An SSY calculator is also known as the Sukanya Samriddhi Yojana Account Calculator, which is an online tool (an investment calculator for girls' future) that allows you to calculate the maturity amount and the interest rate from the date of investment. But before understanding how this calculation works, let's understand more about the Sukanya Samriddhi Yojana scheme.
Sukanya Samriddhi Yojana (SSY) Account Calculator
**Please Enter Your details to Calculate
| Yearly Investment (Max 150000) | |
| Girl's Age (Max 10) | |
| Start Year | |
| Interest Rate |
SSY Calculation
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What is Sukanya Samriddhi Yojana Account Calculator?
The Sukanya Samriddhi Yojana Account Calculator, which is an online tool (an investment calculator for girls' future) that allows you to calculate the maturity amount and the interest rate from the date of investment.
What is Sukanya Samriddhi Yojana (SSY) scheme?
With chain to "Beti Bachao Beti Padhao Yojana" this program is basically Central Government backed savings scheme especially introduced in 2015 for Girls future education and marriage. It is currently in existence with the aim of helping and parents to accumulate funds to pay for the future of the items as well as construction costs.
If you are looking to launch a savings initiative that can be used exclusively for children. To access the SSY, your parents can open an account in the name of the file. This means you have to open a licensed bank or Indian post office. Furthermore, investing in this scheme makes the investor eligible for tax benefits.
To join this program, individuals must meet their eligibility requirements. Check Other Free Tools and Calculators which are the best Online.
What is the Selva Magal Semippu Thittam calculator?
In Tamil Nadu, India, the term "Selva Magal Thittam calculator" is commonly used to describe the "Sukanya Samriddhi Yojana calculator." This innovative online tool aids individuals in predicting the maturity amount they can expect to receive by investing in the Sukanya Samriddhi Yojana scheme.
This particular scheme is specifically designed to safeguard the future of young girls by ensuring a guaranteed return on investment along with attractive tax benefits.
Eligibility Requirements for the SSY Program
The person who wishes to enroll in this program must meet the following requirements:
- You can write this pattern for a mass of family members.
- The family resides in India.
- The child's life lasts no more than 10 years.
- The possibility of partial pre-survey will be available until the figure is approximately 18 years old.
- The Government of India determines the interest rate.
To calculate the Maturity - Sukanya Samriddhi Yojana formula
The following formula is used to calculate the results.
A= P(1+r/n) ^nt
A stands for - compound interest
P stands for - the principal amount
n stands for - the number of times interest is capitalized in a year
t stands for - the year number
r stands for - the interest rate
Since this formula can help determine maturity value, individuals can use an SSY calculator to quickly find results.
Why to use Sukanya Samriddhi Yojana Tax benefit calculator?
The SSY calculator is a tool designed to determine the maturity value of the SSY scheme. People who want to subscribe to SSY should use this calculator as it can help you create a good financial plan for your daughter.
How to use Sukanya Samridhhi Yojana maturity amount calculator?
This monthly deposit calculator helps, tax benefit, maturity amount, with good interest rate accumulated every year, and best investment option for girls' future education and marriage. This maturity amount calculator very easy to use, depositor needs to enter some details like:
- The annual investment amount.
- The age of the girl.
- The year the investment began.
Since the Indian government decides the interest rate, there is no need for people to enter these details into the calculator. The current interest rate stands at 7.6%.
Once you have entered the details, the maturity value of your investment will be calculated. The calculator will also help the user determine the expiration year.
According to this plan, a lock-in period of 21 years is foreseen. However, from the fifteenth year onwards, the subscriber cannot pay contributions. But SSY account will earn returns on the invested amount. Subscribers should be aware that they must make an investment at least once a year for 14 years to keep the account active.
Let's look at an example to understand how the investment will grow during the tenure.
Mr. Rahul Gandhi opened an SSY account when her daughter was born to him. They make an investment of Rs.1 Lakh every year for 15 years.
- Investment Amount: Rs.1 lakh
- Interest rate: 7.6%
- Investment duration: 15 years.
The maturity amount of this investment value is Rs.43,95,389. (Forty Three Lakhs Ninety five thousand three hundred and eighty nine rupess).
**Please Note** that this calculation is to aware you about how much you'll get at the time of maturity time end. Amount may vary depending upon the conditions of the Central Government and the Scheme implemented by the organizations where your deposit the amount i.e Indian Post Offices, Central National Banks or State Co-operative banks etc.
When your Sukanya Samriddhi Yojana Account expires (Rules)
The girl will be able to withdraw the entire amount when the account expires.However, the submission of required documents is necessary for the withdrawal.
When the girl is 18 years old
- If the girl requires funds for her studies, she can withdraw money from the account.
- However, it's important to note that the girl must be 18 years old in order to make the withdrawal.
- You must submit the necessary documents to withdraw funds.
Rules for early withdrawal
- When the girl reaches 18 years of age, she becomes eligible to make the withdrawal.
- Upon reaching the age of 18, a girl will have the option to make an advance withdrawal. This money can be utilized for education expenses or marriage.
Change of citizenship status
Since this program is only available to Indian citizens, it is important to notify the bank or post office of any change in the girl's citizenship status.
In case of the girl's death
The legal guardian can withdraw the amount in case of death of the girl.
Documents required to open an SSY account
- The account opening form.
- Birth certificate of the girl.
- Proof of identity of the depositor and the girl.
- Proof of depositor's address.
- In the case of twins or triplets, a medical certificate is a requirement.
By investing in Sukanya Samriddhi Yojana, people can accumulate funds for their daughters. These funds can be used for your daughters' future expenses, such as wedding and education expenses.
Sukanya Samriddhi Calculator (FAQ)
How to check SSY account balance?
- Obtain your SSY account login credentials from your bank or post office.
To access your account, it's necessary to use your credentials for logging in.
- You can check your balance once you open the dashboard.
Can I make early withdrawals?
- Early withdrawals are permitted upon reaching the age of 18. This amount can be used to fund your wedding or education.
What are the tax advantages of SSY?
- When you invest in this plan, you can get tax benefits on the investment amount, interest received and maturity value.By investing in this account, you can qualify for a tax deduction of up to Rs.1.5 lakh under section 80C
