| Total investment | ₹0 |
| Total interest | ₹0 |
| Maturity Value | ₹0 |
In 2015, the government launched the Sukanya Samriddhi Yojana (SSY), a savings initiative, as part of the Beti Bachao, Beti Padhao campaign. Under this initiative, guardians can open a savings account at an approved commercial bank or an India Post branch for their girl child.
SSY accounts have an interest rate of 8.2%. You can calculate your returns using the Sukanya Samriddhi Yojana calculator, which considers the quantity and duration of your investment.
To utilize the Sukanya Samriddhi Yojana interest rate calculator, you must confirm that you meet the program's qualifying requirements. Legal guardians of a girl child may open an SSY account as long as the following requirements are satisfied:
The girl needs to live in India.
The girl's age shouldn't exceed ten years old.
A family with two female children may open up to two accounts.
To initiate the deposits in the plan, the legal guardians will further require the following documentation to be submitted:
Properly completed scheme opening document includes the account holder's and the girl child's basic personal information.
The child's birth certificate is female.
The identity documents of the depositor, along with proof of valid residence, are required.
A medical certificate if more than one child is born under one birth order.
More documentation that the relevant authorities have sought.
People who satisfy the previously described requirements and have the necessary paperwork are qualified for the program and can utilize the online Sukanya Samriddhi Yojana interest calculator.
The girl child's parents are keen to invest in her name when she is born, hoping the money will help with her future schooling and marriage expenses. They can certainly choose from a variety of investing possibilities. However, SSY has gained the most notoriety due to its favorable tax consequences and high-interest rate.
A person may claim a tax exemption of up to Rs 1.5 Lakh from the amount donated to an SSY account under Section 80 C of the Income Tax Act, 1961.
Furthermore, interest income from investments is not subject to taxation. Tax benefits are also extended to the maturity amount. Having stated that, parents who have decided to use Sukanya Samriddhi as their chosen investment option now require a tool to determine the entire amount they would get at maturity. Calculating by hand is laborious and prone to mistakes. The Sukanya Samriddhi Calculator is useful in this situation.
Investors can modify their regular payments according to the maturity amount to attain the desired corpus. After a few repetitions, the free calculator can yield error-free values.
The SSY is an essential long-term investment strategy that offers a high potential return on investment. To keep the account open, you must make a minimum contribution every year.
For this reason, you can obtain a general understanding of your investments and returns by using an online SSY calculator.
Among the few advantages of SSY calculators are:
Displays the year that your SSY account will mature.
Shows the amount you'll get when you reach adulthood.
Makes it easier for you to plan your financial portfolio.
The amount has a 21-year maturity period. It is crucial to remember that each individual must contribute at least once a year to sustain the program for the full 14 years.
If the person desires, they are free to stop contributing to the SSY account between year one and year twenty-one. However, the prior contributions made into the account will keep collecting interest at the current rate.
Therefore, the total is determined by adding the interest you have earned to your net contribution.
The following formula is used by the Sukanya Yojana calculator to provide results:
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 |
Just input the age of your girl kid, the year the investment will begin, and the annual amount that will be invested.
The calculator will instantly display the maturity year and the amount you get upon maturity as soon as you enter the information.
The following advantages come from using the Sukanya Samriddhi Yojana online calculator from HR HUB:
The HR HUB’s Sukanya Yojana calculator can produce error-free results after several rounds and is free to use.
The calculator produces results in a matter of seconds.
The tool is available online at HR HUB's website; no utilities need to be downloaded.
Using the HR HUB’s SSY calculator requires no registration or login.
The SSY calculator is yours to use whenever you'd like.
The figures are computed using the current.
The Sukanya Samriddhi calculator is up to date, and any modifications made to the scheme that impact the corpus's computation will automatically be reflected in its functionality.
The utility functions well across all platforms.
You can use the SSY calculator to determine the investment amount for each year. One approach to protect your child's future from costs like higher education is to open an SSY account.
When the girl kid reaches adulthood, she can withdraw the full corpus. After the following documents are generated, this can be completed:
Application for Withdrawal
Evidence of identification and a current address
Documentation proving citizenship
If the girl child has completed her 10th grade and turned 18 years old, the withdrawn corpus may be used to cover her college costs. The money is solely available to cover the cost of the fee and admission. The depositors must provide proof of university admission and fee receipts to demonstrate that the funds are being used for educational purposes.
Early withdrawal to cover wedding costs is permitted if the girl is at least eighteen. The youngster must present an affidavit attesting to her status as a major.
The SSY account can be opened by parents or legal guardians for a girl child who is less than 10 years old. Each girl child can have only one account, and a family can open a maximum of two accounts for two girl children.
The government sets the interest rate for SSY and revises it quarterly. The interest is compounded annually and credited to the account. The SSY Calculator uses the current interest rate to estimate the maturity amount.
The rate of interest for the 1st quarter of FY 2023-2024, i.e. April to June 2024 (Q1 FY 2024-25), is 8.2%.
The minimum annual deposit for an SSY account is ₹250, and the maximum deposit is ₹1.5 lakh per year. Deposits can be made in multiple installments (monthly or as convenient) during the financial year.
If the minimum annual contribution of ₹250 is not made, the account becomes inactive. To reactivate it, a penalty of ₹50 per year of default along with the minimum contribution for each default year must be paid.
Yes, contributions to the SSY account are eligible for tax deductions under Section 80C of the Income Tax Act. The interest earned and the maturity amount are also tax-free, making SSY a highly tax-efficient savings scheme.
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