The Sukanya Samriddhi Yojana (SSY) is a savings scheme introduced in 2015 as part of the Beti Bachao, Beti Padhao initiative by the Government. This scheme allows guardians to open a savings account for their girl child in an authorized commercial bank or India Post branch.

SSY accounts offer an 8.2% interest rate. A Sukanya Samriddhi Yojana calculator can assist in calculating the returns based on the amount invested and the investment duration.

Who Can Use This Calculator?

The first step to utilizing the SSY calculator is ensuring eligibility. A legal guardian can open an SSY account for a girl child if the following criteria are met:

• The girl must be an Indian resident.
• The girl should be under 10 years of age.
• A maximum of two accounts can be opened for two girl children in a family.

Additionally, legal guardians must submit the following documents to start contributing to the scheme:

• A filled application form containing basic details of the account holder and the girl child.
• The girl child’s birth certificate.
• Proof of identity and address of the guardian.
• If applicable, a medical certificate for multiple births in a single order.
• Any other documents requested by the concerned authorities.

If these conditions and document requirements are fulfilled, the guardian can proceed with using the SSY calculator.

How Can the SSY Calculator Help You?

Many parents of girl children look for investment options to fund their daughter's education and marriage expenses. While there are various investment avenues, Sukanya Samriddhi Yojana stands out due to its high interest rate and tax benefits.

Under Section 80C of the Income Tax Act, 1961, contributions to an SSY account are eligible for tax deductions up to Rs 1.5 lakh. Additionally, the interest earned and the maturity amount are also tax-exempt. This makes it a highly attractive investment option for parents. The SSY calculator simplifies the process of determining the maturity amount, eliminating manual errors and offering multiple iterations of calculations.

The Sukanya Samriddhi Yojana is a long-term investment scheme offering high returns. To keep the account active, a minimum annual contribution is required.

Using an Sukanya Samriddhi Yojana calculator online helps you gain a clearer picture of your investment performance and expected returns.

Key benefits of using the SSY calculator include:

• Identifies the maturity year for your SSY account.
• Displays the total maturity amount.
• Assists in more effective investment planning.

How Does the SSY Calculator Work?

The SSY scheme matures after 21 years. It's crucial to note that a minimum contribution must be made for the first 14 years. After this period, contributions can be paused, but the earlier deposits will continue to earn interest. The final maturity amount will be calculated based on the total contributions and accumulated interest.

The SSY calculator uses the following formula:

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

Where:

How to Use IPOtank's SSY Calculator Online?

Simply enter the investment amount, the girl's age, and the starting year of investment. The calculator will automatically provide the maturity year and total maturity amount based on the entered data.

Advantages of Using IPOtank’s SSY Scheme Calculator

Using the IPOtank SSY calculator offers the following advantages:

• The tool is free to use and provides accurate results quickly.
• No need to download any software as the tool is web-based.
• No sign-up or login is required to use the calculator.
• You can use the calculator as many times as needed without any limitations.
• The calculator automatically adjusts for changes in SSY interest rates for greater accuracy.
• The tool is compatible with all devices.

The SSY calculator assists in determining the optimal annual investment to achieve your financial goals, especially for securing a girl child’s future for educational expenses.

How Can I Use the Corpus Accumulated From SSY Contributions?

Upon maturity, the total corpus can be withdrawn by the girl child. The following documents will be required for the withdrawal process:

• Withdrawal request form
• Proof of identity and address
• Citizenship documents

The accumulated amount can be used for the girl child’s higher education expenses, provided she has passed the 10th grade and is at least 18 years old. The funds can only be used for educational purposes, and supporting documents such as university admission and fee receipts will be needed.

Premature withdrawals for marriage expenses are permitted if the girl is 18 or older. In this case, an affidavit verifying her age must be submitted.