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Sukanya Samriddhi Yojana Calculator – SSY Calculator Online

Sukanya Samriddhi Yojana Calculator

Sukanya Samriddhi Yojana

 

The Sukanya Samriddhi Yojana is a savings scheme launched by the Indian government as part of the “Beti Bachao, Beti Padhao” campaign. It is exclusively for the girl child and meant for covering her education and marriage expenses. The assured returns, EEE (Exempt Exempt Exempt) tax exemption, interest rate, and maturity amount are other additional benefits. One can use the Sukanya Samriddhi Yojana calculator to determine the maturity amount and the exact amount that can be saved for a girl’s education and other purposes.

 

 

Sukanya Samriddhi Yojana is a savings scheme run by the central government with the goal of securing a girl’s future. Under this scheme, a girl child must be 10 years of age or younger to open an account. 

 

Features Of Sukanya Samriddhi Yojana

 

 

 

 

 

 

Premature Closure of Sukanya Samriddhi Yojana (SSY) Account

 

Premature closure can only be done by a girl child after she reaches the age of 18 for the purpose of marriage expenditures. However, there are certain circumstances in which the account can be closed and the respective amount can be withdrawn:

 

 

In the event of the untimely death of a girl child, the parents or legal guardian are allowed to retrieve the account’s balance. Additionally, the parents or legal guardian must provide the pertinent documents attesting to the account holder’s death.

 

 

In the event that the competent authorities issue any instructions regarding the depository’s inability to continue holding the account, the Sukanya Samriddhi Account may be prematurely cancelled. Additionally, the account might be closed if the depositor is experiencing any form of financial strain as a result of making the donation to the account. To process the closure and settlement of the account, necessary authorization from the relevant authorities must also be obtained.

 

It is to be noted that the account under the Sukanya Samriddhi Yojana would only be closed in exceptional instances, such as life-threatening diseases or medical emergencies.

 

How is interest calculated on Sukanya Samriddhi Yojana?

 

The Sukanya Samriddhi Yojana (SSY) calculator uses the compound interest formula to calculate the interest.

A = P(1+r/n)^nt

Where,

A-Compound Interest,

P – Principal Amount,

r – Rate of Interest,

n – Number of times interest compounds in a year,

t – Number of years

 

Who Can Use the Sukanya Samriddhi Yojana Calculator?

 

While anybody can use the Sukanya Samriddhi Yojana (SSY) calculator online, in order to invest in the scheme, an individual must be able to meet the requirements listed below.

 

 

 

 

 

To open an SSY account, the family must be able to provide the following documentation.

 

 

 

 

 

The Sukanya Samriddhi Yojana calculator can be used by families who meet the aforementioned requirements and have all the required paperwork. The calculator helps determine the maturity value and provides an estimate of how much they can save for education and marriage-related expenses.

 

How To Use Sukanya Samriddhi Yojana Calculator?

 

The Sukanya Samriddhi Yojana (SSY) calculator is very easy to use. One can determine the maturity amount of their investment in the Sukanya Yojana by entering the correct details in the fields.

 

One only has to enter the following details:

 

 

 

 

The Sukanya Samriddhi Yojana calculator returns the following values:

 

 

 

 

Consider the following illustration. Mr. Suraj intends to contribute Rs. 10,000 annually to the Sukanya Samriddhi Yojana for his daughter. The investment began when the youngster was only a few months old in 2021. The current interest rate is 7.60%. He now wants to know the return on his investment when it reaches maturity. He would reach maturity in the year 2042 with a maturity sum of Rs. 4,39,538, with  the interest earned on an investment of Rs. 1,50,000 being Rs. 2,89,538.

 

How does the SSY calculator work?

 

By filling out the Sukanya Samriddhi Yojana Calculator’s essential fields, such as investment per year, girl’s age, and start year. The calculator will assist in calculating the maturity amount and maturity year. The calculator automatically does the computation for you using the most recent SSY interest rate released by the government.

 

The Sukanya Yojana has a lock-in term of 21 years (tenure to maturity). 7.60% is the current interest rate. The investor must make at least one investment every year for 15 years to keep the account open. From the 15th year, the investor can choose not to make any contributions to the account until the 21st year. Nonetheless, the SSY account will continue to earn returns at the rate of interest applicable to the previous investments. 

 

Assumptions made by the calculator online

 

 

 

 

 

 

 

Transfer of Sukanya Samriddhi Yojana Account

 

One of the primary advantages of the SSY Account is that it can be transferred from one part of India to another. According to current regulations, one can easily transfer this tax-saving deposit account for girl children from one Indian post office to another or from one designated bank branch to another. One must complete and turn in a transfer request form to the competent authorities of the Indian post office where the account is currently located in order to start the transfer of the SSY account from a post office. In the event that one needs to transfer the deposit from one designated bank branch to another, similar transfer forms are available both online and offline.

 

Advantages of Sukanya Samriddhi Yojana Investment (SSY)

 

The Sukanya Samriddhi Yojana, which was launched as a part of the Beti Bachao, Beti Padhao Yojana initiative, offers investors a number of advantages. Here are some of the main advantages of this scheme:

 

 

 

 

 

 

 

Sukanya Samriddhi Yojana (SSY) Interest Rates

 

Period SSY Interest Rates
1st April 2022 – 30th June 2022 7.60%
1st January 2022 – 31st March 2022 7.60%
1st April 2020 – 31st December 2021 7.60%
1st July 2019 – 31st March 2020 8.40%
1st October 2018 to 30th June 2019 8.50%
1st January 2018 to 30th September 2018 8.10%
1st July 2017 to 31st December 2017 8.30%
1st April 2017 to 30th June 2017 8.40%

 

Frequently Asked Questions (FAQs)

 

The following requirements must be met in order to invest in the Sukanya Samriddhi Yojana: 

 

 

 

You can invest in this plan through your local post office or authorized branches of partnering public and private banks. Along with the necessary form and initial payment by check or draft, you must submit KYC documents such as your passport or Aadhaar card.

 

Investors must complete the Sukanya Samriddhi Yojana (SSY) Application Form, which can be acquired by going to a nearby post office or participating public or private sector bank. Alternatively, you can get the SSY New Account Application Form from the following websites:

 

 

 

In order to participate in the Beti Bachao, Beti Padhao Yojana, applicants must submit the SSY Application Form with some pertinent information about the girl child whose name the investment would be made. It is also necessary to provide information about the parent or legal guardian who will open the account and make deposits on her behalf. The SSY Application Form includes the following important fields:

 

 

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