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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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