Sukanya Samriddhi Yojana (SSY) is a small deposit scheme for the girl child launched as a part of the ‘Beti Bachao Beti Padhao’ campaign. One of the reasons why this scheme has become popular is due to its tax benefit. It comes with a maximum tax benefit of Rs 1.5 lakh under section 80C of the Income-tax Act. Further, the interest accrued and maturity amount are exempt from tax.
If you are planning on investing in the scheme, you can use the Sukanya Samriddhi Yojana calculator to calculate the maturity amount at the end of the tenure. You can use the calculator to find out how much you can approximately save via this scheme for the daughter’s higher education and/or marriage.
Who can use SSY calculator?
To use this calculator, one must satisfy the eligibility conditions of the Sukanya Samriddhi scheme. According to the rules, the following people are eligible to open a Sukanya Samriddhi account:
a) Age of girl child should not exceed 10 years
b) She should be a resident citizen of India
c) Account cannot be opened for more than two girl children in a single family
How can an SSY calculator help you?
The Sukanya Samriddhi Yojana is long-term investment scheme that can generate high ROI. You have to make a minimum contribution each year to keep the account active.
Hence, using a Sukanya Samriddhi Yojana calculator online is beneficial to have an overall assessment of your investments and returns.
Few benefits of SSY calculators include:
- Shows you the year of maturity for your SSY account.
- Displays the amount you receive upon maturity.
- Helps you plan your investment portfolio more effectively.
How to use Sukanya Samriddhi calculator
If you satisfy eligibility conditions, then the calculator will ask you to provide the age of your daughter/s and amount that you want to invest in the scheme. The minimum amount you can invest is Rs 1,000 and maximum is Rs 1.5 lakh in a single financial year. With effect from 5 July, 2018, the government has reduced the minimum investment amount to Rs 250.
How the calculator works
The calculator, based on the amount entered by you, calculates the approximate value that will be received by you at maturity. The scheme will mature after the completion of 21 years from the date of opening of the account.
According to the scheme rules, a depositor is required to make deposits every year till the completion of 15 years from the date of opening of account. Here, the calculator assumes that you have made all the deposits every year of the same amount as selected by you.
Between the 15th year and 21st year, no deposits are required to be made. However, you will be earning interest on the earlier deposits made. The calculator takes into account the interest that will be accrued to you during those years.
How to use Groww’s SSY Calculator Online?
Just enter the investment amount per year, age of your girl child, and investment starting year.
The calculator will automatically display the maturity year and the amount you receive upon maturity after you enter the details.
Advantages of using Groww Sukanya Samriddhi Yojana Scheme Calculator
Using the Groww Sukanya Samriddhi Yojana online calculator provides you with the following benefits –
- Convenient and hassle-free process for calculation.
- Shows you accurate results without any delay.
- Helps you plan your investment as per needs.
The calculator of Sukanya Samriddhi Yojana assists you in determining the amount that you can comfortably invest each year. Opening an SSY account is one of the ways to secure your child’s future against expenses like higher education.
What does the calculator show?
Depending on the information provided by you, the calculator will show you the year in which the account matures, the maturity value, interest rate using which the maturity value is arrived at. It also shows the break-up of amount that you can invest monthly in the scheme.
While arriving at the maturity value, we have assumed interest rate of 8.1 per cent per annum throughout the next 21 years as it is currently offered in the Sukanya Samriddhi Yojana.
Sukanya Samriddhi Yojana Calculator
As they say, educate the girl and the whole family will be educated. Sukanya Samriddhi Yojana is a step towards realising this saying. The Indian Government back in 2015 started a savings scheme which enables parents to save in the name of their girl child primarily for her education and her wedding as well. SSY is a risk-free deposit scheme which is launched under the campaign “Beti Bachao Beti Padhao” of the Indian govt. Apart from being risk-free; another highlight of this scheme is that it comes with a tax-benefit as well. And to add to it, the maturity amount as well as the interest is tax exempted.
Eligibility for Sukanya Samriddhi Yojana Account
The following are the key eligibility criteria for opening a Sukanya Samriddhi Yojana Account:
- Only parents or legal guardians of the girl child can open a Sukanya Samriddhi account in the name of the girl.
- The girl child should be less than 10 years at the time of account opening. The account can be operational till the girl reaches the age of 21 years.
- The initial investment can start from Rs. 250 and a maximum of Rs. 1,50,000 annually with further deposits in the multiples of Rs. 100.
- A single girl child cannot have multiple Sukanya Samridhhi accounts.
- You can benefit from higher interest rates offered by company fixed deposit
- Only two Sukanya Samriddhi Yojana accounts are allowed per family i.e., one for each girl child.