Sukanya Samriddhi Yojana (SSY) Calculator 2019 & Scheme Details


While India being a land with a rich culture of celebrating goddesses, it is still bad to see that a girl child is still discriminated and considered a burden to her parents. Thus, the government has taken the pledge to introduce Sukanya Samriddhi Yojana so as to increase welfare and remove the notion of a girl child being a burden whatsover. This sukanya samriddhi yojana calculator will help you approximate the returns you can get if you choose to invest in it. Use it to calculate your final corpus amount and compare that amount with your goal. Are you investing for you daughter’s education? Her marriage? Or maybe

This plan has been introduced by the Government of India savings scheme as part of the “Beti Bachao, Beti Padhao Yojana” for the sole benefit of the girl child and therefore her family as well. 

This scheme can be opened by parents having a girl child who is less than 10 years old.

They are allowed to open at most/at least 2 similar accounts for their girl child/(s). All of which, are available with a tenure of upto 21 years. However, it is until the girl child gets married if and when she turns 18.

Sukanya Samriddhi Yojana Calculator: The Scheme/Yojana At a Glance 

Sukanya Samriddhi Yojana Calculator at a glance

Herein, these points will be viewed and discussed thorougly.

  • Sukanya Samriddhi Yojana (SSY) Interest Rates
  • How to Invest in the SSY Scheme
  • Download SSY Application Form
  • Benefits of SSY Scheme
  • Eligibility of SSY Scheme
  • Check SSY Account Balance
  • Tax Rules of SSY
  • Transfer of SSY Account
  • Sukanya Samriddhi Yojana

Our Sukanya Samriddhi Yojana Calculator Use The Latest Interest Rates

sukanya samriddhi yojana calculator uses latest rupee interest rates

The Sukanya Samriddhi Yojana comes with an interest rate set during the periods of January through the month of March 2019 (Q4, FY 2018-19), at 8.5%. Such a rate on the Sukanya Samriddhi Yojana has been decided, likewise by the government and reviewed every quarter. Listed herewith are the historic interest rates as per the government schematics and planning:

Time Period                                                                       Interest Rate (%)

Jan to March 2019 (Q4 FY 2018-19)                                       8.5

Oct to Dec 2018 (Q3 FY 2018-19)                                  8.5

Jul to Sep 2018 (Q2 FY 2018-19)                                   8.1

Apr to Jun 2018 (Q1 FY 2018-19)                                  8.1

Jan to March 2018 (Q4 FY 2017-18)                             8.1

Oct to Dec 2017 (Q3 FY 2017-18)                                 8.3

Jul to Sep 2017 (Q2 FY 2017-18)                             8.3

Apr to Jun 2017 (Q1 FY 2017-18)                                   8.4

Criterions for Being Eilgible for Sukanya Samriddhi Yojana

calendar

Listed herewith are the factoral conditions for being able to create and facilitate a SSY Account as part of the Beti Bachao, Beti Padhao Yojana. The Sukanya Samriddhi Yojana Calculator given above takes into consideration these factors.

  • The Sukanya Samriddhi account is said to be able to be opened only in the name of girl child by either the parents or the legal guardian.
  • The female child has to be below the age of 10 while the account is to created.
  • More than one Sukanya Samriddhi accounts is impossible if wished to be created in the case of one single girl child.
  • There is a limitation of SSY accounts which in certain number are allowed for a family , and that is limited to one account for each girl. If a family has more than two female children, it is only two of them for which they can open such account/(s).

What is the Investment Procedure for Sukanya Samriddhi Yojana?

bag of money going into hand

One is able to invest in this scheme through a near locality post office or designated branches of participating public and private banks. One has to submit their KYC details including passport, their aadhaar card and likewise.

Another thing to note is that aside from a mandatory form there is also a certain deposit to be made by cheque. Such has been planned out so as to ascertain due completion, successfully, of the Beti Bachao, Beti Padhao Yojana.

How to Apply to Sukanya Samriddhi Yojana?

man with question marks

The (SSY) Application Form to open a new account is available and can be gotten on going to a nearby post office or a participating public/private sector banking institution. Another method is that one is able to download the SSY New Account Application Form simply from visiting the RBI website. 

Online Form Procedure/(s)

globe with internet

The SSY Application form is available to be duly accessed from many sources which include the Reserve Bank of India website,the India Post website, websites of public operating banking institutions, and the respective private sector bank websites.

Abovementioned were innumerable sources for downloading the SSY application form. Also it is important to note that the format of the form will be same irrespective of the source it has been downloaded from.

The Sukanya Samriddhi Yojana Application Form mandates its applicants to fill in vital information with regard to the girl child under whose name the scheme is to be opened.

Details of the parent/guardian who will be opening the account/making deposits on her behalf will surely be mandated as well. The following are the key fields that are featured in the SSY Application Form:

The Name of Girl Child , who is the primary account holder, then the name of the parent/guardian opening the account who is the joint account holder.

Then it is necessary to fill in the initial deposit amount, that of the cheque/Demand Draft number and the date, used for initial deposit.Then the birth date of the female minor, including her birth certificate details.

Then it is the Identity details required of the respective Parent/Guardian which can be their Voter ID, driving license or even their aadhar card, and the corresponding address details.Also, details of any other KYC documentation will be applicable.

On filling in the aforementioned details, the form requires to be sent in and signed duly, with the account opening authority (Post office/Bank Branch) alongside the copies of all aforementioned formalities.

What are the Benefits of Sukanya Samriddhi Yojana Calculator?

increase in investment

Sukanya Samriddhi Yojana belongs to the Beti Bachao, Beti Padhao Yojana initiative of the Indian government, and is said to provide investors with a plethora of benefits. Outlined herewith are some:-

  • It provides tax reduction facilities under Section 80C of the Indian Penal Code, and gives approximately Rs. 1.5 lakh each year!
  • There is a very varied investment option with a very low minimum deposit of Rs. 250 annually and maximum 1.5 lac rupees at the maximum level.
  • Guaranteed returns instrument backed by the Government of India (sovereign guarantee)
  • It has a much higher and permanent rate of return (currently 8.5% per annum for Q4 FY 2018-19) as in comparison with other government-backed tax saving schemes such as PPF.
  • Since this is not a short term investment, this provides the benefit of compounding.
  • It can be transferred hassle-free from one place of the country to another (bank/post office) in case of reloaction of parent/guardian operating the Sukanya Samriddhi Account.

Sukanya Samriddhi Account Online Balance Checking

online balance checking for sukanya samriddhi yojana

If it is the case that a SSY account is maintained with a linked bank branch, Sukanya Samriddhi Account online balance check can be done easily through online or mobile banking facility.

One does however need to be certain that this account is linked to their existing net banking account so as to gain easy access to Sukanya account records. If SSY account is opened at an India Post Office, there is currently no way to check the balance in the account online but to visit.

Investment and Tenure Regulations

notification bell

As mentioned above,the minimum annual contribution to the SSY account is Rs.250 and the maximum of Rs.1.50 lakh in one measurable financial year.

It is mandatory to invest the 250 rupees every year for up to 15 years since the date of in which the account is opened. After that the account will continue earning interest until it matures.

Sukanya Samriddhi Yojana has a period tenure equal to the time the girl reaches 21 years of age or upon her marriage attaining the status of adult (18).

The money invested by the parents need to be made for 15 years, please note.After that the account continues to earn interest until maturity even if no further deposits are made.

Calculation Example of SSY Account Deposits and Taxation

notepad with coffee and calculations

The positives of any investment can only be understood by seeing how much it progresses and increases over time. Here is an example calculation showing the high returns one can avail by investing in SSY.

Assuming, Annual investments = Rs. 1 lakh, Investment Period = 15 years, Total amount invested at the end of 15 years = Rs. 15 lakh.

Value of Sukanya Samriddhi Investments at the end of 15 years assuming 8% per annum rate of interest = Rs. 28.32 lakh. Therefore,one can almost double their initially invested money by this scheme. 

From a taxing perspective, SSY investments are like an Exempt, Exempt, Exempt investment. This means that the original investment, the interest earned as well as the maturity amount are all taxation free!

Under existing tax rules of Sukanya Samriddhi Yojana, the tax deduction benefit on the principal amount invested is up to Rs 1.5 lakh per annum under Section 80C of the Income Tax Act, 1961.

Did we know that the girl can also avail partial withdrawal facility not more than 50% of the balance after turning 18 years for her higher education expenses. Such an account offers premature closure as well. However this can only be done by a girl child on becoming 18 years for the sole purpose of her marriage expenses.

Loan on Sukanya Samriddhi Yojana Account?

man with two money bags

There is no option of availing a loan on the balance deposited in a Sukanya Samriddhi Account.However, SSY offers a vital facility such that it is easily transferable from one city/town/village of India to another. One is able to transfer this account from one Post Office/banking institution to another.

To transfer SSY account from a post office, one has to fill out and give in the Sukanya Samriddhi Account Transfer Request Form with the Post Master of the India Post Office where their account is currently located.

Similar transfer forms are available online also as well as offline.

What is the latest Sukanya Samriddhi Yojana (SSY) Interest Rate 2019?

The interest rate for this scheme varies between 8.1% and 8.5%. The latest interest rate in Jan to March 2019 (Q4 FY 2018-2019) was 8.5%. Our sukanya samriddhi yojana calculator uses an average interest rate number.

How to invest in the Sukanya Samriddhi Yojana (SSY)?

One is able to invest in this scheme through a near locality post office or designated branches of participating public and private banks. One has to submit their KYC details including passport, their Aadhaar card and likewise.

Am I Eligibile for the Sukanya Samriddhi Yojana (SSY) Scheme?

– The Sukanya Samriddhi account is said to be able to be opened only in the name of girl child by either the parents or the legal guardian.
– The female child has to be below the age of 10 while the account is to created.
– More than one Sukanya Samriddhi accounts is impossible if wished to be created in the case of one single girl child.
– There is a limitation of SSY accounts which in certain number are allowed for a family , and that is limited to one account for each girl. If a family has more than two female children, it is only two of them for which they can open such account/(s).

What are the benefits of Sukanya Samriddhi Yojana (SSY) Scheme?

-It provides tax reduction facilities under Section 80C of the Indian Penal Code, and gives approximately Rs. 1.5 lakh each year!
-There is a very varied investment option with a very low minimum deposit of Rs. 250 annually and maximum 1.5 lac rupees at the maximum level.
-Guaranteed returns instrument backed by the Government of India (sovereign guarantee)
-It has a much higher and permanent rate of return (currently 8.5% per annum for Q4 FY 2018-19) as in comparison with other government-backed tax saving schemes such as PPF.
-Since this is not a short term investment, this provides the benefit of compounding.
-It can be transferred hassle-free from one place of the country to another (bank/post office) in case of reloaction of parent/guardian operating the Sukanya Samriddhi Account.

Can I take a loan on my Sukanya Samriddhi Yojana (SSY) account?

There is no option of availing a loan on the balance deposited in a Sukanya Samriddhi Account. However, SSY offers a vital facility such that it is easily transferable from one city/town/village of India to another. One is able to transfer this account from one Post Office/banking institution to another.


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