Sukanya Samriddhi Yojana calculator: calculation, formula, maturity amount and EMI chart

Are you looking for a safe and profitable investment option for your girl child’s future? Do you want to know how much you can save and earn by investing in the Sukanya Samriddhi Yojana (SSY) scheme? If yes, then you have come to the right place. In this article, we will tell you everything you need to know about the SSY scheme and how to use an SSY calculator to plan your investments.

What is Sukanya Samriddhi Yojana and why is it important?

Sukanya Samriddhi Yojana is a government-backed savings scheme launched in 2015 as part of the Beti Bachao, Beti Padhao campaign. The main objective of this scheme is to promote the education and welfare of girl children in India. It allows parents or guardians to open a savings account for their girl child and deposit money every year until she turns 15. The account matures when the girl reaches 21 years of age or gets married, whichever is earlier. The maturity amount can be used for her higher education or marriage expenses.

The SSY scheme is important because it provides a secure and attractive investment option for girl children. It offers a high interest rate of 8% per annum (as of April 2021), which is compounded annually. It also provides tax benefits under Section 80C of the Income Tax Act, 1961. The deposits, interest, and maturity amount are all exempt from tax. Moreover, the scheme ensures that the money is used only for the benefit of the girl child and not for any other purpose.

How to open an SSY account

To open an SSY account, you need to fulfill the following eligibility criteria:

• The girl child must be an Indian resident.
• The girl child must not be more than 10 years old at the time of opening the account.
• Only one account can be opened per girl child.
• A maximum of two accounts can be opened in a family with two girl children.

To open an SSY account, you also need to submit the following documents:

• A duly filled application form with the personal details of the depositor and the girl child.
• The birth certificate of the girl child.
• The identity proof and address proof of the depositor.
• Any other document requested by the bank or post office.

You can open an SSY account at any authorized bank or post office in India. You need to make an initial deposit of at least Rs. 250 to activate the account. You can then deposit any amount between Rs. 250 and Rs. 1.5 lakh per year until the completion of 15 years from the date of opening the account. You can make deposits in cash, cheque, demand draft, or online transfer.

How to use an SSY calculator

An SSY calculator is a tool that helps you estimate the maturity amount of your investment in the SSY scheme. It also shows you the interest rate and the EMI chart for different deposit amounts and frequencies. To use an SSY calculator, you need to follow these steps:

• Enter your deposit frequency (monthly or yearly).
• Enter your deposit amount (between Rs. 250 and Rs. 1.5 lakh per year).
• Enter the age of your girl child at the time of opening the account.
• Enter the current interest rate (8% per annum as of April 2021).

The SSY calculator will then display a summary of your investment, such as:

• The total investment amount (the sum of all your deposits).
• The total interest earned (the difference between the maturity amount and the total investment amount).
• The maturity amount (the final value of your investment after 21 years or when your girl child gets married).
• The EMI chart (a table that shows how your investment grows over time).

You can use an SSY calculator to compare different scenarios and plan your investments accordingly. For example, you can see how increasing or decreasing your deposit amount or frequency affects your maturity amount and interest earned. You can also see how changing the interest rate impacts your returns.

You can find many online SSY calculators on the internet, such as this one, this one, this one, or this one.

Benefits of SSY scheme

The SSY scheme offers many benefits to the investors and the girl child, such as:

• Tax benefits: The deposits, interest, and maturity amount are all exempt from tax under Section 80C of the Income Tax Act, 1961. This means that you can save up to Rs. 46,800 per year in taxes by investing in the SSY scheme (assuming you are in the 30% tax bracket).
• High returns: The SSY scheme offers a high interest rate of 8% per annum, which is compounded annually. This means that your money grows faster than most other investment options. For example, if you invest Rs. 1.5 lakh per year for 15 years, you will get a maturity amount of Rs. 65.93 lakh after 21 years (assuming the interest rate remains constant).
• Security: The SSY scheme is backed by the government of India, which ensures that your money is safe and secure. The account cannot be closed or transferred before the maturity period, except in case of death or extreme medical emergency of the girl child. The account can only be operated by the depositor until the girl child turns 18, after which she can operate it herself.

Drawbacks and limitations of SSY scheme

The SSY scheme also has some drawbacks and limitations that you should be aware of, such as:

• Deposit period: You can only make deposits for 15 years from the date of opening the account. After that, you cannot make any further deposits, but the account will continue to earn interest until maturity.
• Withdrawal rules: You can only withdraw up to 50% of the balance in the account after the girl child turns 18 or passes the 10th standard exam, whichever is earlier. The withdrawal can only be used for her higher education or marriage expenses. You cannot withdraw the entire amount before maturity, unless the girl child gets married before 21 years of age.
• Premature closure: You can only close the account before maturity in case of death or extreme medical emergency of the girl child. In such cases, you will get the balance in the account along with the interest accrued till the date of closure.

Conclusion

Sukanya Samriddhi Yojana is a great investment option for your girl child’s future. It offers tax benefits, high returns, and security. It also encourages you to save and invest regularly for your daughter’s education and marriage expenses. However, you should also be aware of the drawbacks and limitations of the scheme, such as the deposit period, withdrawal rules, and premature closure.

If you want to open an SSY account for your girl child, you should do it as soon as possible to maximize your returns. You should also use an SSY calculator to plan your investments and compare different scenarios. You can find many online SSY calculators on various websites.

We hope this article has helped you understand the SSY scheme and how to use an SSY calculator. If you have any questions or feedback, please feel free to leave a comment below. Thank you for reading and happy investing!

Frequently Asked Questions

 1) Q. Is sukanya samriddhi yojana applicable for Nri?

   Answer:  No, Sukanya Samriddhi Yojana (SSY) is not applicable for NRIs. As per the current guidelines, only a  resident Indian guardian can open an SSY account for their girl child below the age of 10 years. The girl child must also be a resident Indian citizen at the time of account opening and remain so until the maturity of the account. There have been some demands to extend the SSY scheme to NRIs, but the government has not yet taken any steps in this direction.

  2) Q. Is sukanya samriddhi yojana interest taxable?

    Answer: No, the interest earned on SSukanya Samriddhi Yojana (SSY) is not taxable. The SSY scheme comes with the Exempt-exempt-exempt  (EEE) status, which means that the principal amount invested, the interest earned, and the maturity amount are all tax-free.  

 3) Q.sukanya samriddhi yojana interest rate 2023?

    Answer: As of October 19, 2023, the interest rate for Sukanya Samriddhi Yojana (SSY) is 8% per annum, compounded annually. This interest rate is applicable for the third quarter of the financial year 2023-2024. 

4) Q.sukanya samriddhi yojana age limit?

   Answer: The age limit to open a Sukanya Samriddhi Yojana (SSY) account is 10 years, with a slight relaxation for girls born on or after December 2, 2003. Only parents or legal guardians can open an SSY account for a girl child, and only two accounts can be opened per family.

 5) Q.Sukanya samriddhi yojana under which ministry?

   Answer: The Sukanya Samriddhi Yojana (SSY) is a small deposit scheme under the Ministry of Finance, Government of India. It is a government-backed savings scheme designed to benefit the girl child and promote their education and marriage. The scheme offers a high-interest rate and tax benefits.