Effective Returns:
Input fields:
About SSY Calculator
The formula to determine Maturity value
| Variable | Description |
|---|---|
| A | Maturity value |
| P | Principal amount |
| r | Rate of interest payable n times a year |
| t | Number of years |
| n | Compounded interest frequency |
| I | Interest earned amount |
How Our SSY Calculator Can Help You?
FAQs
Put in your annual investment sum, the current interest rate, and the calculator will compute all the details including total investment, total interest, and maturity value over the 21-year scheme duration.
Your Sukanya Samriddhi Yojana (SSY) scheme matures after 21 years, but you only need to make contributions for 15 years. After that, the interest continues to compound until it reaches full maturity.
a) Contributions under Section 80C bring a maximum deduction of Rs.1.5 lakh, reducing your tax bill. b) The interest, compounding yearly, is exempt from income tax under Section 10. c) When the SSY journey concludes, the funds upon maturity or withdrawal remain exempt from income tax.
The girl child must be an Indian resident and under the age of 10 to be eligible for opening an SSY account.
In Sukanya Samriddhi Yojana (SSY), a family can open separate accounts for each eligible girl child, up to a maximum of 2. If the second eligible girl is one from twin girls, both of them can open an SSY account. Only one SSY account is permitted per girl child.
If you do not deposit money into your SSY account for a year, it becomes inactive. To reactivate it, you need to deposit the minimum amount (Rs.250 per year) and pay a penalty of Rs.50 per defaulted year. Your account still earns some interest even if you did not add money that year.
Yes, a Sukanya Samriddhi Yojana (SSY) account can be closed prematurely in the event of the account holder's or guardian's death or if diagnosed with a life-threatening illness after 5 years of account opening. Proper documentation is required for the closure process.
Some of the important documents required are: a) Sukanya Samriddhi Yojana Opening form. b) Birth Certificate of the girl. c) Photograph of the parent/legal guardian of the girl. d) KYC Documents of the parent/guardian.
Minimum deposit is Rs.250 and maximum deposit is Rs.1.5 Lakh in a financial year.
Some of the alternative investment plans for a girl child are: a) Post Office Term Deposit b) SGBs and Gold ETFs c) National Savings Certificate d) Mutual Funds