SSY Calculator: Estimate Sukanya Samriddhi Yojana Returns

To benefit from the SSY calculator, the first step is to ensure that the eligibility criteria of the scheme are fulfilled. The scheme allows legal guardians of girl children to open an SSY account if the following conditions are met:

1. The girl must be an Indian resident.
2. The girl should be no older than 10 years of age.
3. A family can open up to two accounts for two girl children.

In addition, legal guardians must submit the following documents to initiate deposits in the Sukanya Samriddhi Yojana scheme:

1. A duly filled scheme opening document containing the basic personal details of the account holder and the girl child for whom the account is being opened.
2. Birth certificate of the girl child.
3. Depositor’s identification documents and proof of valid address.
4. A medical certificate in the case of the birth of multiple children under a single birth order.
5. Any additional documents requested by the relevant authority.

Individuals who fulfil the prerequisites above and possess the necessary supporting documents are eligible for the scheme.

A Sukanya Samriddhi Calculator helps you estimate the maturity value of your investment in the Sukanya Samriddhi Yojana (SSY), a government-backed savings scheme for a girl child. Here’s how it can assist you:

• Accurate Maturity Value Estimation: It calculates the total corpus you will receive at the end of the scheme, including the principal and interest earned, based on your yearly or monthly contributions.
• Effective Financial Planning: By knowing the expected returns, you can plan your contributions to meet future financial goals, such as education or marriage expenses.
• Customised Inputs: The Sukanya Samriddhi Account Scheme calculator allows you to input variables such as the contribution amount, deposit frequency, and start year, tailoring the Sukanya Samriddhi calculations to your specific needs.
• Simplified Interest Calculations: The scheme offers an attractive interest rate of Sukanya Samriddhi Yojana (compounded annually). The Sukanya Samriddhi Yojana online calculator simplifies these complex computations.
• Time-Saving Tool: The Sukanya Samridhi Calculator eliminates the need for manual calculations, saving time and reducing the chances of errors.
• Goal Tracking: You can determine whether your planned investments align with the amount required by the time the scheme matures (21 years from the account opening date) using the Samruddhi Sukanya Yojana calculator,

It’s worth mentioning that individuals need to make at least one contribution per year to keep the Sukanya Samriddhi Yojana (SSY) scheme active until the completion of 14 years, as the maturity tenure is 21 years.

During the years between year 1 and year 21, individuals have the option to skip making contributions to their SSY account if they choose to do so. However, the previous investments will continue earning interest at the prevailing rate. The final amount is calculated based on the net contribution made along with the accumulated interest.

To calculate the results, the Sukanya Yojana calculator utilises the following formula:

A = P (1 + r/n) ^ nt

where:

The variables in the following Sukanya Samriddhi Yojana Post Office calculator formula are:

Suppose an individual invests Rs. 1,00,000 each year in a Sukanya Samriddhi Yojana scheme for 21 years at a post office monthly Sukanya Samriddhi Yojana calculator of 12%, then at maturity, the girl will receive Rs. 10,80,385. Thus, with the help of an SSY calculator online, you can easily withdraw the amount in full.

Here is the Sukanya Samriddhi Yojana calculation using the Sukanya Samriddhi interest calculator:

Follow this step-to-step guide on how to use the Sukanya Samriddhi Yojana maturity calculator:

Case 1 – If You Know the SSY Investment Amount

Follow this step-to-step guide on how to use the SSY calculator:

1. Open the Sukanya Yojna Calculator online.
2. Adjust the inflation rate:
3. You can use the SSY Calculator in two ways:

Case 1 – If You Know the SSY Investment Amount

In this scenario, you need to provide 3 key inputs:

• Your investment amount
• Expected return
• Time period

Once you enter these details, you can get an estimate of the potential returns that you will get after the completion of your investment tenure on the SSY .

Case 2 – If You Know Your SSY Goal Amount

In this scenario, you will need to provide:

• Goal amount
• Expected return
• Time period

Once you input these details, you can get an estimate of how much amount you need to invest to reach your goal through the SSY Calculator.

The scheme is designed to reach maturity 21 years from the date of opening the account. During the period between the 15th and 21st years, no further investments are allowed. Nevertheless, the account continues to accumulate interest on the previous deposits made during those years.

Under the old tax regime, investments in the Sukanya Samriddhi Yojana (SSY) qualify for a tax deduction of up to Rs. 1,50,000 per year under Section 80C of the Income Tax Act. Both the interest earned and the maturity amount from SSY are exempt from tax.

Example: Suppose your annual income is Rs. 10,00,000, and you invest Rs. 1,50,000 in Sukanya Samriddhi Yojana. Here’s how it impacts your tax:

1. Annual Income: Rs. 10,00,000
2. Standard Deduction: Rs. 50,000
3. Section 80C Deduction (SSY Investment): Rs. 1,50,000
4. Taxable Income After Deductions: Rs. 8,00,000
5. Tax Payable: Rs. 72,800

Without investing in SSY, your tax liability would increase to Rs. 1,06,600, resulting in higher tax payments.

After attaining maturity, the entire accumulated corpus can be accessed by the young individual. This can be accomplished once the following documents are presented:

1. Application form for withdrawal
2. Identification proof and valid proof of address
3. Citizenship documents

The withdrawn corpus can be utilised to cover the expenses associated with the girl’s higher education, given that she has completed 10th Standard and turned 18 years old. The funds can only be utilised for fees and admission charges. In order to demonstrate that the funds are being used for educational purposes, depositors must submit university admission documents along with fee receipts.

In the event of early withdrawal for marriage expenses, it is permissible if the girl is 18 years of age or older. The girl will need to provide an affidavit affirming her status as an adult as a prerequisite for this withdrawal.