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
The 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
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.
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.