Get the best financial scheme for a girl child and gain maximum benefits on interest and tax advantages
Use the Sukanya Samriddhi Yojana (SSY) calculator to understand investment and safeguard the future financial needs of an Indian girl child, be it a marriage expense or education costs.
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Established by the Indian government, in the purview of the Beti Bachao, Beti Padhao initiative, the Sukanya Samriddhi Yojana is a savings scheme aimed at securing the financial future of female children. The savings account may be started at branches of commercial banks or at any post office branches.
The benefits of the Sukanya Samriddhi Yojana calculator are mentioned below:
A guardian or parent, of a female child who is under ten years, can open the SSY account.
Any individual is able to start an account with a minimum sum of Rs. 250. This minimum amount has to be maintained in the account to keep it active.
Two Sukanya Samriddhi Yojana accounts can be opened if they are opened for two girl children in a family. Both girl children must be below 10 years of age. Exceptions may be made for opening accounts of twins and triplets.
The Sukanya Samriddhi Yojana calculator is a digital tool that makes calculations of returns of the SSY easy so investors in the plan can know how much to invest. With quick and simple use, the calculator can help investors plan a budget to invest a certain amount for their girl children on a monthly basis.
Any individuals who wish to compute the returns and avail of the SSY scheme for their girl children can use the calculator available free of cost online.
Returns are calculated automatically through the SSY calculator, and since interest gets compounded annually in this scheme, the calculator considers this. All investors must do is enter fields for monthly or yearly investment amounts, the female child’s age, plus the date of starting the investment. Then the calculator does its work in an automatic fashion to compute the returns at maturity.
The corpus that is collected through the SSY must be used for the education of a girl child. The child must have achieved success in the 10th class exam and reached the age of 18 for the corpus to be used for further education. The corpus collected through the SSY can only be used for the purpose of fees and education-related charges.
The Sukanya Samriddhi Yojana account may be started by the parents of any Indian female child provided the child is below the age of 10. Legal guardians are also eligible to open an SSY account.
Per family, two accounts may be opened under the purview of the Sukanya Samriddhi Yojana scheme (for a maximum of two female children under 10 years of age).
The minimum amount of a deposit to be made in this account is Rs. 250 in a year. If there is no deposit made, or lower than the minimum made, the account will be termed as a “default” account.
Within any financial year, a maximum amount of Rs. 1.5 lakh can be deposited in the SSY scheme.
The SSY scheme matures after 21 years from the date of starting the scheme/starting the account. Deposits must be made till the scheme reaches its 15th year.
The investments made towards the Sukanya Samriddhi Yojana account are eligible for tax deductions up to amounts of Rs. 1.5 lakh per fiscal year.
Premature closure of the SSY account is permitted under particular circumstances. In case of the demise of the parent or the account holder, or within the bounds of compassionate grounds of serious illness, accounts may be shut prematurely.
An account can be closed before the maturity term of 21 years in case of the marriage of the holder of the account, or under serious circumstances like the demise of the holder of the account or the parent. It can also be closed before maturity on the basis of grounds of compassion in case of a critical illness/accident.