Unlock the Benefits of Sukanya Samriddhi Yojana (SSY) with Our Handy Calculator
Sukanya Samriddhi Yojana (SSY) is a popular savings scheme launched by the Government of India to encourage parents or guardians to save for the future education and marriage expenses of their girl child. This scheme offers a higher rate of interest than most other savings schemes, along with tax benefits, making it an attractive option for those looking to save for their daughter's future.
The SSY calculator available on our website is a handy tool that can help you calculate the maturity value of your SSY account based on your deposit amount, deposit frequency, and the duration of your investment.
To use the calculator, you need to enter your deposit amount and select your deposit frequency, which can be monthly, quarterly, or yearly. You also need to select the duration of your investment in years. The calculator will then compute the maturity value of your SSY account, which is the amount you will receive at the end of the investment period.
One of the most significant benefits of the SSY scheme is that it offers a higher interest rate than most other savings schemes in India. The current interest rate for the SSY scheme is 7.6%, which is compounded annually. The interest earned on the deposits is tax-free, and the deposits made to the scheme are eligible for tax benefits under Section 80C of the Income Tax Act.
The SSY scheme has a tenure of 21 years, and the account can be opened for a girl child below ten years of age. The minimum deposit amount required to open an SSY account is Rs. 250, and the maximum deposit limit is Rs. 1.5 lakh per annum. The deposits can be made for a maximum of 15 years from the date of account opening.
The SSY scheme also offers partial withdrawal facilities after the girl child reaches the age of 18 years, provided the withdrawal is made for the purpose of higher education or marriage. The scheme also allows for premature closure in the event of the girl child's unfortunate demise or in cases of extreme compassionate grounds.
In conclusion, the Sukanya Samriddhi Yojana is an excellent savings scheme that offers attractive interest rates, tax benefits, and the opportunity to save for your daughter's future education and marriage expenses. The SSY calculator available on our website can help you estimate the maturity value of your SSY account based on your deposit amount and investment period, giving you a clear idea of the returns you can expect from your investment.