in the name of their daughter(s) before she attains the age of 10 years.

Eligibility Criteria

To open a Sukanya Samriddhi Yojana account, certain eligibility criteria must be met:

Benefits of Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana offers several benefits to investors:

  1. High interest rates: The scheme provides attractive interest rates that are generally higher than those offered by other savings schemes.
  2. Tax benefits: Contributions made to the scheme are eligible for tax deductions under Section 80C of the Income Tax Act, 1961.
  3. Long-term savings: The scheme encourages long-term savings and helps accumulate a substantial corpus for a girl child's future needs.
  4. Flexibility: The investment amount can be varied each year, allowing parents or guardians to contribute as per their financial capabilities.
  5. Partial withdrawals: Partial withdrawals can be made from the account once the girl child reaches the age of 18 years, provided the amount is used for her education or marriage expenses.
  6. Maturity amount: The maturity amount, including the interest earned, is tax-free.
  7. Account transfer: In case of relocation, the account can be easily transferred to any authorized bank or post office.

How to Use the Sukanya Samriddhi Yojana Calculator

The Sukanya Samriddhi Yojana Calculator is a useful tool that helps individuals estimate the future value of their investments in the scheme. Here is a step-by-step guide on how to use the calculator effectively:

Step 1: Gather the Required Information

Before using the calculator, gather the following information:

Step 2: Access the Calculator

Go to the official website of the Sukanya Samriddhi Yojana or any reliable financial planning portal that offers the calculator.

Step 3: Enter the Details

Enter the required details into the calculator, such as the initial deposit amount, annual contribution amount, and investment duration.

Step 4: Calculate the Results

Click on the "Calculate" button to obtain the results. The calculator will display the maturity amount, including the principal and interest earned, based on the provided inputs.

Understanding the Results

The results provided by the Sukanya Samriddhi Yojana Calculator will give you an estimate of the maturity amount based on the details entered. It helps you visualize the potential growth of your investments and plan for your daughter's future financial needs accordingly. Remember that the results are indicative and may vary based on the actual interest rates prevailing at the time of investment.

Factors to Consider when Using the Calculator

While using the Sukanya Samriddhi Yojana Calculator, consider the following factors:

 

Yearly Contribution Table:

Year

Investment Amount (Yearly)

Investment Amount (14 Years)

Maturity Amount (21 Years)

1

Rs.1,000

Rs.15,000

Rs.43,949

2

Rs.2,000

Rs.30,000

Rs.87,911

3

Rs.5,000

Rs.75,000

Rs.2,19,769

4

Rs.10,000

Rs.1,50,000

Rs.4,39,542

5

Rs.20,000

Rs.3,00,000

Rs.8,79,078

6

Rs.50,000

Rs.7,50,000

Rs.21,97,691

7

Rs.1,00,000

Rs.15,00,000

Rs.43,95,389

8

Rs.1,25,000

Rs.18,75,000

Rs.54,94,226

9

Rs.1,50,000

Rs.22,50,000

Rs.65,93,068

 

Monthly Contribution Table:

Instalment Amount (Monthly)

Maturity Amount (21 Years)

Rs.1,000

Rs.5,11,829

Rs.2,000

Rs.10,23,658

Rs.3,000

Rs.15,35,490

Rs.4,000

Rs.20,47,305

Rs.5,000

Rs.25,59,142

Rs.6,000

Rs.30,70,970

Rs.7,000

Rs.35,82,801

Rs.8,000

Rs.40,94,627

Rs.9,000

Rs.46,06,461

Rs.10,000

Rs.51,18,282

Rs.12,500

Rs.63,97,855

 

FAQs: Sukanya Samriddhi Yojana(SSY) Calculator

FAQ 1: What is the minimum and maximum investment amount for Sukanya Samriddhi Yojana?

The minimum investment amount for Sukanya Samriddhi Yojana is Rs. 250, and the maximum investment amount is Rs. 1.5 lakh in a financial year.

FAQ 2: Can I open multiple accounts under Sukanya Samriddhi Yojana for my daughters?

No, as per the scheme rules, you can only open one account for each eligible girl child. However, a maximum of two accounts can be opened in the case of twin girls.

FAQ 3: Is the interest earned on Sukanya Samriddhi Yojana taxable?

No, the interest earned on Sukanya Samriddhi Yojana is exempt from tax.

FAQ 4: Can I withdraw money from Sukanya Samriddhi Yojana before the maturity period?

Partial withdrawals can be made from the account once the girl child reaches the age of 18 years, provided the amount is used for her education or marriage expenses.

FAQ 5: What happens if I miss a yearly deposit in Sukanya Samriddhi Yojana?

If you miss a yearly deposit, your account will become irregular. To reactivate it, you may need to pay a penalty of Rs. 50 per year along with the minimum required deposit for that year.

 

Last Word

The Sukanya Samriddhi Yojana Calculator is a valuable tool for individuals looking to plan for the financial security of their daughters. By using the calculator, you can estimate the potential growth of your investments and make informed decisions about contributions and investment durations. Start using the calculator today to ensure a brighter future for your girl child.