What is Sukanya Samriddhi Yojna and how to calculate it?

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Back in 2014, Sukanya Samriddhi Account Scheme / Yojana were one of Narendra Modi government’s excellent initiatives. Daily Tool offers an instrument to calculate the Sukanya Samriddhi Account Scheme / Yojana maturity amount as well as wise statistics each year.

Let’s know a lot about Sukanya Samriddhi Account Scheme / Yojana. Sukanya Samriddhi accounts for girls up to 10 years of age can only be opened. This account’s maturity period is 21 years, and money can be withdrawn only after a girl’s kid reaches 18 years of age. 

Let’s take an instance to comprehend this.

Ms. Singh is a beautiful 2-year-old daughter’s mother. Mrs. Singh wants to spend some cash for her daughter every month to make it beneficial for higher education or marriage of her daughter. Mrs. Singh has chosen to pay one thousand rupees every month after finding out all the economic projections. Mrs. Singh needs to enter “Monthly Deposit Amount,” which will be 1000 in this situation to calculate maturity amount and year wise account summary. In the field of “Age,” Mrs. Singh must select two years as her daughter is two years old. It’s time to calculate now, and all comprehensive summary information with helpful detailed and a fast summary will be displayed. 

Who are the people who can use the SSY calculator?

To use the SSY calculator, people must fulfill the scheme’s eligibility requirements. The following people can open an SSY account as per the system:

  • The girl has to be an Indian resident.
  • The girl’s age should not exceed ten years.
  • For more than two girls, the Sukanya Samriddhi Yojana account cannot be opened in a single-family.

The Sukanya Samriddhi Yojana (SSY) scheme is a plan that was introduced for girls as part of the ‘ Beti Bachao Beti Padhao ‘ campaign.

  • It is possible to make contributions as small as Rs.250.
  • Up to 8.50 percent p.a. high-interest rates.
  • Tax advantages up to Rs.1.5 lakh Contributions made on threat are minimal.

Interest rate: Sukanya Samriddhi Account currently offers an interest rate of 8.6 percent per annum (FY 2016-17). Earned interest is compounded annually.

It is effortless to use the Sukanya Samriddhi Account Scheme from Daily Tool. You have to enter the age of the girl child and you want to deposit cash on the fundamental monthly. You need to calculate after this entry.

SSY Calculator: Maturity and Calculate Interest Return

Sukanya Samriddhi Yojana / Sukanya Samriddhi Yojana were introduced as part of the campaign “Beti Bachao Beti Padhao,” aimed at promoting Girl Child welfare. In perspective of the following, Sukanya Samriddhi Yojana is also an advantageous tax-saving alternative for those qualified to open accounts under this system:

  • Tax advantages under section 80C of the Indian Income Act are accessible for investment in Sukanya Samriddhi Yojana account,
  • Interest earned on Sukanya Samriddhi Yojana account is not taxable.
  • Investment under Sukanya Samriddhi Yojana / Scheme has no market-related or other risks.

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