The calculator is free to use and can generate error-free output for multiple iterations. According to the maturity amount, investors can make adjustments to regular contributions to reach the desired corpus. This is where the Sukanya Samriddhi Calculator comes in handy.
The manual calculation is cumbersome and prone to error. That being said, parents who have zeroed in on using Sukanya Samriddhi as the preferred investment option, now need a tool to calculate the total amount on maturity that they would receive. Tax benefits are extended to the maturity amount too. Moreover, the interest income generated from investing is tax-exempt as well. Under Section 80 C of the Income Tax Act, 1961, individuals can claim tax exemption up to Rs 1.5 Lakh from the amount contributed to SSY account. While there are many investment avenues that can help parents achieve this, Sukanya Samriddhi Yojana has emerged as one of the most popular ones owing to the high-interest rate as well as the tax benefits it offers. Often parents of the girl child, look to do investments in the name of their child that can help meet the expenses of their daughter’s education and marriage expenses. Individuals who meet the aforementioned pre-requisites as well as have the supporting documents for the same are eligible for the scheme and hence can go ahead and use the SSY calculator online.
Medical certificate in the case of the birth of multiple children under a single birth order.Depositor’s identification documents as well as a valid address proof.Duly filled scheme opening document which covers the basic personal details of the account holder and the girl child for whom the account is being opened.Upto two accounts can be opened in a family with two girl children.Īdditionally, the legal guardians will also need to submit the following documents to be able to start the deposits in the scheme:.The girl shouldn’t be more than 10 years of age.SSY account can be opened by legal guardians of the girl child provided the following conditions are met:. The first step to take benefit of the SSY calculator is to check whether the eligibility criteria of the scheme is fulfilled.
A Sukanya Samriddhi Yojana calculator can help you determine the returns you receive as per the invested amount and tenure. This scheme enables guardians to open a savings account for their girl child with an authorised commercial bank or India Post branch.Īs of April 2020 onwards, SSY accounts offer 7.6% rate of interest. Sukanya Samriddhi Yojana (SSY) is a savings scheme launched back in 2015 as part of the Government initiative Beti Bachao, Beti Padhao campaign.