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Unlock a brighter tomorrow for your girl child. Use our simple SSY calculator and figure out how much you can save for your daughter’s future!
A Sukanya Samriddhi Yojana calculator is a simple online tool that helps you estimate the maturity value of your investments. It can make your financial planning for your daughter’s future easier and more efficient.
It is an online tool designed to calculate the maturity value of your investments under the scheme.
Let’s understand who will ideally benefit from this tool, based on who is eligible for the scheme:
Note that SSY is available exclusively to resident Indians. NRIs are not eligible to open accounts under this scheme. Therefore, the Sukanya Yojana calculator is relevant only to Indian citizens planning savings for their girl child’s future.
An SSY calculator can be your guide that helps you align your savings with your financial goals.
Here is how it can help:
How do Retirement Calculators work?
The corpus accumulated through the Sukanya Samriddhi Yojana can play a vital role in securing a girl child’s future. Once the account matures,
parents can utilise the funds in multiple ways, depending on the child’s life stage and requirements.
The Sukanya Samriddhi Yojana calculator is an important tool for parents aiming to build a secure financial future for their daughters. It provides clarity, ensures discipline, and shows the power of compounding over 21 years. The SSY account not only encourages disciplined savings but also offers the triple benefits of security, growth, and tax savings. Whether for education, marriage, or starting a new investment plan, the accumulated corpus can ensure a new era of financial independence. With careful use of this scheme, families can truly empower their daughters.
Parents and guardians of a girl child below the age of 10 years can open an account under the Sukanya Samriddhi Yojana. An SSY account can ensure long-term savings exclusively for her benefit.
The minimum amount required to start an SSY account is ₹250. The low threshold ensures families from all economic backgrounds can invest in the financial security of their girl child.
A family can open up to two SSY accounts, one for each girl child. Exceptions apply in cases of twins or triplets, where more than two accounts may be permitted under specific scheme guidelines. A Sukanya Samriddhi Yojana scheme calculator can help you decide on the contributions for each account and plan more effectively.
If deposits are not made in a financial year, the SSY account becomes inactive. The account can be reactivated by paying a small penalty along with the minimum required deposit. A Sukanya Samriddhi Yojana calculator can help you get an idea of a cost-effective deposit amount which you can afford for the long term, so that chances of missing a contribution are also reduced.
The maximum amount that can be deposited in an SSY account is ₹1.5 lakh annually. Contributions can be made in a lump sum or in instalments. Tax deductions are available under Section 80C against this contribution.
The SSY account matures after 21 years from the date of opening, irrespective of the girl’s age at that time. Deposits, however, are required only for the first 15 years. After that, the balance continues to earn interest until maturity.
Premature withdrawals from an SSY account are allowed under specific conditions, mainly for higher education or the marriage of the girl child after she turns 18. In such cases, up to 50% of the balance from the previous financial year can be withdrawn. It ensures that parents or guardians can meet essential financial needs while still retaining the long-term security and benefits of the scheme for their daughter’s future.
An SSY account can be closed before its maturity under exceptional circumstances, such as the demise of the girl child or the account holder, or if the guardian faces severe financial difficulties. Closure is also permitted for other reasons; however, in that case, the interest earned on the account will be at a lower rate.
The Sukanya Samriddhi Yojana currently offers an interest rate of 8.2% per annum, which is compounded annually. The rate is reviewed quarterly by the government. When you use the Sukanya Yojana calculator, the tool automatically considers the latest interest rate to give you an updated and accurate result.
Yes, contributions to SSY qualify for tax deductions under Section 80C, with both interest earned and maturity proceeds being tax-free.
Yes, investments in SSY are eligible for deductions under Section 80C of the Income Tax Act. You can claim a maximum of ₹1.5 lakh, subject to terms and conditions, and the overall cap of Section 80C deductions.
** Tax exemptions are as per applicable tax laws from time to time.
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