Sukanya Samriddhi Yojana is a small deposit scheme of the Government of India specially designed for a girl child. It has been launched as part of the BetiBachaoBetiPadhao Project. The scheme aims to finance the education and marriage expenses of the girl child.
One of the reasons why this scheme is famous is that it is due to tax benefits. Under Section 80C of the Income Tax Act, it comes with a maximum tax benefit of Rs 1.5 lakh. Further, the amount of interest and maturity earned is exempt from tax.
If you intend to invest in this scheme, then you can use the Sukanya Samriddhi Yojana calculator at the end of tenure to measure the maturity amount. Through this system, using a calculator to find out how much you can save for higher education and the daughter’s marriage.
Who can use the SSY calculator?
Sukanya Samriddhi Yojana must meet the eligibility criteria to use this calculator. According to the rules, the following people are entitled to open Sukanya Samriddhi account:
- The girl should not be more than ten years of age,
- must be a resident of India
- An account cannot be opened for more than two girls in a single family
Use of Sukanya Samriddhi calculator
If you meet the eligibility requirements, the calculator will ask you to include your daughter’s age and the amount you want to invest in the plan. The minimum amount you invest is Rs 1,000, and the limit for a financial year is Rs 1.5 lakh. The government has reduced the minimum investment amount to Rs 250 from July 5, 2018.
SSY calculator works
The calculator, based on the amount you entered, calculates the estimated value you will receive at maturity. The scheme will mature after completion of 21 years from the date of account opening.
As per the rules of the scheme, a depositor is required to submit every year till the completion of 15 years from the date of opening of the account. Here, the calculator assumes that you have deposited all of them every year according to the amount you choose.
Between the 15th year and the 21st year, no submission is required. However, you will be earning interest on the deposits made earlier. The calculator takes into account the interest that will be earned by you during those years.
What does the calculator show?
Based on the information you have provided, the calculator will show you the year in which the account uses maturity, maturity value, interest rate in which the maturity value comes. It also shows the break-up of the amount that you can invest monthly in the scheme.
While approaching maturity value, we have assumed an interest rate of 8.1 percent per annum over the next 21 years, as currently provided for in the Samridhi Yojana Sukanya.
Note: enter the investment amount per year, the age of your girl child, and the initial year.
The calculator will automatically display the maturity year and the amount received at maturity after you enter the details.