Sukanya Samriddhi Yojana Calculator: Plan Your Girl Child's Future
The Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme designed to secure the financial future of girl children in India. As parents and guardians, planning for your daughter’s future is a crucial responsibility. The SSY calculator is an invaluable tool that helps you estimate the returns on your investments, allowing you to make informed decisions about your financial planning.
SSY Calculator
Understanding Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana, launched in 2015 as part of the “Beti Bachao, Beti Padhao” campaign, is a small savings scheme specifically for girl children. It offers several key features and benefits:
- High interest rate (currently 8.2% p.a., subject to change)
- Tax benefits under Section 80C of the Income Tax Act
- Partial withdrawal allowed for education expenses
- Account matures when the girl child turns 21 years old
Eligibility:
- An account can be opened for a girl child from birth until she turns 10 years old
- Only one account is allowed per girl child
- A maximum of two accounts can be opened for two girl children in a family
How the SSY Calculator Works
Our Sukanya Samriddhi Yojana calculator uses three primary input fields:
- Yearly investment amount: The amount you plan to deposit each year
- Start year: The year you begin investing
- Interest rate: Currently set at 8.2% p.a. (subject to change by the government)
Based on these inputs, the calculator provides three key outputs:
- Total invested amount: Sum of your yearly deposits until the completion of 15 years from the account opening date or until the girl child turns 21, whichever is earlier.
- Total interest earned: The interest accumulated from the date of each deposit until the account matures (when the girl turns 21).
- Maturity amount: The total sum you’ll receive when the account matures (when the girl turns 21).
Investment Criteria:
- Minimum yearly deposit: ₹250
- Maximum yearly deposit: ₹1,50,000
- Deposits can be made in lump sum or in a maximum of 12 installments per year
Eligibility and Account Duration:
- Account can be opened any time from the birth of a girl child till she turns 10 years old
- Deposits can be made for 15 years from the date of account opening
- The account matures when the girl turns 21 years old
The calculation process takes into account the compound interest earned annually and the specific rules of the SSY scheme.
Using the SSY Calculator
To use the calculator:
- Enter your planned yearly investment amount (between ₹250 and ₹1,50,000)
- Select the start year
- The interest rate is pre-filled at 8.2%
- Click ‘Calculate’ to see the results
The results will show you the total amount you’ll invest, the interest you’ll earn, and the final maturity amount.
Experiment with different yearly investment amounts and start years to see how they affect your returns. This can help you decide on the optimal investment strategy for your daughter’s future. Also check our other calculators like FD Calculator, RD Calculator to plan your finances better.
Factors Affecting SSY Returns
Several factors can impact your SSY returns:
- Yearly investment amount: Higher investments lead to greater returns
- Start year: Starting early allows for more interest accumulation
- Interest rate changes: While currently at 8.2%, this rate is subject to periodic revisions by the government
- Consistency of deposits: Regular yearly deposits maximize returns
Remember, consistent yearly investments and starting as early as possible can significantly boost your returns.
Tax Benefits of Sukanya Samriddhi Yojana
SSY offers attractive tax benefits:
- Investments up to ₹1.5 lakhs per year are eligible for tax deduction under Section 80C
- The interest earned and the maturity amount are completely tax-free
These tax advantages make SSY an excellent choice for tax-efficient investing for your daughter’s future.
Tips for Maximizing SSY Benefits
To get the most out of your Sukanya Samriddhi Yojana investment:
- Invest consistently: Try to maximize your yearly contribution up to ₹1,50,000
- Start early: Open an account as soon as possible after your daughter’s birth
- Understand withdrawal rules: Partial withdrawals are allowed for education expenses after the girl turns 18
- Plan for the long term: Remember, the account matures when your daughter turns 21
Frequently Asked Questions about SSY
No, only one SSY account is allowed per girl child.
The account can be regularized by paying a penalty of ₹50 per year of default.
Yes, the SSY account can be transferred to any post office or bank in India.
Yes, the maximum deposit per year is ₹1,50,000.
No further deposits are allowed after 15 years from account opening, but the account continues to earn interest until maturity.
Conclusion
The Sukanya Samriddhi Yojana is a powerful tool for securing your daughter’s financial future. By using our SSY calculator, you can effectively plan and visualize the growth of your investment over time. Remember, the key to maximizing benefits is to start early, invest consistently, and understand the scheme’s rules and benefits.
Get Expert Financial Advice
While the SSY Calculator provides a great starting point for your child’s financial planning, managing your long-term financial health often requires personalized guidance. EZIT’s expert financial advisors are here to help you make the most of the Sukanya Samriddhi Yojana and other investment opportunities.
Contact EZIT today to create a comprehensive financial strategy that secures your family’s future. Download EZIT Guardian today to take the next step in your financial journey and ensure you’re making the most of your investments.
