How To Use Sukanya Samriddhi Yojana Calculator?

If You have a girl child then Sukanya Samriddhi Yojana is one of the best schemes run by the Government of India. To use Sukanya Samriddhi Yojana Calculator you only need to enter the amount you wish to invest every year in the SSY scheme.

The interest rate is fixed by the government, and hence investors need not worry about entering this value. The current Sukanya Samriddhi Yojana interest rate is 8% from 01 April 2023 compounded annually.

The Sukanya Yojana has a lock-in period of 21 years (tenure to maturity). In order to keep the account active, the investor must make at least one investment per year for 15 years.

From the 15th year, the investor can choose not to make any contributions to the account until the 21st year. However, the SSY account will continue to earn returns at the prevailing interest rate on the previous investments. Therefore, the final maturity amount is the sum total of the net investments and interest earned.

The moneycontain SSY calculator is deigned in such a way that it calculates the returns from SSY scheme till its maturity period i.e. 21 years although the investment made is for only 15 years so you do need to bother about it.

To better understand let us take an simple example suppose Mr. Amit decided to start investing Rs. 24000 every year (2000 per month) for her new born baby till she reaches 15 years of age after that No deposits are made from the 16th year of investment to the 21st year.

Assuming the current interest rate for Sukanya yojana which is at 8%

Total Invested Amount = ₹360,000

Total Wealth Gained On Investment made = ₹7,56,817

Amount You Will Get In Future (The value of your SSY will be) Maturity Amount = ₹11,16,817

Having said that before you use the below SSY Calculator also keep below things in mind:

• Minimum deposit ₹ 250/- Maximum deposit ₹ 1.5 Lakh in a financial year.
• Currently for Q1 of 2023, the rate of interest is kept at 8% compounded annually.
• Only one account per girl child who is less than 10 years of age is allowed.
• Deposit can be made maximum up to completion of 15 years from the date of opening.
• The account shall mature on completion of a period of 21 years from the date of opening of account.
• The account can be prematurely closed in case of marriage of girl child after her attaining the age of 18 years.
• Account can be opened in Post offices and in authorised banks.

So, go ahead and check your returns easily using below moneycontain SSY Calculator.

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What Is Sukanya Samriddhi Yojana?

As the name suggest Sukanya Samriddhi , this scheme is mainly launched by the Government of India in 2015 under the ‘Beti Bachao Beti Padhao Campaign’ for the welfare for girls in India. Sukanya Samriddhi is a small saving scheme which also qualifies for tax deduction under EEE (Exempt Exempt Exempt) category.

This means that the investment amount, the interest earned, and the maturity amount all are eligible for tax exemption. Moreover, the investor has to invest in the scheme for only 15 years, From the 15th year, the investor can choose not to make any contributions to the account until the 21st year but the SSY account will continue to earn returns at the prevailing interest rate on the previous investments made.

Hence, the final maturity amount is the sum total of the net investments and interest earned.

Apart from above benefit under the Sukanya yojana the investor can choose to withdraw the money up to 50% for the higher education of the girl child  or in case of marriage once she complete 18 years of age. The interest will be paid on the balance amount for the next three years.

Having said that, if the amount isn’t withdrawn after 21 years, the maturity amount will no longer generate interest.

As the scheme is backed by the central government the returns on the SSY scheme is guaranteed, however the interest rates which currently is at 8% compounded annually gets decided by the Ministry of Finance on quarterly basis.

The Minimum Amount for opening of account and maximum balance that can be retained is Minimum INR. 25​0/-and Maximum INR. 1,50,000/- in a financial year. Subsequent deposit in multiple of INR 50/- Deposits can be made in lump-sum and No limit on number of deposits either in a month or in a Financial year.

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Sukanya Samriddhi Account Scheme Interest Rate Since Inception:

Who can Open the Sukanya Samriddhi Account?

• By the guardian in the name of girl child below the age of 10 years.
• Only one account can be opened in India either in Post Office or in any bank in the name of a girl child.
• This account can be opened for maximum of two girls in a family. Provided in case of twins/triplets girls birth more than two accounts can be opened.
• Account will be operated by the guardian till the girl child attains the age of majority (i.e. 18 years).

Can I Close My SSY Account Before Maturity?

Yes, SSY account may be prematurely closed after 5 years of account opening on the following conditions:

• On the death of account holder. (from date of death to date of payment Savings Account interest rate will be applicable).
• Life threatening decease of a/c holder.
• Death of the guardian by whom account operated.

Complete documentation and application required for such closure. For premature closure of account submit prescribed application form along with pass book at concerned Post Office or Bank.

Can I Withdraw Money From My SSY Account?

Yes, Withdrawal may be taken from account after girl child attains age of 18 or passed 10th standard. Withdrawal may be taken up to 50% of balance available at the end of preceding financial year.

Withdrawal may be made in one lump sum or in installments, not exceeding one per year, for a maximum of five years, subject to the ceiling specified and subject to actual requirement of fee/other charges.

When Will SSY Scheme Gets Matured?

The account shall mature on completion of a period of twenty-one years from the date of its opening Or at the time of marriage of girl child after attaining age of 18years.(1 month before or 3 month after date of marriage).

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Conclusion:

I hope you have tried calculating the returns by using the moneycontain Sukanya Samriddhi Yojana calculator, doing a manual calculation takes much of time, therefore feel free to use the SSY calculator anytime you want.

Doing an investment with less risk may give less returns but what is most important is the peace of mind. Moreover, the returned from SSY Scheme are guaranteed and backed by the government and it is also tax exempted.

The interest rate may again go high in future for SSY scheme depending upon the prevailing situation in economy which currently is facing global crisis including India.

In my opinion if you have a girl child this is one of the best and precious gift you can give it to her without any doubt.

Checkout the impact of inflation on your returns as well as your life using moneycontain inflation rate calculator and calculate your future expenses easily.

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Note: Please do not take this as any recommendation, to trade or invest. This is just for reference, to make you understand more about the usage of Sukanya Samriddhi Yojana Calculator and its importance, under no circumstances intended to be used or considered as financial or investment advice, a recommendation or an offer to sell, or a solicitation of any offer to buy any securities or other form of financial asset.