Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojna is a post office savings scheme of the government to encourage Indians to save money for the future of their girl children. This scheme is backed by the sovereign guarantee.

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  • Current Interest
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    8.50%
  • Total Investment of
    Principal Amount
  • Total Interest
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  • Maturity
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Account Age Her Age Date of Deposit Yearly Deposit Amount Yearly Interest Amount Total Maturity Amount

What is the Sukanya Samriddhi Yojana?

The central government has announced a scheme Sukanya Samridhi Yojana to develop the future of women. There are numerous schemes out there for girl children. This scheme is completely focused on strengthening the position of women in society. Sukanya samridhi yojana comes under the scheme of “Beti Bachao Beti Padhao” and can be opened by the parents or legal guardians of a girl child. Sukanya Samridhi yojana helps to secure the financial future of the girl child and expenses of marriage. The girl child should be of minimum 10 years old to open the account under this scheme. (SSY) Sukanya Samridhi Yojana accounts can be opened at designated banks or post offices. An SSY Account has a tenure of 21 years or until the girl child marries after the age of 18.The (SSY) or Sukanya samridhi yojana account currently provides an interest rate of 7.6% p.a. for the July to September quarter of the year 2021.

Sukanya Samriddhi Yojana (SSY) Eligibility

he girl child should not be more than 10 years old while opening the SSY account. There are only two accounts allowed for a family, one for each one. The parents should have a girl child under 10 years.
In the case of having twin children, parents are allowed to open a third SSY account.

What are the Benefits of the Sukanya samridhi account?

Sukanya Samriddhi Yojana scheme was launched under the "Beti Bachao, Beti Padhao" campaign. This scheme contains several benefits which are given below-

  • A major benefit of SSY is that even after maturity if the account is not closed by the account holder.
  • To keep depositing money in simple and easy ways, The minimum amount to invest in a year is Rs. 500 that parents or legal guardians can deposit in a year.
  • The government of India has its own control over this scheme therefore It guarantees higher returns for the girl child.

When a comparison is made to other government-backed tax savings schemes such as PPF. There is a higher fixed rate available of return in the sukanya Samridhi yojana scheme. The current rate of interest is 7.60% p.a for F.Y. 2020-2021. It can give the benefits compounding for long-term investment if parents invest in this SSY scheme up to 18 or 21 years of age. The parents or guardians holding the (SSY) sukanya Samridhi account can transfer it from one part of the country to another one in case of their transfer.

How to open an SSY sukanya Samridhi account?

Parents or legal guardians of girl children can open an (SSY) Sukanya Samriddhi Account by visiting any of the nearest Banks or Post offices. Here we mentioned certain steps that you can follow to open your Sukanya Samriddhi Account in a few steps.

  • You must Visit any nearest Bank or post office to open the SSY Sukanya Samridhi account.
  • You will be handed a form which is known as FORM SSA-1. Fill out this application form for the Sukanya Samriddhi Yojana account.
  • You can also download the form online and fill it out carefully.
  • When you are done filling out this form, you need to submit all the necessary documents. These documents include Identity Proof of the parent or guardian: AADHAR card, PAN card, Voter ID, etc. Address Proof: Licence, Telephone bill, etc.Birth certificate of the girl child for which you want to open the account.
  • You must deposit a minimum amount of either Rs 250 or can deposit up to Rs 1.5 lakhs.
  • After clearing all the important steps of document submission, the bank will take a few days to process your application ahead.
  • After a successful verification process, your SSY sukanya Samridhi account will be opened and you will be issued a passbook.

Opening (SSY) Sukanya Samriddhi Yojana Account in the Post Office?

You can easily open your (SSY) sukanya Samridhi account in a Post Office or a bank. The following instructions will guide you on how to open an SSY account.

By Visiting to a Post Office :

Fill out the account opening form provided by the Post Office Savings Bank. Attach ID proof, Address proof, and other important documents with the application form. After You have to deposit at least Rs 250 amount. Wait for the processing of the application. you will be handed your account passbook. After the successful account verification. your account is now ready to deposit or withdraw.

Sukanya samridhi yojna tax benefits.

The parents or legal guardians who are willingly interested in the sukanya Samridhi yojana account to secure their girl child's future can avail of certain tax benefits. This scheme is one of the most tax-saving in the market available.
The amount you will withdraw from the SSY account will be completely tax-free. There will be no tax fee on withdrawals. The interest that is earned on your deposit is tax-free and compounded every year.

How does SSY Calculator work?

You must fill out certain details related to (SSY) sukanya Samridhi accounts such as yearly deposit amount, date of birth of girl child, date of deposit, and linked email address. Click on the button shown as a calculator. SSY calculator will show your earned interest on investment and the maturity amount and year. Sukanya Samridhi Yojana calculator works on the following formula to generate the report.
A= P(1+r/n) ^ nt
Where,
A = compound interest
P= Principal amount
r=Rate of interest
n=Yearly compounded interest
t= Number of years

How to use Myitronline sukanya samridhi yojana calculator?

To use the Mytronline sukanya samridhi calculator, you must have the following details to fill out in the given table.

  • Firstly, you need to put in the linked email address linked to the sukanya Samridhi account.
  • Enter the date of birth of the girl child. You can add a maximum age up to 10 years.
  • Enter the date of deposit or starting year when you started depositing the amount. The amount can be up to 1.5 lakh per year.
  • At last, fill out the deposit yearly amount made towards the( SSY) sukanya Samridhi yojana account.

Now, Myitronline presents the interest earned on your investment and the maturity amount of the (SSY) or sukanya Samridhi account. In addition, the SSY calculator also shows you the maturity year of investment and the age of the girl child.

Benefits of Myitronline Sukanya samridhi Yojana calculator

  • You can use the Myitronline SSY calculator that takes seconds to show you the maturity amount and earned interest on investment in SSY or sukanya Samridhi account.
  • Enter the date of birth of the girl child. You can add a maximum age up to 10 years.Myitronline SSY calculator has an easy and simple interface. Any individual who uses this calculator does not get perplexed by its functions.
  • You can use this calculator to estimate the amount you must invest for your girl child to secure her financial future.
  • Myitronline SSY calculator can be used without any charges and it shows you error-free results. You can use this calculator online easily.
  • You can use this calculator from your comfort zone anytime.

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FAQs about the Sukanya Samriddhi Yojana Calculator

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Who is allowed to open an SSY or Sukanya Samriddhi Account?

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You must be a parent or legal guardian of a girl child to open the SSY account.


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How much is the minimum yearly amount one has to deposit for the Sukanya Samriddhi Account?

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You need to deposit at least Rs 250 yearly to keep your SSY sukanya Samridhi account running. If you fail to deposit a sum of Rs 250 then a penalty might be applied.


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How long does Sukanya Samriddhi Yojana Account remain ?

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sukanya samridhi account stands up for 21 years from the date of opening. If you open a sukanya Samridhi account in 2030 then it will be till 2050.


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How to check the account balance of SSY or Sukanya Samriddhi Yojana?

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Bank or post office wherever you open your SSY account issues you a chequebook. This check contains all details related to your transactions, deposits, and withdrawals.


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Is it possible to transfer an (SSY) or Sukanya Samridhi account?

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Yes, it can be transferred in special cases like if that girl child moves out of the city on whose name the SSY account was opened. A request needs to be submitted to transfer the sukanya Samridhi account.


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How long do I need to pay for Sukanya Samriddhi Yojana?

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The payment period for SSY accounts is 15 years and the maturity period of the SSY account is a minimum of 21 years.


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Can I open a Sukanya samridhi account online?

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Yes. Fill out the account opening form provided by the Post Office Savings Bank. Attach ID proof, Address proof, and other important documents with the application form.
After You have to deposit at least Rs 250.amount. Wait for the processing of the application. you will be handed your account passbook. After the successful account verification. your account is ready to deposit or withdraw. You can set it up with your net banking also.


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Which is better, PPF (Public Provident Fund) or Sukanya Samridhi Yojana ?

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If you are in search of a plan to secure girl child's future, then (SSY) sukanya samridhi yojna will be a good option with higher returns and tax benefits. vice-versa, if you're looking for an investment scheme with good returns in the long run, then PPF would be best for you.


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Is Sukanya Samriddhi Yojana safe?

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Yes. Sukanya samridhi Yojana is safe and secure. This scheme is backed by the Government of India so all the contribution made towards this scheme is under the lock and key.


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Is the Aadhaar card mandatory for Sukanya Samriddhi Yojana?

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No. Aadhar card is not mandatory to open the sukanya Samridhi account.


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Is PAN card mandatory for Sukanya Samriddhi Yojana?

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No. PAN card is mandatory for opening the sukanya Samridhi account . You can also use any other document for identity verification like a driving license, passport, or ration card.


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Can I change my name in Sukanya Samriddhi Yojana?

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Yes. You can change the name of the girl child anytime in the sukanya Samridhi account. To change the name, parents or legal guardians of a girl child need to visit the post office or bank where the account has been opened.


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When does an SSY account mature?

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When the girl child (SSY account holder) reaches the age of 21 years.


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What is the minimum deposit in Sukanya Samriddhi Account?

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A minimum deposit of Rs250 is required to maintain a sukanya Samridhi account. In case there is no payment made in SSY or sukanya Samridhi account on time then the SSY account can be considered the default account.


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What are the benefits of Sukanya Samriddhi Account?

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A major benefit of SSY is that even after maturity if the account is not closed by the account holder. To keep depositing money in simple and easy ways, The minimum amount to invest in a year is Rs. 500 that parents or legal guardians can deposit in a year. The government of India has its own control over this scheme therefore It guarantees higher returns for the girl child.


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How can I get money after the maturity period of Sukanya Samridhi account?

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To withdraw your money from your SSY account, investors need to submit a few documents like proof of identity, residence application for account closure, etc. When the maturity period expires, money can be withdrawn from the sukanya Samridhi account.


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