What is Sukanya Samriddhi Yojana (SSY)?

Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme designed to secure the future of your daughter under the initiative ‘Beti Bachao, Beti Padhao’ campaign. The scheme will allow the parents/guardians of the girl child to open a savings account at an authorised bank or an India Post branch. With attractive interest rates and tax benefits, it's an ideal option for parents looking to build a substantial corpus for their daughter's education and marriage.

What is SSY Calculator?

The SSY Calculator is a tool that simplifies the process of estimating your savings under the Sukanya Samriddhi Yojana. It helps you project the future value of your investments, making sure you stay on track to meet the financial goals of your daughter. As the SSY accounts provide an interest rate of 8.2%, with a Sukanya Samriddhi Yojana calculator, you can easily calculate the returns based on the investment amount and the duration of your deposits.

Who Can Benefit from the SSY Calculator?

To take the full advantage of the SSY Calculator, the first step is to make sure that you’ve met all the eligibility requirements for the scheme. SSY accounts can be opened by legal guardians of a girl child if the following criteria are satisfied:

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  The applicant must be an investor in the Sukanya Samriddhi Yojana.

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  The girl child must be an Indian resident.

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  The girl must be under the age of 10.

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  A family can open up to two accounts if there are two eligible girls.

In order to begin contributions to the scheme, legal guardians must provide the following documents:

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  Birth certificate of the girl child.

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  Identification and address proof of the depositor.

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  A medical certificate if multiple births occurred in a single instance.

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  Any additional documents requested by the relevant authorities.

Those who meet these requirements and have the necessary documentation can proceed to use the SSY calculator online.

How the SSY Calculator Improves Your Planning?

There are various investment options available for parents/guardians aiming to secure the girl child’s future, but the Sukanya Samriddhi Yojana has become one of the most favoured due to its attractive interest rate and tax benefits. Under Section 80C of the Income Tax Act, 1961, individuals can claim a tax exemption of up to Rs. 1.5 lakh on contributions made to an SSY account.

The Sukanya Samriddhi Yojana (SSY) is a highly favoured investment option due to its attractive interest rate and tax benefits, including exemptions under Section 80C of the Income Tax Act. The interest earned and the maturity amount are both tax-exempt, making SSY a lucrative long-term investment plan.

However, calculating the expected maturity amount manually can be tedious and prone to errors, which is why the Sukanya Samriddhi Yojana Calculator is invaluable. This tool allows investors to accurately project their returns and adjust contributions to achieve their financial goals. By using the SSY Calculator, you can easily understand your investment trajectory, helping you optimize your savings and plan effectively for future expenses.

Understanding the Functionality of the SSY Calculator

The maturity period of Sukanya Samriddhi is 21 years, requiring at least one contribution per year for the first 14 years to keep the account active. After this period, no further deposits are necessary, but the balance will continue to earn interest at the prevailing rate. The final amount at maturity is calculated based on your total contributions and the interest accrued, which is accurately projected by the Sukanya Yojana calculator.

The SSY calculator uses the given formula:

Navigating TaxSpanner’s SSY Calculator

Using TaxSpanner’s SSY Calculator is simple. Enter your investment details, such as the amount and duration of deposits, and let our tool do the rest. Get instant projections and insights with just a few clicks.

Some of the benefits of using TaxSpanner’s SSY Calculator include:

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  Accurate and reliable projections

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  Easy-to-use interface

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  Comprehensive breakdown of your savings growth

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  Helps in making informed financial decisions

Maximizing the Benefits of Your SSY Corpus

After the maturity period, the accumulated corpus can be fully withdrawn by the girl after submitting the following documents:

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  Withdrawal Application Form

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  ID and Valid Address Proof

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  Citizenship Documents

The funds can be used for higher education if the girl is 18+ and has passed the 10th grade, with proof of university admission and fee receipts. Premature withdrawal for marriage is allowed if she’s 18 or older, with an affidavit confirming her age.