Only two SSY accounts are allowed for a family i.e. This is one of the most accurate calculators for calculating the maturity amount of the Sukanya Samriddhi Yojana scheme. Parents can open up to two such accounts for girls (they cannot open a third/fourth account, etc. is beneficial to have an overall assessment of your investments and returns. The calculator is free to use and can generate error-free output for multiple iterations. Medical certificate in the case of the birth of multiple children under a single birth order. Can a Sukanya Samriddhi Yojana account be closed before maturity? An account can be opened with a minimum of Rs. 1000. Displays the amount you receive upon maturity. How to use Groww’s SSY Calculator Online? Open an account with Groww and start investing in direct Mutual Funds for free”. What is Sukanya Samriddhi Yojana Calculator? The SSY calculator will show maturity value based on the entered numbers instantly. Yes. Only one SSY account is permitted for a girl child. The manual calculation is cumbersome and prone to error. There are various features to Sukanya Samriddhi Yojana calculator which are Accuracy. Just enter the investment amount per year, age of your girl child, and investment starting year. The Sukanya Samriddhi account can be prematurely closed if there is any kind of direction from the Central Government regarding the inability of the depository to carry forward the account. Shows you the year of maturity for your SSY account. The deposited corpus will earn interest between the 14th and 21st year. Rate of Interest: The Rate of Interest is the variable of the Sukanya Samriddhi Yojana calculator that is not required at the time of maturity calculation. What is the maximum amount that I can deposit in a year? The individual may choose to not make contributions in the SSY account between a year and year 21 if they so wish. annually. The calculator is free to use and can generate error-free output for multiple iterations. if they have more than two girls). It was launched as part of the “Beti Bachao, Beti Padhao Yojana” for the benefit of the girl child. annually. How Can I Use The Corpus Accumulated From SSY Contributions? Sukanya Samriddhi Yojana’s interest rate for Quarter July-September 2020 is 7.6%. n=The number of times interest is compounded in a year, The girl shouldn’t be more than 10 years of age. Investment Variable. From July 2020, Sukanya Samriddhi Yojana scheme offers an interest rate of 7.6% compounded annually. To prove that the amount is being utilised for educational purposes, the depositors are required to submit University admission documents as well as fee receipts. The Groww Sukanya Yojana calculator is free to use and can generate error-free output for multiple iterations. 1.5 Lakh. Additional documents requested by the concerned authority. The corpus withdrawn can be used to meet the expenses of higher education of the girl child, provided she has cleared 10th Standard and reached 18 years of age. Open Sukanya Samriddhi account with HDFC Bank today. What is the minimum amount required to open an SSY account? This scheme enables guardians to open a savings account for their girl child with an authorised commercial bank or India Post branch. Enrol today for Group Health Insurance underwritten by ICICI Lombard. You don’t have to sign up or login to use the calculator, it does not ask any user information except the input fields. One withdrawal shall be allowed on attaining the age of 18 years of the account holder to meet education expenses up to 50 % of the balance at the credit of the preceding financial year. The formula used to calculate the related amount is-, The first step to take benefit of the SSY calculator is to check whether the eligibility criteria of the scheme are fulfilled. 1000/- must be deposited in a Financial year. The tenure for maturity for the amount is 21 years. The SSY Calculator is up to date and any change implemented in the scheme itself, that affects the calculation of the corpus, will get auto reflected in the workings of the Sukanya Samriddhi calculator. 500 1,50,000. The interest rate is fixed by the government and revised quarterly. 50. Does a Sukanya Samriddhi Yojana account provide income tax benefits? The NDA government launched the "Beti Bachao, Beti Padhao" initiative in January 2015 with an aim to end gender discrimination against the female child. Mutual fund investments are subject to market risks. The calculator helps to compute how much savings can be accrued with the scheme. Sukanya Samriddhi Yojana’s interest rates are generally higher than the rates on other government savings schemes. The calculator of Sukanya Samriddhi Yojana assists you in determining the amount that you can comfortably invest each year. Interest rates may be notified by the government from time to time will be calculated on a yearly compounded basis and credited to the account. Period of Investment: The length of the investment or period for the investment in months is another factor that plays a major role in the Sukanya Samriddhi Yojana calculator. This is where the Sukanya Samriddhi Calculator comes in handy. The girl child has to be below the age of 10 at the time of account opening, Deposits to be made till completion of 15 years, from the date of opening of the account, Partial withdrawal facility is available after account holder attains 18 years of age, Birth Certificate of girl child (mandatory), Identity proof (as per RBI KYC guidelines), Residence proof (as per RBI KYC guidelines). Also, the parents or legal guardian are required to submit the relevant documents verifying the death of the account holder duly attested by the concerned authorities. The applicants of Sukanya Samriddhi Yojana can use the SSY calculator to evaluate the maturity amount at the end of the scheme tenure. How many accounts can be created under this scheme? SSY accounts provide income tax benefit of up to Rs. It is not required at the time of maturity calculation. This variable is predefined in this SSY calculator. 50. Only one account can be opened in the name of a girl child and a maximum of two accounts in the name of two different girl children can be open.