Total Investment
Girl's Age
Start Period
Invested Amount
Total Interest
Maturity Year
Maturity Value
Sukanya Samriddhi Yojana or SSY is a savings scheme that the government started in 2015 as a core component of the Beti Bachao, Beti Padhao campaign. This scheme allows custodians to open a savings account for their girl child at a commercial bank or India Post branch.
Sukanya Samriddhi Yojana accounts pay an interest rate of 8.0%. A Sukanya Samriddhi Yojana calculator will assist you to calculate the returns based on the amount invested and the length of time invested.
Also, read SSY - Sukanya Samriddhi Yojana Benefits & Interest Rates.
The first step in using the Sukanya Samriddhi Yojana calculator is to determine whether the scheme's eligibility criteria are met. Legal guardians of a girl child can open a Sukanya Samriddhi Yojana account if the prerequisites are fulfilled:
In addition, the legal guardians must provide these documents to begin making deposits in the scheme.
Individuals who fulfill the aforementioned requirements and have the necessary required documents are approved for the program and can thus use the Sukanya Samriddhi Yojana calculator online.
Frequently, parents of girl children look to make investments in their child's name to assist in paying for the expenses of their daughter's education and marriage. While there are numerous investment options available to help parents achieve this goal, the Sukanya Samriddhi Yojana has surfaced as one of the most prominent due to the high-interest rate and tax benefits it provides. People can claim tax exemption up to Rs 1.5 lakh from the amount contributed to a Sukanya Samriddhi Yojana account under Section 80C IT Act 1961.
Furthermore, the interest income generated by investing is tax-free. Tax advantages are extended to the maturity amount as well. That being said, parents who have decided on Sukanya Samriddhi Yojana as their favored investment option will require a tool to determine how much they will receive upon maturity. The manual calculation is time-consuming and fallible. The Sukanya Samriddhi Yojana Calculator comes in handy here.
Investors can tweak their monthly contributions based on the maturity amount to accomplish the intended corpus. The Sukanya Samriddhi Yojana calculator is free to utilize and will produce zero-error output over repeated versions.
The Sukanya Samriddhi Yojana is a long-term investment scheme with a high return on investment. To keep the account active, you must contribute a required contribution annually.
As a result, using an online Sukanya Samriddhi Yojana calculator is advantageous for obtaining an overall view of your investments and returns.
Some of the advantages of Sukanya Samriddhi Yojana calculators are as follows:
Also read PPF Vs SSY: Difference Between PPF and SSY.
The maturity period for the amount is 21 years. It is essential to remember that individuals must make at least one contribution per year to maintain the scheme running for the full 14 years.
Individuals may choose not to contribute to their Sukanya Samriddhi Yojana account between years 1 and 21 if they so desire. Nevertheless, the preceding money invested into the account will keep generating interest at the current rate. As a result, the ultimate amount is determined using your net contribution + interest earned.
The Sukanya Samriddhi Yojana calculator generates results using the formula as follows:
A= P (1+r/n) ^ nt
So,
A = Compound interest
P = Principal amount
R = Rate of interest
n = Number of times interest compounds in a year
t = Number of years
Simply input the investment amount annually, the age of your girl child, and the year you want to start investing. After you enter the details, the calculator will update the maturity year and the amount you will obtain upon maturity.
The Assetmonk Sukanya Samriddhi Yojana calculator offers the following advantages:Sukanya Samriddhi Yojana's calculator aids you in defining how much you can conveniently invest annually. Starting an SSY account is one way to protect your child's future against unexpected costs such as higher education.
Sukanya Samriddhi Yojana's calculator aids you in evaluating how much you may safely invest annually. Establishing a Sukanya Samriddhi Yojana account is one approach to protect the future of your child against future expenditures such as higher education.
The girl kid might extract the complete corpus when she reaches adulthood. This is possible when the following documents have been produced:
The withdrawn corpus can be utilized to cover the costs of a female child's further education if she has completed 10th grade and is beyond 18. The funds are limited to being utilized to cover fees and entry costs. Depositors must produce University admission documents plus fee receipts to demonstrate that the funds are being used for educational reasons.
Premature withdrawal for marriage costs is permitted if the girl is 18 or older. The child will have to present an affidavit stating that she is a major.
Savings schemes like Sukanya Samriddhi Yojana are fantastic. Sukanya Samriddhi Yojana produces higher yields. Hence, if you have any spare cash, you can invest in Sukanya Samriddhi Yojana. Do you participate in Sukanya Samriddhi Yojana schemes? But are you dissatisfied with the results? Are you looking for a good deal with higher returns and greater flexibility? Commercial assets yield IRRs ranging from 14% to 21% with Assetmonk. Besides Assetmonk’s Sukanya Samriddhi Yojana, it also offers fractional ownership. Assetmonk’s fractional ownership allows you to invest in luxury commercial buildings while maintaining flexibility. And without the need for your supervision.
A Sukanya Samriddhi Yojana account can get closed in the case of the accountholder's demise or for life-threatening conditions treatments, but the Central Government must approve the closure.> A. When the girl attains 18, she will be entitled to withdraw funds from her account. At reaching the necessary age, the account user can only take 50% of the accrued amount once for the intention of higher education. A. An SSY account has a maturity duration of 21 years. You must, however, make deposits for just 14 years. During the 14th and 21st years, the invested corpus will receive interest. It should be noted that an SSY account will be closed when a female reaches the age of 21 or marries, whichever comes first.
A. Yes. Section 80C provides an income tax advantage of a maximum of Rs. 1,50,000 for SSY accounts.
A. The max amount you may deposit in a Sukanya Samriddhi Yojana accounts each year is Rs. 1, 50,000.
A. If you do not make any deposits, your SSY account becomes dormant. You can, however, reinstate your account by submitting an Rs. 50 penal charge.
A. Guardians can create an account for their female child at any point between the time she is conceived and 10 years of age.
A. A girl child may only have 1 SSY account. Guardians can only create one for each of their girl children but are limited to two. The only exclusions are twins or triplets.
How Can I Make Use of the Corpus Amassed Via Sukanya Samriddhi Yojana Contributions?
Conclusion
Sukanya Samriddhi Yojana Calculator-FAQs
Q1. Can an SSY account be closed before maturity?
Q2. Can an accountholder prematurely withdraw from an SSY account?
Q3. What is the maturity period of an SSY account?
Q4. Does a Sukanya Samriddhi Yojana account provide income tax benefits?
Q5. What is the maximum amount that I can deposit in a year?
Q6. What happens when I do not make any deposits?
Q7. Who is eligible for a Sukanya Samriddhi Yojana Account?
Q8. How many accounts can be created under SSY?
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